Risk Theory I (ACTL40002)
HonoursPoints: 12.5On Campus (Parkville)
Overview
| Availability | Semester 1 |
|---|---|
| Fees | Look up fees |
Topics include collective risk model, calculation of moments and mgf of aggregate claims, recursion formulae, effect of reinsurance; individual risk model, recursion formulae and approximations; credibility theory, exact credibility and the Buhlmann-Straub model; an introduction to ruin theory.
Intended learning outcomes
- Apply relevant pre-requisite knowledge of mathematics, probability theory and statistics in the solution of a range of practical problems;
- Derive and calculate probabilities for, and moments of, loss distributions both with and without simple reinsurance arrangements;
- Construct risk models appropriate for short term insurance contracts and derive both moments and moment generating functions for aggregate claim amounts under these models;
- Derive recursion formulae to calculate aggregate claims distributions for short term insurance contracts;
- Describe and apply approximate methods of calculating an aggregate claims distribution;
- Explain the fundamental concepts of Bayesian statistics and apply these concepts to derive Bayesian estimators;
- Describe and apply the fundamental concepts of credibility theory;
- Explain the concept of ruin for a risk model;
- Explain the significance of the adjustment coefficient in ruin theory.
Generic skills
-
High level of development: written communication; problem solving; statistical reasoning; application of theory to practice; interpretation and analysis.
Last updated: 3 November 2022
Eligibility and requirements
Prerequisites
The following:
| Code | Name | Teaching period | Credit Points |
|---|---|---|---|
| No longer available |
| Code | Name | Teaching period | Credit Points |
|---|---|---|---|
| ACTL30004 | Actuarial Statistics | Semester 2 (On Campus - Parkville) |
12.5 |
Corequisites
None
Non-allowed subjects
None
Recommended background knowledge
Please refer to Prerequisites and Corequisites.
Inherent requirements (core participation requirements)
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
Last updated: 3 November 2022
Assessment
Additional details
- An individual 1500 word assignment, due in week 12 (10%)
- One hour mid-semester test, week 7 (20%)
- Two hour end of semester exam (70%)
To pass this subject students must pass the end of semester examination.
Last updated: 3 November 2022
Dates & times
- Semester 1
Principal coordinator Xueyuan Wu Mode of delivery On Campus (Parkville) Contact hours Three hours of lectures and/or tutorials per week Total time commitment 170 hours Teaching period 27 February 2017 to 28 May 2017 Last self-enrol date 10 March 2017 Census date 31 March 2017 Last date to withdraw without fail 5 May 2017 Assessment period ends 23 June 2017 Semester 1 contact information
Time commitment details
170 Hours
Last updated: 3 November 2022
Further information
- Texts
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Please note Single Subject Studies via Community Access Program is not available to student visa holders or applicants
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
Last updated: 3 November 2022