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Life Insurance Models 2 (ACTL90007)

Graduate courseworkPoints: 12.5On Campus (Parkville)

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Overview

Year of offer2017
Subject levelGraduate coursework
Subject codeACTL90007
Campus
Parkville
Availability
Semester 2
FeesSubject EFTSL, Level, Discipline & Census Date

This subject provides the groundwork for the capstone subject Life Contingencies. It provides students with a framework for actuarial modelling, and introduces the key ideas of stochastic processes as they apply in actuarial science. The subject also expands students’ existing knowledge of mortality modelling by introducing the important ideas of mortality variation in a population and selection effects, which have implications for the applied topic of pricing life insurance products.

Intended learning outcomes

On successful completion of this subject a student should be able to:

  • Describe how to test crude estimates for consistency with a standard table or a set of graduated estimates, and describe the process of graduation;
  • Describe the principles of actuarial modelling;
  • Describe the general principles of stochastic processes, and their classification into different types;
  • Define a Markov chain and apply Markov chains in actuarial problems;
  • Describe different forms of selection in insurance.
  • Develop a knowledge of actuarial modeling and the application of stochastic processes in insurance settings.

Generic skills

High level of development:

  • Written communication;
  • Problem solving;
  • Statistical reasoning;
  • Application of theory to practice;
  • Synthesis of data and other information.

Last updated: 16 August 2017