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Actuarial Modelling I (ACTL30001)

Undergraduate level 3Points: 12.5On Campus (Parkville)

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Overview

Availability
Semester 1
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Topics include survival models concepts; estimation procedures for lifetime distributions; multiple state models; binomial model of mortality; actuarial applications of Markov processes.

Intended learning outcomes


  • Explain the concept of survival model;
  • Describe estimation procedures for lifetime distributions;
  • Define a Markov process, and apply Markov models in actuarial problems;
  • Describe models of transfer between multiple states, including processes with single or multiple decrements, and derive relationships between probabilities of transfer and transition intensities;
  • Derive maximum likelihood estimators for the transition intensities in models of transfers between states with piecewise constant transition intensities;
  • Describe the binomial model of mortality, a maximum likelihood estimator for the probability of death and compare the binomial model with the multiple state models;
  • Apply pre-requisite mathematical and statistical concepts to the solution of problems on the above topics.

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: 7 September 2023

Eligibility and requirements

Prerequisites

For students who started their degree in 2007 or earlier:

Code Name Teaching period Credit Points
No longer available
,
Code Name Teaching period Credit Points
No longer available
and one of 620-113 Applied Mathematics (Advanced Plus) and 620-123 Applied Mathematics (Advanced). For students who started their degree in 2008 or later:
Code Name Teaching period Credit Points
ACTL20002 Financial Mathematics II
Semester 2 (On Campus - Parkville)
 12.5
and
Code Name Teaching period Credit Points
MAST20005 Statistics
Semester 2 (On Campus - Parkville)
 12.5
.

Corequisites

None

Non-allowed subjects

Students may not gain credit for both

Code Name Teaching period Credit Points
ACTL30001 Actuarial Modelling I
Semester 1 (On Campus - Parkville)
 12.5
and 300-330 Survival Models: Theory and Applications.

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: 7 September 2023

Assessment

Additional details

  • 50-minute mid-semester test, middle of semester (10%)
  • One 1000-word assignment, due in the second half of semester (10%)
  • 2-hour end-of-semester examination, end of semester (80%)
  • To pass this subject students must pass the end of semester examination.

Last updated: 7 September 2023

Dates & times

  • Semester 1
    Principal coordinatorDavid Dickson
    Mode of deliveryOn Campus (Parkville)
    Contact hoursContact hours: One x 1-hour online lecture per week, one x 1-hour workshop per week, and one x 1-hour tutorial per week, commencing in the second week of semester.
    Total time commitment170 hours
    Teaching period26 February 2018 to 27 May 2018
    Last self-enrol date 9 March 2018
    Census date31 March 2018
    Last date to withdraw without fail 4 May 2018
    Assessment period ends22 June 2018

    Semester 1 contact information

    dcmd@unimelb.edu.au

Time commitment details

170 hours

Last updated: 7 September 2023

Further information

  • Texts

    Prescribed texts

    You will be advised of prescribed texts by your lecturer.

    Recommended texts and other resources

    Information Not Available

  • Breadth options

    This subject is available as breadth in the following courses:

  • 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.

    Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.

  • Available to Study Abroad and/or Study Exchange Students

    This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.

Last updated: 7 September 2023