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Life Insurance Models I (ACTL90006)
Graduate courseworkPoints: 12.5On Campus (Parkville)
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable(opens in new window)
Contact information
Semester 1
Overview
Availability | Semester 1 |
---|---|
Fees | Look up fees |
Topics include survival models concepts; estimation procedures for lifetime distributions; multiple state models; multiple decrements; binomial model of mortality; actuarial applications of Markov processes; exact and census methods for estimating transition intensities based on age.
Intended learning outcomes
On successful completion of this subject a student should be able to:
- Explain the concept of survival models;
- Describe estimation procedures for lifetime distributions;
- Define a Markov process, and apply Markov models in actuarial problems;
- Describe statistical 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, derive a maximum likelihood estimator for the probability of death and compare the Binomial model with the multiple state models;
- Describe how to estimate transition intensities depending on age, exactly or using the census approximation.
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: 3 November 2022
Eligibility and requirements
Prerequisites
Students must have completed MAST20004 Probability and MAST20005 Statistics or equivalent.
Code | Name | Teaching period | Credit Points |
---|---|---|---|
MAST20004 | Probability | Semester 1 (On Campus - Parkville) |
12.5 |
MAST20005 | Statistics | Semester 2 (On Campus - Parkville) |
12.5 |
Corequisites
None
Non-allowed subjects
None
Recommended background knowledge
Students should be competent in the use of Excel.
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
- 1000 word assignment due week 10 (10%);
- One hour mid-semester test due week 8 (20%); and
- Two hour end of semester exam (70%).
- Hurdle requirement: Successful completion of this subject requires a pass (50%) in the final exam.
Last updated: 3 November 2022
Dates & times
- Semester 1
Principal coordinator David Dickson Mode of delivery On Campus (Parkville) Contact hours One x 1-hour online seminar 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 commitment 170 hours Teaching period 26 February 2018 to 27 May 2018 Last self-enrol date 9 March 2018 Census date 31 March 2018 Last date to withdraw without fail 4 May 2018 Assessment period ends 22 June 2018 Semester 1 contact information
Time commitment details
Estimated total time commitment of 170 hours per semester.
Last updated: 3 November 2022
Further information
- Texts
Prescribed texts
You will be advised of prescribed texts by your lecturer.
- Related Handbook entries
This subject contributes to the following:
Type Name Course Graduate Diploma in Actuarial Science Course Master of Actuarial Science - 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: 3 November 2022