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Introduction to Actuarial Studies (ACTL10001)

Undergraduate level 1Points: 12.5On Campus (Parkville)

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Overview

Year of offer2019
Subject levelUndergraduate Level 1
Subject codeACTL10001
Campus
Parkville
Availability
Semester 2
FeesSubject EFTSL, Level, Discipline & Census Date

This subject is an introduction to compound interest functions and operations; valuation of annuities, bonds and loans; demography, and factors affecting population growth and size; construction and use of the life table; applications of these in life insurance; types of insurance products; the role of the actuary; and the significance of financial institutions utilising actuarial management.

Intended learning outcomes

  • Apply relevant pre-requisite mathematical knowledge in the solution of a range of practical problems
  • Calculate the accumulation or present value of money under compound interest
  • Calculate the amount or present value of payments under fixed interest contracts such as loans,annuities and bonds;
  • Solve equations of value for the effective rate of interest;
  • Describe the factors that affect the growth and structure of populations and explain their impact on these populations;
  • Apply simple mathematical techniques to analyse and project populations
  • Apply survival models and life tables to calculate probabilities of death or survival
  • Calculate the expected present value of contingent payments under securities subject to default and under simple insurance contracts
  • Describe the features of insurance products sold in Australia;
  • Describe the role of an actuary in a range of commercial situations.

Generic skills

  • High level of development: problem solving; synthesis of data and other information.

Eligibility and requirements

Prerequisites

One of the following subjects:

  • MAST10013 UMEP Mathematics for High Achieving Students
  • 620-121 Mathematics A (Advanced)
  • 620-141 Mathematics A
  • Code Name Teaching period Credit Points
    MAST10007 Linear Algebra
    Summer Term
    Semester 1
    Semester 2
    12.5
  • Code Name Teaching period Credit Points
    MAST10006 Calculus 2
    Semester 1
    Semester 2
    12.5
  • Code Name Teaching period Credit Points
    MAST10008 Accelerated Mathematics 1
    Semester 1
    12.5

Corequisites

Students who do not meet the prerequisite may enrol with

Code Name Teaching period Credit Points
MAST10006 Calculus 2
Semester 1
Semester 2
12.5
taken as a corequisite.

Non-allowed subjects

Students who have completed a level-2 actuarial studies subject will not normally be permitted to enrol in this subject.

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

Assessment

Description

  • A 2-hour end-of-semester examination (70%)
  • Two assignments totalling not more than 2000 words (20%)
  • A 45 minute mid-semester examination (10%)
  • To pass this subject students must pass the end of semester examination.

Dates & times

  • Semester 2
    Principal coordinatorShuanming Li
    Mode of deliveryOn Campus — Parkville
    Contact hoursTwo 1-hour lectures and a 1-hour tutorial per week
    Total time commitment170 hours
    Teaching period29 July 2019 to 27 October 2019
    Last self-enrol date 9 August 2019
    Census date31 August 2019
    Last date to withdraw without fail27 September 2019
    Assessment period ends22 November 2019

    Semester 2 contact information

Time commitment details

Estimated total time commitment of 170 hours.

Further information

  • Texts

    Prescribed texts

    You will be advised of prescribed texts by your lecturer.

    Recommended texts and other resources

    An Introduction to Actuarial Studies, Second Edition, 2011 Atkinson and Dickson

  • Breadth options
  • 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: 18 July 2019