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Actuarial Modelling I (ACTL30001)

Undergraduate level 3Points: 12.5On Campus (Parkville)

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Year of offer2019
Subject levelUndergraduate Level 3
Subject codeACTL30001
Semester 1
FeesSubject EFTSL, Level, Discipline & Census Date

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: 10 August 2019