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Contingencies (ACTL30003)
Undergraduate level 3Points: 25On Campus (Parkville)
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable(opens in new window)
Contact information
Semester 2
Overview
Availability | Semester 2 |
---|---|
Fees | Look up fees |
Topics include traditional life insurance products; present values of annuities and assurances for single lives; net and gross premiums and policy values; select mortality; joint life theory; cashflow models; competing risks; discounted emerging costs; multiple decrements; guarantees and options; risk classification.
Intended learning outcomes
- Define simple assurance and annuity contracts, and develop formulae for the means and variances of the present values of the payments under these contracts, assuming constant deterministic interest.
- Describe practical methods of evaluating expected values and variances of the simple contracts defined in the above objective.
- Describe and calculate, using ultimate or select mortality, net premiums and net premium reserves of simple insurance contracts.
- Describe the calculation, using ultimate or select mortality, of net premiums and net premium reserves for increasing and decreasing benefits and annuities.
- Describe the calculation of gross premiums and reserves of assurance and annuity contracts.
- Define and use straightforward functions involving two lives.
- Describe methods which can be used to model cashflows contingent upon competing risks.
- Describe the technique of discounted emerging costs, for use in pricing, reserving, and assessing profitability.
- Describe the principal forms of heterogeneity within a population and the ways in which selection can occur.
Generic skills
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High level of development: written communication; problem solving; statistical reasoning; application of theory to practice; interpretation and analysis; synthesis of data and other information; evaluation of data and other information; use of computer software.
Last updated: 22 March 2024
Eligibility and requirements
Prerequisites
The following:
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ACTL30001 | Actuarial Modelling I | Semester 1 (On Campus - Parkville) |
12.5 |
Corequisites
None
Non-allowed subjects
Students may not gain credit for both
and either of 300-341 Actuarial Mathematics I and 300-342 Actuarial Mathematics II.
Code
Name
Teaching period
Credit Points
ACTL30003
Contingencies
25
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: 22 March 2024
Assessment
Additional details
- One three-hour end of semester exam (70%)
- One major project which is no more than 3000 words, due at the end of semester (30%)
- To pass this subject students must pass the end of semester examination.
Last updated: 22 March 2024
Dates & times
- Semester 2
Principal coordinator Rui Zhou Mode of delivery On Campus (Parkville) Contact hours Six hours of lectures and/or tutorials per week Total time commitment 340 hours Teaching period 29 July 2019 to 27 October 2019 Last self-enrol date 9 August 2019 Census date 31 August 2019 Last date to withdraw without fail 27 September 2019 Assessment period ends 22 November 2019 Semester 2 contact information
Time commitment details
Estimated total time commitment of at least 340 hours.
Last updated: 22 March 2024
Further information
- Texts
Prescribed texts
You will be advised of prescribed texts by your lecturer.
Recommended texts and other resources
Actuarial Mathematics for Life Contingent Risks, Dickson Hardy Waters, 2013 2nd edition
- Subject notes
- 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: 22 March 2024