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Life Contingencies (ACTL90005)
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 2
TBC
Overview
Availability | Semester 2 |
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Fees | Look up fees |
This subject applies previous studies in the areas of financial mathematics, survival modelling, stochastic processes and graduation to life insurance and superannuation products. Specifically, the subject considers pricing and reserving for life insurance policies issued to single lives or to couples. Topics such as disability income insurance, joint-life products and superannuation are considered under a multiple state model framework.
Intended learning outcomes
On successful completion of this subject a student should be able to:
- 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 insurance contracts;
- Describe and calculate, using ultimate or select mortality, net premiums and net premium provisions of simple insurance contracts;
- Describe the calculation, using ultimate or select mortality, of net premiums and net premium provisions for increasing and decreasing benefits and annuities;
- Describe the calculation of gross premiums and provisions 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;
- Apply knowledge of financial mathematics, survival modelling, stochastic processes and graduation to problems in life insurance.
- Describe the principal forms of heterogeneity within a population and the ways in which selection can occur.
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
Corequisites
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ACTL90007 | Life Insurance Models 2 | Semester 2 (On Campus - Parkville) |
12.5 |
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
- An individual 1500 word assignment, due in week 12 (10%)
- One hour mid-semester test, week 7 (20%)
- Two hour end of semester exam (70%)
Note: To pass this subject students must pass the end of semester examination.
Last updated: 3 November 2022
Dates & times
- Semester 2
Principal coordinator Shuanming Li Mode of delivery On Campus (Parkville) Contact hours A 2 hour seminar and a 1 hour workshop per week Total time commitment 170 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
TBC
Time commitment details
Estimated total time commitment of 170 hours per semester
Last updated: 3 November 2022
Further information
- Texts
Prescribed texts
Actuarial Mathematics for Life Contingent Risks. Dickson, Hardy and Waters, 2013 2nd edition.
- 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