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Life Insurance Models 2 (ACTL90007)
Graduate courseworkPoints: 12.5On Campus (Parkville)
For information about the University’s phased return to campus and in-person activity in Winter and Semester 2, please refer to the on-campus subjects page.
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable(opens in new window)
Contact information
Semester 2
Please refer to the LMS for up-to-date subject information, including assessment and participation requirements, for subjects being offered in 2020.
Overview
Availability | Semester 2 |
---|---|
Fees | Look up fees |
This subject provides the groundwork for the capstone subject Life Contingencies. It provides students with a framework for actuarial modelling. The subject also expands students’ existing knowledge of mortality modelling by introducing the important ideas of mortality variation in a population and selection effects, which have implications for the applied topic of pricing life insurance products. Building on this, models used for mortality projections and forecasting, and elementary principles of machine learning are provided.
Intended learning outcomes
- Describe the principles of actuarial modelling.
- Describe how to estimate transition intensities depending on age, exactly or using the census approximation.
- Describe how to test crude estimates for consistency with a standard table or a set of graduated estimates, and describe the process of graduation.
- Describe the approaches to forecasting mortality rates, including the Lee-Carter, age-period-cohort and p-spline regression models, and, using a computer package, apply these models to a mortality dataset.
- Explain and apply elementary principles of machine learning.
- 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;
- Use of computer software
Last updated: 3 November 2022
Eligibility and requirements
Prerequisites
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ACTL90006 | Life Insurance Models I | Semester 1 (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
Due to the impact of COVID-19, assessment may differ from that published in the Handbook. Students are reminded to check the subject assessment requirements published in the subject outline on the LMS
Description | Timing | Percentage |
---|---|---|
Individual Assignment 1
| First half of the teaching period | 10% |
Mid-semester test (week 7 or 8)
| Mid semester | 10% |
Individual Assignment 2
| Second half of the teaching period | 10% |
End-of-semester exam
| During the examination period | 70% |
Additional details
Last updated: 3 November 2022
Dates & times
- Semester 2
Principal coordinator Kevin Fergusson 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 3 August 2020 to 1 November 2020 Last self-enrol date 14 August 2020 Census date 21 September 2020 Last date to withdraw without fail 16 October 2020 Assessment period ends 27 November 2020 Semester 2 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