Life Contingencies (ACTL90005)
Graduate courseworkPoints: 12.5Dual-Delivery (Parkville)
Please refer to the return to campus page for more information on these delivery modes and students who can enrol in each mode based on their location.
Overview
| Availability | Semester 2 - Dual-Delivery |
|---|---|
| Fees | Look up fees |
This subject has two primary aims:
To provide fundamental principles of actuarial modelling.
To discuss techniques used to model and value cashflows dependent on death, survival, or other uncertain risks.
Intended learning outcomes
On completion of this subject, students should be able to:
- Define various 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.
- Define and use assurance and annuity functions involving two lives.
- Describe and use methods of projecting and valuing cashflows that are contingent upon multiple transition events and multiple decrement events.
- Define the gross random future loss and calculate gross premiums and reserves of assurance and annuity contracts.
- Define and calculate death strain at risk, expected death strain, actual death strain, and mortality profit for a single or a portfolio of insurance and annuity policy policies.
- Project expected future cashflows and perform profit testing for various insurance policies.
- Establish non-unit reserves to eliminate (“zeroise”) future negative cashflows for unit-linked contracts.
Generic skills
High level of development:
- Written communication;
- Problem solving;
- Statistical reasoning;
- Application of theory to practice;
- Synthesis of data and other information;
- 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 (Online) |
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
| Description | Timing | Percentage |
|---|---|---|
Individual Assignment 1
| Week 5 | 10% |
Mid-semester exam (Week 7‐8)
| Mid semester | 10% |
Individual Assignment 2
| Week 10 | 10% |
End-of-semester exam
| During the examination period | 70% |
Additional details
Important online exam information:
- The time allocated for the mid-semester is inclusive of reading time but additional time will be allocated to scan and upload answers.
- Additional time has been provided for the end-of-semester exam, 20 minutes reading time in addition to time to scan and upload answers.
Last updated: 3 November 2022
Dates & times
- Semester 2
Principal coordinator Rui Zhou Mode of delivery Dual-Delivery (Parkville) Contact hours A 2 hour seminar and a 1 hour workshop per week Total time commitment 170 hours Teaching period 26 July 2021 to 24 October 2021 Last self-enrol date 6 August 2021 Census date 31 August 2021 Last date to withdraw without fail 24 September 2021 Assessment period ends 19 November 2021 Semester 2 contact information
Time commitment details
Estimated total time commitment of 170 hours per semester
Last updated: 3 November 2022
Further information
- Texts
- 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.
Please note Single Subject Studies via Community Access Program is not available to student visa holders or applicants
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
Last updated: 3 November 2022