Contingencies (ACTL30003)
Undergraduate level 3Points: 12.5Dual-Delivery (Parkville)
From 2023 most subjects will be taught on campus only with flexible options limited to a select number of postgraduate programs and individual subjects.
To learn more, visit COVID-19 course and subject delivery.
Overview
| Availability | Semester 2 - Dual-Delivery |
|---|---|
| Fees | Look up fees |
This subject introduces various insurance and annuity products, teaches fundamental knowledge of actuarial pricing and reserving, and discusses techniques used for projecting and valuing insurance and annuity cashflows which are contingent on the status of single or multiple lives.
Intended learning outcomes
On successful completion of this subject, students should be able to:
- Demonstrate understanding of various insurance and annuity contracts and develop formulae for the means and variances of the present values of the payments under these contracts, assuming deterministic interest rate.
- Formulate insurance and annuity functions involving two lives.
- Employ methods of projecting and valuing cash-flows that are contingent on multiple transition events and multiple decrements events.
- Examine the gross random future loss and evaluate gross premiums and reserves of insurance and annuity contracts.
- Evaluate 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 cash-flows and perform profit testing for various insurance policies.
- Establish non-unit reserves to eliminate (“zeroise”) future negative cash-flows for unit-linked contracts.
Generic skills
-
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: 14 March 2025
Eligibility and requirements
Prerequisites
| Code | Name | Teaching period | Credit Points |
|---|---|---|---|
| ACTL30001 | Actuarial Modelling I | Semester 1 (Dual-Delivery - Parkville) |
12.5 |
Corequisites
None
Non-allowed subjects
300-341 Actuarial Mathematics I
300-342 Actuarial Mathematics II
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: 14 March 2025
Assessment
| Description | Timing | Percentage |
|---|---|---|
Assignment 1 (Computer-Based)
| Week 5 | 15% |
Assignment 2 (Computer-Based)
| Week 10 | 15% |
End-of-semester examination
| During the examination period | 70% |
Additional details
Important online examination information: This examination is the equivalent of a 2-hour assessment; however, students are provided with 3-hours to accommodate the time that will be required for typesetting of mathematical expressions and the uploading of documents.
Last updated: 14 March 2025
Dates & times
- Semester 2
Principal coordinator Rui Zhou Mode of delivery Dual-Delivery (Parkville) Contact hours Two 1-hour lectures and a 1-hour tutorial per week Total time commitment 170 hours Teaching period 25 July 2022 to 23 October 2022 Last self-enrol date 5 August 2022 Census date 31 August 2022 Last date to withdraw without fail 23 September 2022 Assessment period ends 18 November 2022 Semester 2 contact information
Time commitment details
Estimated total time commitment of at least 170 hours.
Last updated: 14 March 2025
Further information
- Texts
- Breadth options
This subject is available as breadth in the following courses:
- Bachelor of Arts
- Bachelor of Design
- Bachelor of Environments
- Bachelor of Fine Arts (Acting)
- Bachelor of Fine Arts (Animation)
- Bachelor of Fine Arts (Dance)
- Bachelor of Fine Arts (Film and Television)
- Bachelor of Fine Arts (Music Theatre)
- Bachelor of Fine Arts (Production)
- Bachelor of Fine Arts (Screenwriting)
- Bachelor of Fine Arts (Theatre)
- Bachelor of Fine Arts (Visual Art)
- Bachelor of Music
- 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: 14 March 2025