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Life Contingencies (ACTL90005)
Graduate courseworkPoints: 12.5Dual-Delivery (Parkville)
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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 - 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: 31 January 2024
Eligibility and requirements
Prerequisites
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ACTL90006 | Life Insurance Models I | Semester 1 (Dual-Delivery - 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: 31 January 2024
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: 31 January 2024
Dates & times
- Semester 2
Principal coordinator David Pitt 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 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
David Pitt: david.pitt@unimelb.edu.au
Time commitment details
Estimated total time commitment of 170 hours per semester
Last updated: 31 January 2024
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 - 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: 31 January 2024