1. Handbook
  2. Subjects
  3. Life Insurance Models 2

Life Insurance Models 2 (ACTL90007)

Graduate courseworkPoints: 12.5On Campus (Parkville)

You’re viewing the 2024 Handbook:
Or view archived Handbooks
You’re currently viewing the 2024 version of this subject

Overview

Availability
Semester 2
FeesLook 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

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: 8 November 2024