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This subject is an introduction to compound interest functions and operations; valuation of annuities, bonds and loans; demography, and factors affecting population growth and size; construction and use of the life table; applications of these in life insurance; types of insurance products; the role of the actuary; and the significance of financial institutions utilising actuarial management.
Intended learning outcomes
- Apply relevant pre-requisite mathematical knowledge in the solution of a range of practical problems
- Calculate the accumulation or present value of money under compound interest
- Calculate the amount or present value of payments under fixed interest contracts such as loans,annuities and bonds;
- Solve equations of value for the effective rate of interest;
- Describe the factors that affect the growth and structure of populations and explain their impact on these populations;
- Apply simple mathematical techniques to analyse and project populations
- Apply survival models and life tables to calculate probabilities of death or survival
- Calculate the expected present value of contingent payments under securities subject to default and under simple insurance contracts
- Describe the features of insurance products sold in Australia;
- Describe the role of an actuary in a range of commercial situations.
High level of development: problem solving; synthesis of data and other information.
Last updated: 10 November 2019