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Actuarial Modelling II (ACTL30002)

Undergraduate level 3Points: 12.5Campus: Parkville

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Overview

Year of offer2017
Subject levelUndergraduate Level 3
Subject codeACTL30002
Mode of delivery
On Campus — Parkville
Availability
Semester 1
FeesSubject EFTSL, Level, Discipline & Census Date

Topics include exact and census methods for estimating transition intensities based on age; goodness of fit and smoothness of graduated estimates versus crude estimates; actuarial modelling; general principles of stochastic processes; Markov chains in actuarial work.

Learning outcomes

  • Describe the principles of actuarial modelling
  • Describe the general principles of stochastic processes, and their classification into different types
  • Define and apply a Markov chain
  • 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
  • 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; synthesis of data and other information.

Last updated: 30 March 2017