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Contingencies (ACTL30003)
Undergraduate level 3Points: 12.5On Campus (Parkville)
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable (login required)(opens in new window)
Contact information
Overview
Availability | Semester 2 |
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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. Actuarial modelling of insurance products is taught and explored using spreadsheets in realistic contexts.
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 single or portfolios of insurance and annuity 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.
- Apply Actuarial modelling to insurance-related problems
Generic skills
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High level of development:
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written communication;
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problem solving; statistical reasoning;
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application of theory to practice, and interpretation and analysis;
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synthesis of data and other information;
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evaluation of data and other information;
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use of computer software.
Last updated: 22 March 2024
Eligibility and requirements
Prerequisites
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ACTL30001 | Actuarial Modelling I | Semester 1 (On Campus - Parkville) |
12.5 |
Corequisites
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: 22 March 2024
Assessment
Description | Timing | Percentage |
---|---|---|
Written Assignm ent
| From Week 5 to Week 7 | 15% |
Written Assignment
| From Week 9 to Week 11 | 15% |
End-of-semester examination
| During the examination period | 70% |
Last updated: 22 March 2024
Dates & times
- Semester 2
Principal coordinator David Pitt Mode of delivery On Campus (Parkville) Contact hours Total time commitment 170 hours Teaching period 22 July 2024 to 20 October 2024 Last self-enrol date 2 August 2024 Census date 2 September 2024 Last date to withdraw without fail 20 September 2024 Assessment period ends 15 November 2024
Time commitment details
Estimated total time commitment of at least 170 hours.
What do these dates mean
Visit this webpage to find out about these key dates, including how they impact on:
- Your tuition fees, academic transcript and statements.
- And for Commonwealth Supported students, your:
- Student Learning Entitlement. This applies to all students enrolled in a Commonwealth Supported Place (CSP).
Subjects withdrawn after the census date (including up to the ‘last day to withdraw without fail’) count toward the Student Learning Entitlement.
Last updated: 22 March 2024
Further information
- Texts
Prescribed texts
Actuarial Mathematics for Life Contingent Risks, 2nd Edition
Recommended texts and other resources
Actuarial Mathematics for Life Contingent Risks, Dickson Hardy Waters, 2013 2nd edition
- 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.
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: 22 March 2024