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Life Contingencies (ACTL90005)
Graduate courseworkPoints: 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
Semester 2
Overview
| Availability | Semester 2 |
|---|---|
| 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 (On Campus - 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% |
Last updated: 31 January 2024
Dates & times
- Semester 2
Principal coordinator David Pitt Mode of delivery On Campus (Parkville) Contact hours A 2 hour seminar and a 1 hour workshop per week 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 Semester 2 contact information
David Pitt: david.pitt@unimelb.edu.au
Time commitment details
Estimated total time commitment of 170 hours per semester
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: 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