ACSC13-301: Contingencies

Description

This subject is designed to develop mathematical techniques which are used to model and value cash flows that are dependent on events such as death, survival, illness and retirement. The breadth of topics covered provides students with the principles and practical skills required for a variety of life insurance applications, including pricing of life Insurance, assurance and annuities, reserving, assessment of profitability and defined benefit pensions.  

Subject details

Type: Undergraduate Subject
Code: ACSC13-301
EFTSL: 0.125
Faculty: Bond Business School
Semesters offered:
  • May 2022 [Standard Offering]
  • May 2023 [Standard Offering]
Credit: 10
Study areas:
  • Actuarial Science and Data Analytics
Subject fees:
  • Commencing in 2022: $3,950.00
  • Commencing in 2023: $4,050.00
  • Commencing in 2022: $5,260.00
  • Commencing in 2023: $5,400.00

Learning outcomes

  1. Demonstrate knowledge of simple 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.
  2. Compute net premiums and net premium reserves, using ultimate or select mortality, for simple insurance contracts, increasing and decreasing benefits and annuities.
  3. Calculate gross premiums and reserves of assurance and annuity contracts.
  4. Apply appropriate methods to value or project cash flows that are contingent upon multiple transition or decrement events.
  5. Apply projected cash flow techniques for pricing, reserving, and assessing profitability.
  6. Demonstrate the ability to produce a written report that communicates ideas clearly, cogently and thoroughly communicates, using a professional style and format.

Enrolment requirements

Requisites:

Pre-requisites:

Co-requisites:

There are no co-requisites
Assumed knowledge:

Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.

Possess demonstratable knowledge of introductory Finance to the level of a unit such as FINC12-200 Fundamentals of Finance.
Restrictions:

Subject outlines

Subject dates

  • Standard Offering
    Enrolment opens: 20/03/2022
    Semester start: 16/05/2022
    Subject start: 16/05/2022
    Cancellation 1: 30/05/2022
    Cancellation 2: 06/06/2022
    Last enrolment: 29/05/2022
    Withdraw - Financial: 11/06/2022
    Withdraw - Academic: 02/07/2022
    Teaching census: 10/06/2022
  • Standard Offering
    Enrolment opens: 19/03/2023
    Semester start: 15/05/2023
    Subject start: 15/05/2023
    Cancellation 1: 29/05/2023
    Cancellation 2: 05/06/2023
    Last enrolment: 28/05/2023
    Withdraw - Financial: 10/06/2023
    Withdraw - Academic: 01/07/2023
    Teaching census: 09/06/2023
Standard Offering
Enrolment opens: 20/03/2022
Semester start: 16/05/2022
Subject start: 16/05/2022
Cancellation 1: 30/05/2022
Cancellation 2: 06/06/2022
Last enrolment: 29/05/2022
Withdraw - Financial: 11/06/2022
Withdraw - Academic: 02/07/2022
Teaching census: 10/06/2022