Monash University Handbook 2010 Undergraduate - Unit

Synopsis

This unit will introduce students to some of the techniques used in actuarial work, and will give an overview of some of the areas in which actuaries are currently involved. The student is introduced to the basic concepts involved in assessing risk and pricing insurance products, and to this end will gain experience in using past data to model survival and in using a simple model of compound interest to value financial transactions.

Objectives

The learning goals associated with this unit are to:

• understand the concepts and techniques used in actuarial work
• construct demographic statistics, life tables and exposed to risk tables
• model mortality rates
• price insurance products and determine reserves.

Assessment

Within semester assessment: 40%
Examination (2 hours): 60%

Chief examiner(s)

Graham Forbes

Contact hours

Two 1-hour lectures and one 2-hour tutorial per week

Prerequisites

Students must have passed the following two units: ETC1000 and ETC1010