Undergraduate, Postgraduate - UnitETC4110 - Actuarial practice I

This unit entry is for students who completed this unit in 2015 only. For students planning to study the unit, please refer to the unit indexes in the the current edition of the Handbook. If you have any queries contact the managing faculty for your course or area of study.

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6 points, SCA Band 3, 0.125 EFTSL

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.

Level	Undergraduate, Postgraduate
Faculty	Faculty of Business and Economics
Organisational Unit	Department of Econometrics and Business Statistics
Offered	Clayton First semester 2015 (Day)
Coordinator(s)	Dr Mike Callan

Synopsis

Unit ETC4110 covers the subject material required for Actuaries Institute subject Part IIA The Actuarial Control Cycle. The student is introduced to the concept of the Actuarial Control Cycle and how it can be applied in practical commercial situations in a wide range of insurance and related applications. This covers life insurance, general insurance, health insurance, pension or superannuation funds and investment issues. The unit also develops the student's understanding of a wide range of commercial background matters in insurance, pensions and investment - covering features of financial products, the related business environment in Australia, and Government policies affecting insurance and related industries. Risk management is introduced both in terms of the risk issues involved in offering insurance and related financial products, and the general concepts of Enterprise Risk Management.

Outcomes

The learning goals associated with this unit are to:

discuss and apply an actuarial control cycle in a variety of practical commercial situations
apply the tests of professionalism
examine the need for and impact of regulation and government policy on medium and long term commercial decisions
analyse the main features and risks of financial products and contracts, from the point of view of consumers and providers
demonstrate an understanding of enterprise risk management and its role in organisational management
apply a risk assessment framework to identify and assess the risks in a range of commercial situations.

Assessment

Within semester assessment: 40% Examination: 60%

Workload requirements

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.

Chief examiner(s)

Dr Mike Callan

Prerequisites

Enrolment in this unit is not available via WES. Head of Department approval is required prior to enrolment.