ETC4110 - Actuarial practice 1 - 2019

6 points, SCA Band 3, 0.125 EFTSL

Undergraduate, Postgraduate - Unit

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

Faculty

Business and Economics

Organisational Unit

Department of Econometrics and Business Statistics

Chief examiner(s)

Professor Brett Inder

Coordinator(s)

Professor Brett Inder

Unit guides

Offered

Clayton

  • First semester 2019 (On-campus)
  • Summer semester B 2019 (On-campus block of classes)

Prerequisites

Students must have passed ETC3420 or ETC3530, or have completed 24 credit points of study in course B6014.

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:

  1. discuss and apply an actuarial control cycle in a variety of practical commercial situations
  2. apply the tests of professionalism
  3. examine the need for and impact of regulation and government policy on medium and long term commercial decisions
  4. analyse the main features and risks of financial products and contracts, from the point of view of consumers and providers
  5. demonstrate an understanding of enterprise risk management and its role in organisational management
  6. 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.

See also Unit timetable information