Authorised by Academic Registrar, April 1996
Objectives On successful completion of this subject students should be able to demonstrate a knowledge of actuarial philosophy and method; use a single decrement model to describe the evolution of a population subject; analyse equations of value based on a single decrement model; define and use assurance functions; evalutate the liabilities under an assurance contract for product pricing, reserving, and surrender values; demonstrate how the emergence of profit on an assurance contract depends on the interaction between pricing and reserving basis; describe and apply techniques for analysing a delay triangle; explain the workings of a no-claims-discount system.
Synopsis An introduction to actuarial principles and methods and demographic statistics policy; and premium settings.
Assessment Two 2-hour open-book tests: 40% + Examination (2 hours): 60% + A minimum grade of 40% for each component is required to pass the subject.