| CODE | INS3100 | ||||||||||||
| TITLE | An Introduction to Actuarial Science | ||||||||||||
| UM LEVEL | 03 - Years 2, 3, 4 in Modular Undergraduate Course | ||||||||||||
| MQF LEVEL | 6 | ||||||||||||
| ECTS CREDITS | 4 | ||||||||||||
| DEPARTMENT | Insurance and Risk Management | ||||||||||||
| DESCRIPTION | The purpose of this study-unit is to provide students with the means to understand basic actuarial techniques. Students will cover certain annuity pricing as well as common compound interest transactions. Furthermore the study-unit will focus on demographic techniques which include mortality, fertility and population projections. Finally the study-unit will present the role and importance of actuarial practice in traditional industries (life insurance, health insurance, pensions, general insurance and national insurance). The concepts covered in INS2090 are assumed to be known but the study-unit will be open for students with passes on other study-units. Study-unit Aims: The course will provide students a solid grounding in demographic techniques and actuarial practice. The skills gained during this course will equip students to perform effectively in insurance companies, insurance management companies, audit firms and regulators as well as provide them with the foundations required to follow further studies in Actuarial Science and Risk Management. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: - explain what actuaries do; - measure demographic changes and explain how these affect the insurance industry; - list external forces and how these affect the insurance industry; and - demonstrate knowledge of actuarial notation. 2. Skills By the end of the study-unit the student will be able to: - use a life table to find the probabilities of survival; and - demonstrate knowledge of local and international practices. Main Text/s and any supplementary readings: - Atkinson, M.E, & Dickson, D.C.M., 2011. An Introduction to Actuarial Studies, Second Edition. Cheltenham, UK: Edward Elgar Publising Limited. - Bellis, C., Shepherd, J., & Lyon, R., 2010 (Second Edition). Understanding Actuarial Management: The Actuarial Control Cycle. Institute of Actuaries of Australia. - Bowers, N. L.; Gerber, H. U.; Hickman, J. C. et al., 1997 (Second Edition). Actuarial Mathematics. Society of Actuaries. - Easton, A. E., & Harris, T. F., 2007 (Second Edition). Actuarial Aspects of Individual Life Insurance and Annuity Contracts. ACTEX Publications, Inc. - Gupta, A.K., & Varga, T., 2002. An Introduction to Actuarial Mathematics. Dordrecht, The Netherlands: Kluwer Academic Publishers. - Szabo, F.E., 2004. Actuaries' Survival Code: How to succeed in one of the most desirable professions. London: Elsevier Academic Press. |
||||||||||||
| ADDITIONAL NOTES | Students must have passed INS2090, INS2016, INS2400, BKF2071 or equivalent as agreed by the approved Board of Studies. Knowledge of topics covered in INS2090 is assumed. |
||||||||||||
| STUDY-UNIT TYPE | Lecture and Tutorial | ||||||||||||
| METHOD OF ASSESSMENT |
|
||||||||||||
| LECTURER/S | Simon Agius (Co-ord.) Christian Bonello |
||||||||||||
|
The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years. |
|||||||||||||