| CODE | INS4150 | |||||||||
| TITLE | Actuarial Science 2 | |||||||||
| UM LEVEL | 04 - Years 4, 5 in Modular UG or PG Cert Course | |||||||||
| MQF LEVEL | Not Applicable | |||||||||
| ECTS CREDITS | 4 | |||||||||
| DEPARTMENT | Insurance | |||||||||
| DESCRIPTION | This study unit will start by discussing the valuation of contingent payments. Students are then instructed on how to alter between single to multiple decrement tables. Study-unit Aims: The study-unit will provide students a solid grounding in pricing life insurance contracts. The skills gained during this unit 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: - price assurances and annuities, - communicate using the common language of life contingencies to quantify costs and risks of insurance products; - compare different rates of return. 2. Skills: By the end of the study-unit the student will be able to: - demonstrate knowledge of local and international practices, - explain the different terms within the technical statements of an insurer, and - compare different life investment products. Main Text/s and any supplementary readings: Main Text: - Atkinson, M.E, & Dickson, D.C.M., 2011. An Introduction to Actuarial Studies, Second Edition. Cheltenham, UK: Edward Elgar Publising Limited. Supplementary Texts: - 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. - Cunningham, R.J., Herzog, T.N., & London, R.L., 2011. Models for Quantifying Risks. ACTEX Publications, Inc. - 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. |
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| ADDITIONAL NOTES | Pre-requisite Study-units: INS2070, INS3100, INS2090 | |||||||||
| STUDY-UNIT TYPE | Lecture and Tutorial | |||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Dominic Cortis (Co-ord.) |
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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 2025/6. It may be subject to change in subsequent years. |
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