Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
David Pitt
Contact via david.pitt@mq.edu.au
E4A609
Friday 11-1 during my teaching weeks, or other times by appointment
Lecturer
Leonie Tickle
Contact via leonie.tickle@mq.edu.au
E4A608
Monday 11-1 during teaching weeks, or other times by appointment
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Credit points |
Credit points
4
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Prerequisites |
Prerequisites
ACST601 and ACST604 or admission to MCom or MIntBus or MEc or MActPrac prior to 2011
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Corequisites |
Corequisites
STAT806 or STAT810
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Co-badged status |
Co-badged status
This unit is co-taught with ACST356.
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Unit description |
Unit description
This unit explores the use of statistical models in insurance: statistical models of the claim frequency and of claim size are studied. These models are a basis for the study of risk theory, ruin theory and reinsurance. Credibility theory is studied as a form of experience rating. Decision theory and simulation are also studied. Students gaining a grade of credit or higher in this unit and ACST862 General Insurance Pricing and Reserving may apply for exemption from subject CT6 of the professional exams of the Institute of Actuaries of Australia.
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Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
Name | Weighting | Due |
---|---|---|
Class Test | 10% | Thursday 1st May at 4pm |
Assignment | 20% | Friday 30th May at 3pm |
Final exam | 70% | Exam period |
Due: Thursday 1st May at 4pm
Weighting: 10%
In class test covering Sections 1 to 5
Due: Friday 30th May at 3pm
Weighting: 20%
Written assignment worked on in groups of size 3, 4 or 5 students requiring answers to a series of short answer problems. Graded on a pass/fail basis.
No extensions will be granted. Students who have not submitted the task prior to the deadline will be awarded a mark of zero for this task, except for cases in which an application for special consideration is made and approved.
Due: Exam period
Weighting: 70%
Three hour written exam held during the university exam period. A passing grade on the final exam is required in order to pass the unit.
The timetable for classes can be found on the University web site at:
https://timetables.mq.edu.au/2014/
Lectures are held on Thursdays from 4pm to 6pm in E7BT4 and on Fridays from 3pm to 4pm in W5AT1.
Tutorials are held on Fridays from 4pm to 6pm.
Lecture Handouts (i.e. notes with gaps) are available for downloading from the ACST356 iLearn page. It is recommended that you print the relevant section of the Lecture Handout in advance of the relevant lecture, and bring it to classes to complete.
Complete Notes including solutions to Lecture Exercises and solutions to Section Exercises will be available for downloading from the ACST356 iLearn page within 24 hours after the relevant tutorials covering that material have all been completed. This schedule is fixed and will not be varied for individual students unless the formal grounds for Special Consideration or Equity Support are met.
Other resources (not required)
Dickson, D. (2005). Insurance risk and ruin. Cambridge University Press: Cambridge
ActEd CT6 notes are not set as required or recommended reading for this unit, since the unit notes are comprehensive and detailed. The ActEd CT6 notes will also NOT be set as recommended reading for ACST357. If you decide to purchase the ActEd CT6 notes, please buy directly from ActEd. Those who want to view a copy of the ActEd CT6 notes during the session should contact the teaching assistant. Arrangements will be made for you to view them in the Department of Applied Finance and Actuarial Studies. The notes are not available in the library. This reference copy of the notes cannot under any circumstancers be photocopied.
Other useful references:
Hossack, I.B., Pollard J.H. and Zehnwirth, B. (1999). Introductory statistics with applications in general insurance, second edition. Cambridge University Press: Cambridge
Klugman, S.A., Panjer, H.H and Willmot, G.E. (2004). Loss models: from data to decisions, second edition. Wiley: New York
Casualty Actuarial Society. (2001). Foundations of Casualty Actuarial Science, 4th edition. Casualty Actuarial Society.
Unit Web Page
The web page for this unit can be found at http://ilearn.mq.edu.au
Technologies Used and Required
MS Excel and MS Word will be used throughout the unit. Students will be required to use a non-programmable calculator in the final examination and in the class test.
Changes since 2013
No significant changes to the unit this year.
This appears in a separate document available on the unit iLearn page.
Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:
Academic Honesty Policy http://mq.edu.au/policy/docs/academic_honesty/policy.html
Assessment Policy http://mq.edu.au/policy/docs/assessment/policy.html
Grading Policy http://mq.edu.au/policy/docs/grading/policy.html
Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html
Grievance Management Policy http://mq.edu.au/policy/docs/grievance_management/policy.html
Disruption to Studies Policy http://www.mq.edu.au/policy/docs/disruption_studies/policy.html The Disruption to Studies Policy is effective from March 3 2014 and replaces the Special Consideration Policy.
In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/
Supplementary Exams Further information regarding supplementary exams, including dates, is available hereMacquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
For all student enquiries, visit Student Connect at ask.mq.edu.au
For help with University computer systems and technology, visit http://informatics.mq.edu.au/help/.
When using the University's IT, you must adhere to the Acceptable Use Policy. The policy applies to all who connect to the MQ network including students.
Our postgraduates will be able to demonstrate a significantly enhanced depth and breadth of knowledge, scholarly understanding, and specific subject content knowledge in their chosen fields.
This graduate capability is supported by:
Our postgraduates will be capable of utilising and reflecting on prior knowledge and experience, of applying higher level critical thinking skills, and of integrating and synthesising learning and knowledge from a range of sources and environments. A characteristic of this form of thinking is the generation of new, professionally oriented knowledge through personal or group-based critique of practice and theory.
This graduate capability is supported by:
Our postgraduates will be capable of systematic enquiry; able to use research skills to create new knowledge that can be applied to real world issues, or contribute to a field of study or practice to enhance society. They will be capable of creative questioning, problem finding and problem solving.
This graduate capability is supported by:
This unit uses research from external sources relating to the development of risk and ruin theory.