Unit convenor and teaching staff |
Unit convenor and teaching staff
Lecturer
David Pitt
Contact via david.pitt@mq.edu.au
E4A609
Mondays 2-4 during teaching weeks or by appointment
Teaching Assistant and Tutor
Andrew Xu
Contact via online forum
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Credit points |
Credit points
3
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Prerequisites |
Prerequisites
39cp including STAT272
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Corequisites |
Corequisites
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Co-badged status |
Co-badged status
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Unit description |
Unit description
This unit examines the use of statistical models in the insurance context. Statistical models of the number of claims and the sizes of the claims are studied. These models are used as a basis for the study of risk theory, ruin theory and the effect of reinsurance. Decision theory and simulation are also studied. Students gaining a grade of credit or higher in both ACST356 and ACST357 are eligible 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:
It is the responsibility of students to view their marks for each within session assessment on iLearn within 20 working days of posting. If there are any discrepancies, students must contact the unit convenor immediately. Failure to do so will mean that queries received after the release of final results regarding assessment marks (not including the final exam mark) will not be addressed.
Name | Weighting | Due |
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Assignment | 20% | 3pm, Monday 25 May |
Final exam | 70% | Exam period |
Class Test | 10% | Tuesday 21 April |
Due: 3pm, Monday 25 May
Weighting: 20%
Written assignment worked on in groups of 3, 4 or 5 students. Submit to BESS by 3pm on Monday 25 May.
No extensions will be granted. Late tasks will be accepted up to 72 hours after the submission deadline. There will be a deduction of 20% of the total available marks made from the total awarded mark for each 24 hour period or part thereof that the submission is late (for example, 25 hours late in submission - 40% penalty). This penalty does not apply 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. To be eligible to pass this unit, a pass is required in the final examination.
Due: Tuesday 21 April
Weighting: 10%
In class test covering Sections 1 to 5 inclusive.
The timetable for classes can be found on the University web site at:
https://timetables.mq.edu.au/2015/
Lectures are held on Tuesdays from 11 to 1 in E7BT5 and on Wednesdays from 10 to 11 also in E7BT5.
Tutorials are held on Wednesdays from 12 to 1, 1 to 2 and 2 to 3.
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 circumstances 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.
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.
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/
Results shown in iLearn, or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au.
Further information regarding supplementary exams, including dates, is available here
Macquarie 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.
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This graduate capability is supported by:
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This graduate capability is supported by:
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This graduate capability is supported by: