Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit convenor and lecturer
Leonie Tickle
Contact via Dialogue tool on the teaching website or during consultation
E4A608
Wednesday 10-11 during teaching weeks, or other times by appointment
Tutor
Nicole Andrianopoulos
Contact via tutorials
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Credit points |
Credit points
3
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Prerequisites |
Prerequisites
ACST358
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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 covers the advanced analysis of cash flows dependent on uncertain events. Multiple decrement and multiple state models are considered, and the valuation of benefits and contributions under superannuation plans is examined. Techniques for the valuation of annuity and assurance products involving two lives are developed. Expected cash flow models and profit test models are developed for life insurance products including traditional products and unbundled unit linked contracts. The concepts of pricing and reserving for future contingent liabilities, and the effect of the pricing and reserving basis on the emergence of profit, are considered. Students gaining a grade of credit or higher in both ACST255 and ACST355 are eligible for exemption from subject CT5 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:
The following apply to the class tests and the final examination:
For all assessments:
Assessment criteria for all assessment tasks will be provided on the unit iLearn site.
All individual assessment results will be made available under Grades on the website. For the tests, class-level results, marking guide and feedback on common errors will also be available from the website.
Name | Weighting | Due |
---|---|---|
Assessed coursework | 10% | Wednesdays 11.55 pm |
Class Tests | 30% | 12 September, 31 October |
Final Examination | 60% | University Examination Period |
Due: Wednesdays 11.55 pm
Weighting: 10%
The four online quizzes are worth 2.5% each. Quiz 1 is on Sections 1-3, Quiz 2 is on Sections 4-6, Quiz 3 is on Sections 7-8, and Quiz 4 is on Sections 9-10. The quizzes are due Wednesday (at 11.55 pm) in weeks 4, mid-session break first week, 11 and 13, and are submitted online via the iLearn site. You should not leave the submission of quizzes until the last minute in case there are system or other problems. (In the rare case of prolonged University-wide technology problems, allowances will be made for all students).
Please ensure that you answer all quiz questions with the specified rounding, and in the required format. Marks cannot be reinstated for rounding or formatting errors so please do not request this.
Feedback on each quiz will be made available automatically once the quiz has been submitted and the deadline for the quiz has passed.
No extensions will be granted. Students who have not submitted the task prior to the deadline will be awarded a mark of 0 for the task, except for cases in which an application for disruptions to studies is made and approved.
Please note that the quizzes aim at assisting your initial learning of concepts, before moving on to more difficult material. They are not indicative of the difficulty of questions you could expect in a test or examination.
Please use the first quiz as an indicator of whether you are progressing satisfactorily in the unit. If you are having difficulties, please see the Unit Convenor and consider withdrawing before the census date on Friday of week 4.
Due: 12 September, 31 October
Weighting: 30%
The class tests will be 75 minute written papers with no reading time, held during the lecture time. Class test 1 will cover Sections 1 to 5 inclusive and class test 2 will cover Sections 6 to 9 inclusive.
Marked test scripts will be returned via BESS. It is intended that marked papers and feedback will be returned within 10 working days of the class test date.
Due: University Examination Period
Weighting: 60%
The final examination will be a three-hour written paper with ten minutes reading time, held during the University Examination period.
The timetables for classes can be found on the University website at: http://www.timetables.mq.edu.au. Tutorials commence in week 2 of the session. All lecture classes for weeks 8, 9 and 10 will be held in the computer labs (specific locations will be advised on iLearn announcements in week 1 of session).
Optional text. Detailed lecture materials are provided and it is not envisaged that you will require a text.
Lecture handouts. Lecture handouts are available for downloading from the website in advance of lecture classes. Print these (at 100% size) and bring them to the relevant lecture. It is expected that you will have these notes in all lectures.
Tables. The Formulae and Tables for Actuarial Examinations book is not required for this unit, and will not be provided in the examination. Instead, you will be asked to generate your own set of tables, based on up-to-date UK mortality tables. There will be Tables Tasks exercises set in the early weeks of the unit that will give you details of how to construct the tables and provide results to spot check your answers. In addition to generating results for your future use, the aim of these tasks is to help you to revise relevant results from ACST255/859. It is important that you keep up-to-date with the Tables Tasks so that you can use your tables to answer questions throughout this unit.
You will be required to use the teaching website, Excel and Word.
Course material is available on the learning management system (iLearn). To access the teaching website, go to http://ilearn.mq.edu.au and login using your usual login and password.
Lectures. The unit material is covered in the three hours of lectures each week.
Tutorials. The tutorial is an opportunity for you to discuss the exercises available for each section of work with your tutor.
Computer lab classes. These will replace all of the lecture classes in weeks 8, 9 and 10.
Material to bring to classes. You are expected to bring to all classes the relevant lecture handout printout for the current and previous weeks, blank paper to complete exercises, a calculator, and your completed Tables Tasks.
Week |
Monday Lecture |
Wednesday Lecture | Tutorials |
Assessment |
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1 |
Section 1: Joint life and last survivor statuses |
Section 2: Simple annuities and assurances involving two lives | No tutorial | - |
2 |
Section 2 (cont) |
Section 3: Contingent and reversionary benefits | Sections 1 and 2 |
- |
3 |
Section 3 (cont) |
Section 4: Competing risks | Section 3 |
- |
4 |
Section 4 (cont) |
Section 5: Multiple decrement tables | Section 4 |
Quiz 1 |
5 |
Section 5 (cont) |
Section 6: Superannuation funds | Section 5 |
- |
6 |
Section 6 (cont) |
Mock test (optional) | Revision |
- |
7 |
Class test |
Class test review | Section 6 |
- |
STUDY BREAK |
MID-SEMESTER STUDY BREAK |
Quiz 2 |
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STUDY BREAK |
MID-SEMESTER STUDY BREAK |
- | ||
8 |
PUBLIC HOLIDAY |
Section 7: Profit testing - conventional business (in labs) | No tutorials |
- |
9 |
Section 7 (cont) |
Section 8: Profit testing - unit-linked business (in labs) | Section 7 |
- |
10 |
Section 8 (cont) |
Profit testing revision (in labs) | Section 8 |
- |
11 |
Section 9: Mortality risk factors and selection |
Section 10: Mortality indices | Section 9 |
Quiz 3 |
12 |
Class test |
Section 10 (cont) | Section 10 |
- |
13 |
Revision and exam information |
Revision | No tutorial |
Quiz 4 |
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
New Assessment Policy in effect from Session 2 2016 http://mq.edu.au/policy/docs/assessment/policy_2016.html. For more information visit http://students.mq.edu.au/events/2016/07/19/new_assessment_policy_in_place_from_session_2/
Assessment Policy prior to Session 2 2016 http://mq.edu.au/policy/docs/assessment/policy.html
Grading Policy prior to Session 2 2016 http://mq.edu.au/policy/docs/grading/policy.html
Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html
Complaint Management Procedure for Students and Members of the Public http://www.mq.edu.au/policy/docs/complaint_management/procedure.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.
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://www.mq.edu.au/about_us/offices_and_units/information_technology/help/.
When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.
Further information regarding supplementary exams, including dates, is available here
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This graduate capability is supported by:
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There have been minor changes to the lecture and tutorial materials. The assessment structure is new this year.
This unit uses research by Macquarie University researchers, as well as from other Australian and international researchers (references are given in the unit notes).
You are also required to source and use Australian and international research as part of the assignment in this unit.