Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit convenor and lecturer
Shauna Ferris
Contact via Contact via email or iLearn Forum
E4A617
Friday 3-4pm during teaching weeks or by appointment
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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
ACST860
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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:
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.
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.
In the cases where a special consideration application is approved, the student may be offered an alternative assessment or may receive a mark based on the percentage mark achieved by the student in one or more other assessment tasks, at the unit convenor’s discretion.
Name | Weighting | Hurdle | Due |
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Online Quiz | 8% | No | Various - Fridays 5pm |
Mid-Semester Exam | 20% | No | Monday Sept 30 |
Assignment | 12% | No | Monday 14 October 5pm |
Final Examination | 60% | No | University Examination Period |
Due: Various - Fridays 5pm
Weighting: 8%
We will have 9 online quizzes during the semester. The average of your best 8 scores will count for assessment. Quizzes will be due at 5 pm on Fridays in most weeks after week 1 (but there will not be quizzes in weeks where there is another assessment task or test).
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 special consideration is made and approved.
Please use the quizzes 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: Monday Sept 30
Weighting: 20%
The mid-semester exam will be a 90 minute written paper with no reading time, held during the lecture time on Monday in week 8 30 September). It will cover all the course material up to the end of week 7 (before the mid-semester break).
Students who have not sat the test will be awarded a mark of 0 for the task, except for cases in which an application for special consideration is made and approved.
Due: Monday 14 October 5pm
Weighting: 12%
The assignment is to be submitted via iLearn, Instructions will be provided on the iLearn website.
No extensions will be granted. There will be a deduction of 10% 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 – 20% penalty). This penalty does not apply for cases in which an application for special consideration is made and approved. No submission will be accepted after solutions have been posted.
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: https://timetables.mq.edu.au/2019/. Tutorials commence in week 2 of the session.
Some of the lectures will be held in the computer labs (specific locations will be advised on iLearn announcements). This will give you the opportunity to work through some profit-testing examples.
Note that Monday in week 9 is a public holiday - Labor Day - so there are no classes on that date.
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 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 iLearn site, Excel, R and Word.
Course material is available on the iLearn site. 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.
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.
Please refer to iLearn for Unit Schedule.
Macquarie University policies and procedures are accessible from Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central). Students should be aware of the following policies in particular with regard to Learning and Teaching:
Undergraduate students seeking more policy resources can visit the Student Policy Gateway (https://students.mq.edu.au/support/study/student-policy-gateway). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.
If you would like to see all the policies relevant to Learning and Teaching visit Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central).
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/study/getting-started/student-conduct
Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) 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 or if you are a Global MBA student contact globalmba.support@mq.edu.au
Supplementary exams
Information regarding supplementary exams, including dates, is available at:
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
If you are a Global MBA student contact globalmba.support@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.
Our graduates will take with them the intellectual development, depth and breadth of knowledge, scholarly understanding, and specific subject content in their chosen fields to make them competent and confident in their subject or profession. They will be able to demonstrate, where relevant, professional technical competence and meet professional standards. They will be able to articulate the structure of knowledge of their discipline, be able to adapt discipline-specific knowledge to novel situations, and be able to contribute from their discipline to inter-disciplinary solutions to problems.
This graduate capability is supported by:
We want our graduates to be capable of reasoning, questioning and analysing, and to integrate and synthesise learning and knowledge from a range of sources and environments; to be able to critique constraints, assumptions and limitations; to be able to think independently and systemically in relation to scholarly activity, in the workplace, and in the world. We want them to have a level of scientific and information technology literacy.
This graduate capability is supported by:
Our graduates should be capable of researching; of analysing, and interpreting and assessing data and information in various forms; of drawing connections across fields of knowledge; and they should be able to relate their knowledge to complex situations at work or in the world, in order to diagnose and solve problems. We want them to have the confidence to take the initiative in doing so, within an awareness of their own limitations.
This graduate capability is supported by:
We will be including more exercises in R, to help students develop their R skills.
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.
Date | Description |
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20/07/2019 | Update timetable link |