Session 2 Learning and Teaching Update
The decision has been made to conduct study online for the remainder of Session 2 for all units WITHOUT mandatory on-campus learning activities. Exams for Session 2 will also be online where possible to do so.
This is due to the extension of the lockdown orders and to provide certainty around arrangements for the remainder of Session 2. We hope to return to campus beyond Session 2 as soon as it is safe and appropriate to do so.
Some classes/teaching activities cannot be moved online and must be taught on campus. You should already know if you are in one of these classes/teaching activities and your unit convenor will provide you with more information via iLearn. If you want to confirm, see the list of units with mandatory on-campus classes/teaching activities.
Visit the MQ COVID-19 information page for more detail.
Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
Simon Guthrie
Angela Chow
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Credit points |
Credit points
10
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Prerequisites |
Prerequisites
(ACST881 or ACST8081) and (STAT810 or STAT8310 or STAT806)
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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 analysis of cash flows dependent on uncertain events due to mortality and other factors. It introduces the concept of the expected present value of payments under various life insurance contracts, including whole life, term and endowment assurances; immediate and temporary annuities; and deferred assurances and annuities. The standard international actuarial notation in life insurance is used extensively. Probability models and life tables are used to calculate the expected present values accurately based on ultimate or select mortality. Furthermore, important concepts of pricing and reserving for future contingent liabilities are discussed. Equations of value are established to calculate net premiums. Prospective and retrospective net premium reserves required to meet future liabilities are determined and compared. Techniques for the valuation of annuity and assurance products involving two lives are developed. Students gaining a credit average in both ACST8081 and ACST8082 (minimum mark of 60 on both units) will satisfy the requirements for exemption from the professional subject CM1 of the Actuaries Institute. |
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:
Assessment criteria for all assessment tasks will be provided on the unit iLearn site.
It is the responsibility of students to view their marks for each within-session-assessment on iLearn within 20 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 tasks (not including the final exam mark) will not be addressed.
Late submissions of assessments
Sometimes unavoidable circumstances occur that might prevent you from submitting an assessment on time and, in that case, you may be eligible to lodge a Special Consideration request.
Unless a Special Consideration request has been submitted and approved, please note that no extensions to assessment deadlines will be granted. Assessments that are submitted late will attract a late penalty:
Name | Weighting | Hurdle | Due |
---|---|---|---|
Online Quiz | 5% | No | Week 3 |
Assignment | 15% | No | Week 8 |
Class Test | 20% | No | Week 10 |
Final Exam | 60% | No | University Examination Period |
Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 2 hours
Due: Week 3
Weighting: 5%
You should complete the quiz online, available on iLearn.
Assessment Type 1: Quantitative analysis task
Indicative Time on Task 2: 15 hours
Due: Week 8
Weighting: 15%
This is an individual assignment which focuses on problem solving using Excel spreadsheet.
Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 10 hours
Due: Week 10
Weighting: 20%
The test will be approximately 90 minutes, to be held during class time.
Assessment Type 1: Examination
Indicative Time on Task 2: 28 hours
Due: University Examination Period
Weighting: 60%
The final examination will be closed book, a three-hour written paper with ten minutes reading time, to be held during the University Examination period.
1 If you need help with your assignment, please contact:
2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation
Classes
It is intended that learning this session will be a combination of pre-recorded online and face-to-face.
The timetables for classes can be found on the University website at: https://timetables.mq.edu.au/2021/
Pre-recorded lectures will be made available early in the week and students are expected to have watched/listened to them prior to attending any live or face-to-face classes.
Classes on tutorial questions will commence in week 2 of the session. Students are expected to have attempted the previous weeks tutorial questions before coming to this class.
Required and Recommended Texts and/or Materials
No textbooks are prescribed for this unit. Detailed notes, exercises and solutions are available on the unit's web site.
Technology Used and Required
You will require a calculator. For the final exam, you may only use non-programmable calculators which are not able to store text.
You will also need to be able to construct spreadsheets for tutorial exercises. You will also be required to use a spreadsheet for the assignment. We do not prescribe any particular brand of spreadsheet, although materials will be provided in MS Excel.
You require access to a computer to access material on the unit's iLearn web site.
Unit Webpage
Course materials, including pre-recorded lectures, are available on the iLearn page.
To access the teaching website, go to http://ilearn.mq.edu.au and login using your usual login and password.
Week |
Week Begins |
Topics covered in lectures |
Assessment |
1 |
26 Jul |
Life tables and survival models |
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2 |
2 Aug |
Valuing single payment benefits |
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3 |
9 Aug |
Valuing life annuities |
Quiz |
4 |
16 Aug |
Select mortality Net premiums |
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5 |
23 Aug |
Policy values |
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6 |
30 Aug |
Variable benefits |
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7 |
6 Sep |
Operating expenses Profit testing |
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------ 2 week study break ------ |
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8 |
27 Sep |
Participating policies |
Assignment |
9 |
4 Oct |
Analysis of profits Profit loading |
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10 |
11 Oct |
Joint life and last survivor statuses (class test) |
Class test |
11 |
18 Oct |
Joint life and last survivorship benefits |
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12 |
25 Oct |
Contingent and reversionary benefits |
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13 |
1 Nov |
Revision |
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Macquarie University policies and procedures are accessible from Policy Central (https://policies.mq.edu.au). Students should be aware of the following policies in particular with regard to Learning and Teaching:
Students seeking more policy resources can visit Student Policies (https://students.mq.edu.au/support/study/policies). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.
To find other policies relating to Teaching and Learning, visit Policy Central (https://policies.mq.edu.au) and use the search tool.
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/admin/other-resources/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
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 help you improve your marks and take control of your study.
The Library provides online and face to face support to help you find and use relevant information resources.
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.
Unit information based on version 2021.03 of the Handbook