Unit convenor and teaching staff |
Unit convenor and teaching staff
Lecturer
Xian Zhou
Contact via Email
E4A 607 (4 Eastern Road)
Refer to iLearn
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Credit points |
Credit points
4
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Prerequisites |
Prerequisites
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Corequisites |
Corequisites
ACST851 and (STAT806 or STAT810 or (ACST601 and ACST604))
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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 of mortality. Single decrement survival models will be used to evaluate the expected present values of payments under life insurance and annuity contracts, and calculate the premiums of such contracts. The concepts of pricing and reserving for future contingent liabilities are considered, and the methods of calculating required reserves will be discussed.
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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:
Extensions and penalties on coursework assessment tasks
• Tasks 10% or less – 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.
• Tasks above 10% - 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.
Open-book final examination
• The final examination will be open-book in the sense that students can bring in any materials written or printed on paper with any size and number of pages.
Gradebook
• 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.
• Assessment criteria for all assessment tasks will be provided on the unit iLearn site.
Supplementary exams
• Information regarding supplementary exams, including dates, is available at: http://www.businessandeconomics.mq.edu.au/current_students/undergraduate/how_do_i/special_consideration
Name | Weighting | Hurdle | Due |
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Quiz | 10% | No | 20 Mar 2018 |
Midterm test | 30% | No | 7 May 2018 |
Final exam | 60% | No | Examination Period |
Due: 20 Mar 2018
Weighting: 10%
Non-invigilated quiz with multiple-choice questions
Due: 7 May 2018
Weighting: 30%
Take-home test with a combination of multiple-choice and problem-solving questions.
Due: Examination Period
Weighting: 60%
Open-book final examination with problem-solving questions (duration: 3 hours plus 10 minutes reading)
Classes
• This unit is taught through 3 hours of lectures and 2 hours of tutorials per week.
• The timetable for classes can be found on the University web site at: http://www.timetables.mq.edu.au/
• Tutorials start in Week 1.
Unit Web Page
• The web page for this unit can be found at: http://ilearn.mq.edu.au
Technology Used and required
• You will need access to the internet to obtain course information and download teaching materials from the unit website.
• It is your responsibility to check the unit website regularly to make sure that you are upto-date with the information for the unit.
Required and Recommended Texts and/or Materials
• Lecture Notes are the required materials and will be posted on the website before the lectures.
• The main additional reading materials are the ActEd CT5 notes. This will also be used as background reading for ACST355/860.
Week 1: Review of probability; Expected present value; Introduction to survival models
Week 2: Life assurance contracts
Week 3: Life annuity contracts
Week 4: The Life table; Select mortality
Week 5: Evaluation of life insurance contracts
Week 6: Net premiums and reserves
Week 7: Prospective and retrospective policy vaues; Policies with variable benefits
Week 8: Midterm test
Week 9: Policies with variable benefits; With-profit policies
Week 10: With-profit policies; Gross premium
Week 11: Gross premiums and reserves
Week 12: Profit and loss in life insurance
Week 13: Revision
Note: This is only a tentative schedule. Small departures are expected on the basis of week to week progress.
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This graduate capability is supported by:
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