ETC3420 Applied insurance methods
Faculty of Business and Economics
ETC3420 Applied insurance methods is a level 3, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2027 in Semester 2 at Clayton. It needs ETC2520 and (ETC2560 or ETC2440).
- Credit points
- 6
- Offered in 2027
- Semester 2
- Clayton
- Assessment
- Exam 60%
- and 3 other tasks
- Workload
- 144 hours
- per semester
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Requisites
Before ETC3420
Prerequisites
Pass these before you enrol.
After ETC3420
No unit lists ETC3420 as a prerequisite in the 2027 handbook.
Enrolment rules
To be successful in this unit, background knowledge and application of maths is required at the equivalent of VCE Year 12 Higher level. You may have satisfied this by completing relevant prerequisite unit/s, or you have covered relevant topics in your final years of secondary study. You should self-assess your maths competency prior to enrolling in this unit.
Overview
To provide a grounding in the mathematics and statistics of short term insurance risk.
Offerings in 2027
| Teaching period | Campus | Mode |
|---|---|---|
| Second semester | Clayton | On campus |
Assessment
- Exercise10%
- Presentation10%
- Project20%
- Examination60%
Assessment details may change. Please refer to the assessment information in Moodle closer to the start of the teaching period.
Learning outcomes
When you finish this unit, you should be able to:
- 1
calculate probabilities and moments of loss distributions both with and without limits and risk-sharing arrangements
- 2
construct risk models involving frequency and severity distributions and calculate the moment generating function and the moments for the risk models both with and without simple reinsurance arrangements
- 3
explain the concept of ruin for a risk model
- 4
describe the fundamental concepts of risk rating and apply them to simple experience rating systems
- 5
describe and apply techniques for analysing a delay (or run-off) triangle and projecting the ultimate position.
Workload and teaching
- Seminars24 hours
- Tutorials12 hours
- Workshops12 hours
- Teaching approachProblem-based learning
- Teaching approachActive learning
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement activities.
This unit includes problem-based learning approaches, where you engage in research, integrate theory and practice and apply knowledge and skills to develop viable solutions in response to a problem or set of problems.
This unit engages you in actively applying your knowledge, skills and attributes in interactive, collaborative and reflective activities.
Learning resources
Technology resources
There may be an additional cost associated with purchasing a physical and/or virtual calculator. Specific details will be provided in the Learning Management System by commencement of Orientation week.
Where it fits
ETC3420 is part of 3 areas of study in the 2027 handbook.
Contacts
- Chief Examiners
- Dr Liyuan Lin
Common questions
What are the prerequisites for ETC3420?
You need ETC2520 and (ETC2560 or ETC2440) before you enrol. Enrolment rules also apply.
When is ETC3420 offered?
In 2027, ETC3420 runs in Semester 2 at Clayton.
How much work is ETC3420?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ETC3420 have an exam?
Yes. The exam is worth 60% of the final mark, alongside 3 other tasks.
Which majors and minors include ETC3420?
ETC3420 is part of Actuarial studies.