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 2021 in Semester 2 at Clayton. It needs MTH2222, ETC2420 or ETC2520.
- Credit points
- 6
- Offered in 2021
- Semester 2
- Clayton
- Assessment
- Exam 60%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2021 handbook entry. See the 2027 entry.
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Requisites
Before ETC3420
Prerequisites
Pass these before you enrol.
After ETC3420
No unit lists ETC3420 as a prerequisite in the 2021 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.
Equivalent units
The same content under another code. Only one of them counts.
Overview
To provide a grounding in the mathematics and statistics of short term insurance risk.
Offerings in 2021
| Teaching period | Campus | Mode |
|---|---|---|
| Second semester | Clayton | On campus |
Assessment
- Within semester assessment40%
- Examination60%
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
- Lectures24 hours
- Tutorials18 hours
- Teaching approachPeer assisted 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. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.
Where it fits
ETC3420 is part of 4 areas of study in the 2021 handbook.
Contacts
- Chief Examiners
- Associate Professor Athanasios Pantelous
Common questions
What are the prerequisites for ETC3420?
You need MTH2222, ETC2420 or ETC2520 before you enrol. Enrolment rules also apply.
When is ETC3420 offered?
In 2021, 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 1 other task.
Which majors and minors include ETC3420?
ETC3420 is part of Actuarial studies; Financial and insurance mathematics; and Mathematical statistics.