ETC5342 Applied insurance methods
Faculty of Business and Economics
ETC5342 Applied insurance methods is a level 5, 6-credit-point, postgraduate unit from the Faculty of Business and Economics, offered in 2023 in Semester 2 at Clayton. It needs MTH2222, ETC2520, ETC2560, ETC5242, ETC5256, ETC2420 or ETC5252.
- Credit points
- 6
- Offered in 2023
- Semester 2
- Clayton
- Assessment
- Exam 60%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2023 handbook entry. See the 2027 entry.
Reviews
No reviews yetNo reviews yet. Be the first to review ETC5342.
Requisites
Before ETC5342
Prerequisites
Pass these before you enrol.
- MTH2222Mathematics of uncertaintyNo reviews yet
- ETC2520Probability and statistical inference for economics and businessNo reviews yet
- ETC2560Statistical modelling for actuarial studiesNo reviews yet
- ETC5242Statistical thinkingNo reviews yet
- ETC5256Statistical modelling for actuarial studiesNo reviews yet
- ETC2420Statistical thinkingNo reviews yet
- ETC5252Probability and statistical inference for economics and businessNo reviews yet
After ETC5342
No unit lists ETC5342 as a prerequisite in the 2023 handbook.
Overview
To provide a further grounding in the mathematics and statistics of short term insurance risk.
Offerings in 2023
| 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-of) triangle and projecting the ultimate position
- 6
critically analyse the application of principles underlying econometric analysis.
Workload and teaching
- Seminars24 hours
- Tutorials18 hours
- 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. 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.
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.
Contacts
- Chief Examiners
- Associate Professor Dan Zhu
Common questions
What are the prerequisites for ETC5342?
You need MTH2222, ETC2520, ETC2560, ETC5242, ETC5256, ETC2420 or ETC5252 before you enrol.
When is ETC5342 offered?
In 2023, ETC5342 runs in Semester 2 at Clayton.
How much work is ETC5342?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ETC5342 have an exam?
Yes. The exam is worth 60% of the final mark, alongside 1 other task.