ETC5353 Life insurance mathematics
Faculty of Business and Economics
ETC5353 Life insurance mathematics is a level 5, 6-credit-point, postgraduate unit from the Faculty of Business and Economics, offered in 2024 in Semester 2 at Clayton. It needs ETC2430 and unlocks 2 units.
- Credit points
- 6
- Offered in 2024
- Semester 2
- Clayton
- Assessment
- Exam 60%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2024 handbook entry. See the 2027 entry.
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Requisites
Before ETC5353
Prohibitions
You can't enrol if you have passed any of these.
Prerequisites
Pass these before you enrol.
After ETC5353
2 units list ETC5353 as a prerequisite or corequisite.
Equivalent units
The same content under another code. Only one of them counts.
Overview
This unit covers: valuation of cash flows contingent on death or survival using mortality tables, insurance policies with constant or variable benefit, and with-profits contracts. Also covered are pricing assessments and reserving calculations for various insurance and pension products, involving one or two lives, and subject to multiple competing risks (e.g. withdrawal, sickness). Practical issues such as guarantees and options, as well as the effects of the pricing and reserving basis on the emergence of profit, will also be addressed.
Offerings in 2024
| Teaching period | Campus | Mode |
|---|---|---|
| Second semester | Clayton | On campus |
Assessment
- Within semester assessment40%
- ExaminationThreshold hurdle60%
Learning outcomes
When you finish this unit, you should be able to:
- 1
calculate, using ultimate or select mortality, net premiums and net premium reserves for increasing and decreasing benefits and annuities
- 2
develop techniques for the valuation of annuity and assurance products involving two lives, and the use of actuarial functions in that situation
- 3
develop methods which can be used to model cash flows contingent upon competing risks
- 4
use the technique of discounted emerging costs as used in profit tests, pricing assessments and reserving calculations for various insurance and pension products
- 5
address practical issues such as guarantees and options, risk classification and the effects of the pricing and reserving basis on the emergence of profit.
Workload and teaching
- Tutorials18 hours
- Seminars24 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. 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 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
- Professor Athanasios Pantelous
Common questions
What are the prerequisites for ETC5353?
You need ETC2430 before you enrol.
What can I take after ETC5353?
ETC5353 is a prerequisite or corequisite for 2 units, including ETC4110 and ETC4120.
When is ETC5353 offered?
In 2024, ETC5353 runs in Semester 2 at Clayton.
How much work is ETC5353?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ETC5353 have an exam?
Yes. The exam is worth 60% of the final mark, alongside 1 other task.