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Course Module Information
Course Modules
MA3992: Actuarial mathematics: Life contingencies 1, pricing and reserving
Semester 1 | Credits: 5
This module covers topics in Financial Mathematics (more specifically Actuarial Mathematics) that follow on from a more introductory module in this area. The material presented includes: defining and analysing insurance company contracts including describing and calculating their premiums and reserves. Projecting and analysing future expected cashflows for some insurance company products incorporating multi-decrement models as appropriate. Students also solve problems on this material using excel.
(Language of instruction: English)
Learning Outcomes
- Define various assurance and annuity contracts.
- Develop formulae for the means and variances of the payments under various assurance and annuity contracts, assuming constant deterministic interest rate.
- Define the gross random future loss under an insurance contract, and state the principle of equivalence.
- Describe and calculate gross premiums and reserves of assurance and annuity contracts.
- Define and calculate, for a single policy or a portfolio of policies (as appropriate): death strain at risk; expected death strain; actual death strain; mortality profit for policies with death benefits payable immediately on death or at the end of the year of death; for policies paying annuity benefits at the start of the year or on survival to the end of the year; and for policies where single or non-single premiums are payable.
- Project expected future cashflows for whole life, endowment and term assurances, annuities, unit-linked contracts, and conventional/unitised with-profits contracts, incorporating multiple decrement models as appropriate.
- Show how, for unit-linked contracts, non-unit reserves can be established to eliminate (zeroise) future negative cashflows, using a profit test model.
- Use Excel to solve practical problems.
Assessments
- Written Assessment (70%)
- Continuous Assessment (30%)
Teachers
- MICHAEL HAYES:
Research Profile |
Email
- MARY KELLY:
Research Profile |
Email
- COLLETTE MCLOUGHLIN:
Research Profile |
Email
Note: Module offerings and details may be subject to change.