SYLLABUS & SCHEDULE
This page provides information on the material we will be covering during the course. The course has been designed so that minimal background knowledge is required, although you will need secondary (high school) algebra, calculus and probability among other basic mathematical concepts.
|
Lesson |
Date Available |
Title |
Topics |
Date |
|
Prologue |
|
Actuarial Work in Life Insurance |
N/A |
N/A |
|
Lesson 1 |
October 19 |
Valuing Cash Flows |
· Time Value of Money · Present Value · Accumulated Value · Valuing Multiple Regular Payments |
November 2 |
|
Lesson 2 |
October 26 |
Applications of Valuing Cash Flows |
· Equations of Value · Example – Annuity Certain · Application in Spreadsheets |
November 9 |
|
Lesson 3 |
November 2 |
Analysis of State Transitions |
· Introduction to State Transitions · Two-State Model · Calculating Probabilities using the Two-State Model |
November 16 |
|
Lesson 4 |
November 9 |
The Life Table |
· Introduction to the Life Table · Calculating Probabilities using the Life Table |
November 23 |
|
Lesson 5 |
November 16 |
Valuing Uncertain Cash Flows |
· Expected Present Value · Accumulated Value and Uncertainty |
November 30 |
|
Lesson 6 |
November 23 |
Modelling a Life Insurance Company 1 |
· The Life Insurance Company Scenario · A Single Projection · Simulations · Analysing the Simulation Output |
December 7 |
|
Lesson 7 |
November 30 |
Modelling a Life Insurance Company 2 |
· Reserves · Adjustment to Reserves · Additional Scenarios |
December 14 |
|
Final Exam |
November 30 |
N/A |
N/A |
December 14 |
The times for above for availability and assessment deadlines will be at 21:00 (9pm) UTC on the dates above. The current UTC time is below - make sure you are aware of what the UTC is in your local time (daylight savings affects this as well!).
ASSESSMENT
Each Lesson contains a number of questions of a variety of types.
Practice Questions are designed to give you an opportunity to practice course concepts without the pressure of assessment.
Assessment Questions have a similar structure to Practice Questions but make up the assessable elements of Lesson content.
Extension Questions go beyond the scope of what is expected of students in the course, and are designed to show you how the course material can be developed in a more realistic and/or difficult context. You are not required to complete the Extension Questions, but you are highly encouraged to have a go at them to get more of a feel for what actuarial work is like. Extension Questions may be of particular interest to those who already have significant background in mathematics and/or finance, but will hopefully be accessible to just about everyone in the course.
The Assessment Questions are worth 10% each Lesson of your overall grade for the course (i.e. a total of 70%). Each question within a Lesson is equally weighted irrespective of its length and/or difficulty.
A Final Exam will follow the Lessons and will be worth 30% of your overall grade for the course. The aim of the Final Exam is to present you with a coherent collection of questions from across the course.