MA212-7-AU-CO:
Contingencies I
2022/23
Mathematics, Statistics and Actuarial Science (School of)
Colchester Campus
Autumn
Postgraduate: Level 7
Current
Thursday 06 October 2022
Friday 16 December 2022
15
10 August 2023
Requisites for this module
(none)
(none)
(none)
(none)
MA312
DIP N32309 Actuarial Science,
MSC N32312 Actuarial Science,
MSC N32324 Actuarial Science,
MPHDN32348 Actuarial Science,
PHD N32348 Actuarial Science
How do you define simple assurance contracts? What practical methods are required to evaluate expected values from a contract? How can you calculate gross premiums and reserves of assurance and reserves?
Understand the mathematical techniques that can calculate, model and value cashflows dependent on death, survival or other uncertain risks.
The aims of this module are:
- to provide a grounding in the mathematical techniques which can be used to model and value cashflows dependent on death, survival or other uncertain risks.
By the end of the module, students will be expected to:
- 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.
- Gain an understanding of how to implement life contingencies in Microsoft Excel spreadsheet and to become adept in using some of Excel's built-in financial and statistical functions and other useful tools.
This module covers the first part of Life Contingencies of Institute and Faculty of Actuaries CM1 syllabus.
Indicative syllabus:
Functions for one life
Define and use straightforward functions involving only one life.
In respect of these functions: define assurance and annuity contracts and develop formulae for the means and variances of the present value of the benefits under the contracts.
Evaluation of means and variances
Develop practical methods of evaluating expected values and variances of contracts.
Net premiums and reserves
Describe and calculate net premiums and net premium reserves.
Changing benefits
Describe the calculation of net premiums and net premium reserves for increasing and decreasing benefits.
Gross premiums and reserves
Describe and calculate gross premiums and gross premium reserves.
Implement life contingencies in Microsoft Excel
Teaching in the department will be delivered using a range of face to face lectures, classes and lab sessions as appropriate for each module. Modules may also include online only sessions where it is advantageous, for example for pedagogical reasons, to do so.
This module does not appear to have a published bibliography for this year.
Assessment items, weightings and deadlines
Coursework / exam |
Description |
Deadline |
Coursework weighting |
Coursework |
Test |
|
|
Exam |
Main exam: In-Person, Open Book (Restricted), 120 minutes during Summer (Main Period)
|
Exam |
Reassessment Main exam: In-Person, Open Book (Restricted), 120 minutes during September (Reassessment Period)
|
Exam format definitions
- Remote, open book: Your exam will take place remotely via an online learning platform. You may refer to any physical or electronic materials during the exam.
- In-person, open book: Your exam will take place on campus under invigilation. You may refer to any physical materials such as paper study notes or a textbook during the exam. Electronic devices may not be used in the exam.
- In-person, open book (restricted): The exam will take place on campus under invigilation. You may refer only to specific physical materials such as a named textbook during the exam. Permitted materials will be specified by your department. Electronic devices may not be used in the exam.
- In-person, closed book: The exam will take place on campus under invigilation. You may not refer to any physical materials or electronic devices during the exam. There may be times when a paper dictionary,
for example, may be permitted in an otherwise closed book exam. Any exceptions will be specified by your department.
Your department will provide further guidance before your exams.
Overall assessment
Reassessment
Module supervisor and teaching staff
Dr Tolulope Fadina, email: t.fadina@essex.ac.uk.
Dr Tolulope Fadina
t.fadina@essex.ac.uk
Yes
No
Yes
Dr Dimitrina Dimitrova
Cass Business School, City, University of London
Senior Lecturer
Dr Melania Nica
Available via Moodle
Of 41 hours, 39 (95.1%) hours available to students:
0 hours not recorded due to service coverage or fault;
2 hours not recorded due to opt-out by lecturer(s), module, or event type.
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