Actuarial Practice and Control I

This subject has the following teaching availabilities in 2016:

Both of:

Please refer to Prerequisites and Corequisites.

For the purposes of considering request for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Student Support and Engagement Policy, academic requirements for this subject are articulated in the Subject Overview, Learning Outcomes, Assessment and Generic Skills sections of this entry.

It is University policy to take all reasonable steps to minimise the impact of disability upon academic study, and reasonable adjustments will be made to enhance a student's participation in the University's programs. Students who feel their disability may impact on meeting the requirements of this subject are encouraged to discuss this matter with a Faculty Student Adviser and Student Equity and Disability Support: http://services.unimelb.edu.au/disability

Topics include insurance markets and products; underwriting and risk assessment; policy design; actuarial modelling; actuarial assumptions and feedback; reserving methods.

• Discuss and apply an actuarial control cycle in a variety of practical commercial situations
• Apply the tests of professionalism
• Relate the main features within the general environment to medium and long term commercial decisions
• Examine the need for and impact of regulation and government policy on medium and long term commercial decisions
• Analyse the main features and risks of financial products and contracts, from the point of view of consumers and providers
• Demonstrate an understanding of enterprise risk management and its role in organisational management
• Apply a risk assessment framework to identify and assess the risks in a range of commercial situations
• Discuss and apply the process of product design
• Select an appropriate model to solve client problems

A 3-hour end-of-semester examination (70%) and one group assignment of no more than 8 pages, draft due in week 7, final in week 10 (30%)

You will be advised of prescribed texts by your lecturer.

Information Not Available

This subject is not available as a breadth subject.

• High level of development: written communication; collaborative learning; problem solving; team work; application of theory to practice; interpretation and analysis; critical thinking; synthesis of data and other information; evaluation of data and other information; accessing data and other information from a range of sources.