Actuarial Practice And Control I

This subject has the following teaching availabilities in 2016:

Approximately 2.5 hours of personal study per hour of class time is required to achieve a satisfactory level of performance

Completion of at least one year of the Master of Actuarial Science degree, including 4 core subjects; or equivalent, depending on previous study.

Entry to the Master of Actuarial Science

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.

On successful completion of this subject, students should be able to:

• 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.

• Three hour end-of-semester examination (70%); and
• One group assignment of 8 pages, draft due in week 7 and final in week 10 (30%).

Reading block

This subject is not available as a breadth subject.

On successful completion of this subject, students should have improved the following generic skills:

• 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.