MA212-5-AU-CO:
Contingencies I

The details
2019/20
Mathematical Sciences
Colchester Campus
Autumn
Undergraduate: Level 5
Current
Thursday 03 October 2019
Saturday 14 December 2019
15
01 October 2019

 

Requisites for this module
MA126 or BE300
(none)
(none)
(none)

 

MA312

Key module for

BSC N233 Actuarial Science (Including Placement Year),
BSC N323 Actuarial Science,
BSC N324 Actuarial Science (Including Year Abroad),
BSC N325 Actuarial Science (Including Foundation Year)

Module description

This module covers the initial part of the Institute and Faculty of Actuaries CT5 syllabus (Contingencies, Core Technical).

Module aims

The aim of the Contingencies I module is 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.

Module learning outcomes

On completion of this module, students should be able to:
* Define simple assurance and annuity contracts, and develop formulae for the means and variances of the present values of the payments under these contracts, assuming constant deterministic interest.
* Describe practical methods of evaluating expected values and variances of the simple assurance and annuity contracts.
* Describe and calculate, using ultimate or select mortality, net premiums and net premium reserves of simple assurance and annuity contracts.
* Describe the calculation, using ultimate or select mortality, of net premiums and net premium reserves for increasing and decreasing benefits and annuities.
* Describe the calculation of gross premiums and reserves of assurance and annuity contracts.

Module information

Pre-requisites: MA126 OR BE300

Syllabus
1. 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 [CT5-(i)].
2. Evaluation of means and variances
Develop practical methods of evaluating expected values and variances of contracts [CT5-(ii)].
3. Net premiums and reserves
Describe and calculate net premiums and net premium reserves [CT5-(iii)].
4. Changing benefits.
Describe the calculation of net premiums and net premium reserves for increasing and decreasing benefits [CT5-(iv)].
5. Gross premiums and reserves.
Describe and calculate gross premiums and gross premium reserves [CT5-(v)].

Learning and teaching methods

This module has 30 lectures in the autumn term. There are 3 revision lectures in the summer term.

Bibliography

This module does not appear to have any essential texts. To see non-essential items, please refer to the module's reading list.

Assessment items, weightings and deadlines

Coursework / exam Description Deadline Weighting
Coursework Assignment 1 05/11/2019 10%
Coursework Assignment 2 10/12/2019 10%
Exam 120 minutes during Summer (Main Period) (Main)

Overall assessment

Coursework Exam
20% 80%

Reassessment

Coursework Exam
0% 100%
Module supervisor and teaching staff
Dr Jackie Wong, email jw19203@essex.ac.uk
Dr Jackie Wong (jw19203@essex.ac.uk)

 

Availability
Yes
Yes
No

External examiner

Dr Dimitrina Dimitrova
Cass Business School, City, University of London
Senior Lecturer
Resources
Available via Moodle
Of 33 hours, 33 (100%) hours available to students:
0 hours not recorded due to service coverage or fault;
0 hours not recorded due to opt-out by lecturer(s).

 

Further information
Mathematical Sciences

Disclaimer: The University makes every effort to ensure that this information on its Module Directory is accurate and up-to-date. Exceptionally it can be necessary to make changes, for example to programmes, modules, facilities or fees. Examples of such reasons might include a change of law or regulatory requirements, industrial action, lack of demand, departure of key personnel, change in government policy, or withdrawal/reduction of funding. Changes to modules may for example consist of variations to the content and method of delivery or assessment of modules and other services, to discontinue modules and other services and to merge or combine modules. The University will endeavour to keep such changes to a minimum, and will also keep students informed appropriately by updating our programme specifications and module directory.

The full Procedures, Rules and Regulations of the University governing how it operates are set out in the Charter, Statutes and Ordinances and in the University Regulations, Policy and Procedures.