MA212-5-AU-CO:
Contingencies I
2024/25
Mathematics, Statistics and Actuarial Science (School of)
Colchester Campus
Autumn
Undergraduate: Level 5
Current
Thursday 03 October 2024
Friday 13 December 2024
15
04 January 2024
Requisites for this module
BE304
(none)
(none)
(none)
MA312
BSC N233 Actuarial Science (Including Placement Year),
BSC N233DT Actuarial Science (Including Placement Year),
BSC N323 Actuarial Science,
BSC N323DF Actuarial Science,
BSC N323DT Actuarial Science,
BSC N324 Actuarial Science (Including Year Abroad),
BSC N325 Actuarial Science (Including Foundation Year),
MSCIN399 Actuarial Science and Data Science,
BSC N333 Actuarial Studies,
BSC N333DT Actuarial Studies,
BSC N334 Actuarial Studies (Including Placement Year),
BSC N334DT Actuarial Studies (Including Placement Year),
BSC N335 Actuarial Studies (Including Year Abroad)
This module teaches students how to 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 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.
- Gain an understanding of how to implement life contingencies in Microsoft Excel spreadsheet and to become adept in using some of Excels built-in financial and statistical functions and other useful tools.
This module covers part of the Institute and Faculty of Actuaries CM1 syllabus (Actuarial Mathematics).
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 Exel.
Teaching in the School 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 Jackie Wong Siaw Tze, email: jw19203@essex.ac.uk.
Dr Jackie Wong
maths@essex.ac.uk
Yes
Yes
No
Dr Dimitrina Dimitrova
Cass Business School, City, University of London
Senior Lecturer
Dr Melania Nica
Available via Moodle
Of 32 hours, 28 (87.5%) hours available to students:
2 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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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.
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