## MA212-5-AU-CO:Contingencies I

The details
2024/25
Mathematics, Statistics and Actuarial Science (School of)
Colchester Campus
Autumn
Current
Thursday 03 October 2024
Friday 13 December 2024
15
04 January 2024

Requisites for this module
BE304
(none)
(none)
(none)

MA312

## Key module for

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)

## Module description

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.

## Module aims

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.

## Module learning outcomes

By the end of the module, students will be expected to be able to:

1. 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.

2. Describe practical methods of evaluating expected values and variances of the simple assurance and annuity contracts.

3. Describe and calculate, using ultimate or select mortality, net premiums and net premium reserves of simple assurance and annuity contracts.

4. Describe the calculation, using ultimate or select mortality, of net premiums and net premium reserves for increasing and decreasing benefits and annuities.

5. Describe the calculation of gross premiums and reserves of assurance and annuity contracts.

6. 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.

## Module information

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.

Changing benefits.
Describe the calculation of net premiums and net premium reserves for increasing and decreasing benefits.

Implement life contingencies in Microsoft Exel.

## Learning and teaching methods

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.

## Bibliography*

The above list is indicative of the essential reading for the course.
The library makes provision for all reading list items, with digital provision where possible, and these resources are shared between students.

## 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.

Coursework Exam
30% 70%

### Reassessment

Coursework Exam
30% 70%
Module supervisor and teaching staff
Dr Jackie Wong Siaw Tze, email: jw19203@essex.ac.uk.
Dr Jackie Wong
maths@essex.ac.uk

Availability
Yes
Yes
No

## External examiner

Dr Melania Nica
Resources
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.

Further information

* Please note: due to differing publication schedules, items marked with an asterisk (*) base their information upon the previous academic year.

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