MTH5125 - ACTUARIAL MATHEMATICS II - 2023/24
Topic outline
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This forum is available for everyone to post messages to. If you have any questions about the module, please ask them here.
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Welcome to Actuarial Mathematics II. In this section you will find important information about how the module will run, the syllabus and assessments.
Lectures and Seminars
There will be 4 timetabled hours per week for this module on Thursdays and Fridays . In general there will be 2-3 hours of lectures with new material and 2-1 hours of 'seminar' where we will go over example questions.
Office hour: Thursday 12:00-1:00PM in the Student Hub
Getting Help
If you have any questions about the module or the content please do arrange an online 'office-hour' meeting with Melania (m.nica@qmul.ac.uk) or use the Student Forum section of the module QM Plus page to ask questions as we go.
Assessment
Assessment for this module is 70% final exam in the May / June assessment plus two assessed courseworks each accounting for 15% of the module mark. The assessed courseworks will both involve calculations using MS Excel based on the material taught in this module. These will be set in week 6 and week 9 with more details under those two sections of the QM Plus site.
Useful Tables and Formulae
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The learning outcomes for this module are:
Academic Content
- life contingent actuarial mathematics
- premiums, reserves and profits for a variety of life assurance contracts both traditional and unit-linked, including those dependent on two lives
- contingencies dependent on multiple transitions or multiple decrements
Disciplinary Skills
- application of probability and actuarial mathematics to financial calculations in life assurance and pensions
- analysis of the financial and actuarial implications of these calculations
- using MS Excel to perform calculations
- report writing
Graduate Attributes
- use information for evidence-based decision making
- apply analytical skills to investigate unfamiliar problems
- connect information and ideas within the field of study
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Assessment for this module is 70% final exam in the May / June assessment plus two assessed courseworks each accounting for 15% of the module mark. The assessed courseworks will both involve calculations using MS Excel based on the material taught in this module. These will be set in week 6 and week 9 with more details under those two sections of the QM Plus site.
For the final exam, there will be past papers from previous years available on QM Plus in the week 12 section.
For actuarial students, your score in this module along with that in Actuarial Mathematics I will count towards possible exemption from the Institute and Faculty of Actuaries CM1 examination.
More information on IFoA exemptions for actuarial students is available at https://qmplus.qmul.ac.uk/mod/page/view.php?id=597978 -
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This week we will look at key calculations in life assurance - premiums (net and gross). These are fundamental to the operation of a life assurance company and the ways in which these companies are regulated around the world.
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Example on designing micro insurance in Zimbabwe by Tawanda Chituku
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This week we start looking at why life assurance companies hold reserves. We also look at methods of determining policy values . We also continue with Practice Set 1 (from last week) and we introduce new exercises on Reserves if time permits.
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We start first with Retrospective Policy values.
On Thursday we do Exercise 6.3 from Practice Set 1 with Excel and start working on Practice Set 2. On Friday we continue with Excel Exercises.
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This week we start a new topic - Mortality Profit.
Then we move on to life assurance policies involving two lives (for two weeks). We will consider premiums and reserves for a variety of different policies. Given that mortgages are very often taken out by two people and that many pension funds include payments to a surviving partner, these "two lives" insurance functions are often used in practice.
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This week we will complete the topic on Life Assurance for Two Lives.
After the reading week, in weeks 8 and 9 we will look at techniques that can be applied to health insurance as well as life assurance.
The first assessed coursework will be released this week on Friday (March 1st).-
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This first assessed coursework is based on material from the first 6 weeks of the module. The submission deadline is 5:00pm UK time on Friday, March 15.
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Please use this submission point to upload 2 files - the PDF scan of your handwritten answers plus the MS Excel workbook with your calculations
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This week we consider actuarial techniques used in Health Insurance and other areas where there are "competing risks" and insurance benefits that are payable on different events. Over weeks 8 and 9 we explore two methods for dealing with these: Multi State Models and Multi Decrement Tables.
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This week we continue with Multiple States and introduce Reserves
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Multiple Decrement models and tables. These are used by actuaries in health insurance and in pensions.
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The submission deadline is 5:00pm UK time on Thursday April 11 (week 12). Below you will find a file with the task and submission instructions and the submission point to upload 2 files by the deadline.
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We will look at Pension models - as applications of multiple state, and multiple decrements models. We will complete the lecture material for this module with cash flow analysis and equity linked life assurance policies.
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This week will complete the revision and do exercises from past exams.
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