ACTL3002 Life Insurance and Superannuation Models

6 Units of Credit
Risk & Actuarial Studies

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This course covers the actuarial mathematics and models for use in the analysis and actuarial management of life insurance and superannuation contracts. Topics covered include the main forms of life insurance and annuity contracts, disability and long term care contracts and superannuation fund benefits; actuarial notation and the life table; moments of the value of the benefit payments; Thiele's differential equation for policy values; stochastic modelling of claims and benefit payments; gross premiums, net premiums, policy values and reserves; allowing for expenses and inflation; use of discounted emerging costs and profit tests; asset shares in life insurance; termination and alteration values; cost of guarantees; joint life functions; valuation of disability insurance contracts.