Insurance Models

Bond University

Course Description

  • Course Name

    Insurance Models

  • Host University

    Bond University

  • Location

    Gold Coast, Australia

  • Area of Study

    Accounting, Mathematics, Statistics

  • Language Level

    Taught In English

  • Prerequisites

    Students must have successfully completed or may enrol concurrently in ACSC13-302 Advanced Modelling or equivalent prior to undertaking ACSC13-300

  • Course Level Recommendations

    Upper

    ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.

    Hours & Credits

  • Credit Points

    10
  • Recommended U.S. Semester Credits
    3 - 4
  • Recommended U.S. Quarter Units
    4.5 - 6
  • Overview

    Introduction

    This subject presents key mathematical and statistical modelling skills useful in actuarial applications such as insurance. Topics include decision and risk theory, Bayesian statistics, generalised linear modelling, time series modelling and simulation.
     
    Learning Objectives
    1. Explain and apply the concepts of decision theory.
     
    2. Calculate probabilities and moments of loss distributions, both with and without limits and risk-sharing arrangements.
     
    3. Develop risk models for insurance contracts involving frequency and severity distributions, moment generating functions and moments with and without reinsurance arrangements.
     
    4. Explain the concept of ruin for a risk model; describe the implications and perform appropriate adjustments.
     
    5. Explain and apply the fundamental concepts of Bayesian statistics, time series modelling and techniques for analysing a delay triangle.
     
    6. Explain the concepts of Monte Carlo simulation.

Course Disclaimer

Courses and course hours of instruction are subject to change.

Eligibility for courses may be subject to a placement exam and/or pre-requisites.

Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.