Victoria University of Wellington
Wellington, New Zealand
Area of Study
Taught In English
ACTS 201, ECON 141, MATH 277
Course Level Recommendations
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.
Recommended U.S. Semester Credits3 - 4
Recommended U.S. Quarter Units4 - 6
Hours & Credits
This is a capstone course for the Actuarial Science major that brings together skills and knowledge from prior courses to develop an understanding of their practical application in the actuarial profession. It provides grounding in the mathematical techniques that can be used to model risks and contingencies.
This is a capstone course in the actuarial science major which covers the broad methods of designing, pricing and reserving of actuarial annuity and assurance products that are used in the Life and Pensions areas. The course will build on the development of actuarial models and contingencies tables covered in course MATH 277, using these to build product offerings and to price and reserve for these products.
Course learning objectives
Students who pass this course should be able to:
- Build simple assurance and annuity contracts allowing for single and multiple decrement situations, and those involving competing risks.
- Understand the practical issues arising in the actuarial management of life insurance and superannuation are addressed
- Calculate using ultimate or select mortality, net premiums and net premium reserves for increasing and decreasing benefits and annuities .
- Understand the methods of valuing annuity and assurance products involving two lives, and the use of actuarial functions in those situations.
- Apply methods to model cash flows contingent upon competing risks .
- Apply the technique of discounted emerging costs as used in profit tests, pricing assessments and reserving calculations for various insurance and pension products .
- Understand practical issues such as guarantees and options, risk classification and the effects of the pricing and reserving basis on the emergence of profit.
Courses and course hours of instruction are subject to change.
Eligibility for courses may be subject to a placement exam and/or pre-requisites.
Some courses may require additional fees.
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.
Please reference fall and spring course lists as not all courses are taught during both semesters.
Availability of courses is based on enrollment numbers. All students should seek pre-approval for alternate courses in the event of last minute class cancellations
Please note that some courses with locals have recommended prerequisite courses. It is the student's responsibility to consult any recommended prerequisites prior to enrolling in their course.