The aim of this module is to provide a grounding in the principles of modelling as applied to actuarial work – focusing particularly on deterministic models which can be used to model and value cashflows which are dependent on death, survival, or other uncertain risks. The module will include coverage of equations of value and its applications, single decrement models, multiple decrement and multiple life models. This module will cover a number of syllabus items set out in Subject CM1 – Actuarial Mathematics published by the Institute and Faculty of Actuaries.
Total contact hours: 96
Private study hours: 204
Total study hours: 300
Method of assessment
70% examination, 30% coursework
Students on the MSc in Actuarial Science and International Masters in Applied Actuarial Science programmes are provided with the study notes published by the Actuarial Education Company for Subject CM1 – Actuarial Mathematics.
The following may be used for background reading:
Dickson, D.C.M., et al, Actuarial Mathematics for Life Contingent Risks 3rd edition (Cambridge University Press 2020)
The intended subject specific learning outcomes. On successfully completing the module students will be able to:
1. describe, interpret and discuss mathematical techniques used to model and value cashflows which are contingent on mortality and morbidity risks;
2. show a comprehensive understanding of the complex techniques applicable to solve problems in actuarial mathematics;
3. demonstrate a critical appreciation of recent developments in Actuarial Mathematics and the links between the theory of Actuarial Mathematics and their practical
The intended generic learning outcomes. On successfully completing the module students will be able to:
1. apply a logical mathematical approach to solving complex problems including cases where information/data is not complete;
2. demonstrate skills in written communication to both technical and non-technical audiences;
3. demonstrate skills in the use of relevant information technology;
4. demonstrate skills in time management, organisation and studying so that tasks can be planned and implemented at a professional level.
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Credit level 7. Undergraduate or postgraduate masters level module.
- ECTS credits are recognised throughout the EU and allow you to transfer credit easily from one university to another.
- The named convenor is the convenor for the current academic session.
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