Life Insurance - MACT9120

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Module delivery information

Location Term Level1 Credits (ECTS)2 Current Convenor3 2021 to 2022
Canterbury
Combined Autumn and Spring Terms 7 30 (15) Mark Heller checkmark-circle

Overview

This module introduces students to the principles of actuarial planning and control, and mathematical and economic techniques, relevant to life insurance companies. The student should gain the ability to apply the knowledge and understanding, in simple situations, to the operation, on sound financial lines, of life insurance companies. Outline syllabus includes: principal terms used in life insurance; the main types of life insurance products; methods of distributing profits to with profits policyholders including the use of asset shares; effect of the general business environment on a life insurance company; risks to a life insurance company and methods to manage these risks (including the use of reinsurance and underwriting); use of actuarial models for decision making purposes; principles of unit pricing and the technique of actuarial funding for unit linked life insurance contracts; cost of guarantees and options; determining discontinuance and alteration terms for without profits contracts; factors to consider in determining a suitable design for a life insurance product; setting assumptions for pricing and valuing life insurance contracts; determining supervisory reserves; principles of investment for a life insurance company; monitoring actual experience of a life insurance company.

Details

Contact hours

Standard Delivery - Total contact hours: 72
Tutorial Delivery - Total contact hours: 36

Teaching methods will differ according to the number of students registered on the module. The standard format, for more than 6 students registered:

Method of assessment

80% Examination, 20% Coursework

Indicative reading

The students will be provided with the study notes published by the Actuarial Education Company for Subject SP2 – Life Insurance. These are ordered from the Company by the Lecturer.

See the library reading list for this module (Canterbury)

Learning outcomes

The intended subject specific learning outcomes. On successfully completing the module students will be able to:

1 Demonstrate knowledge and understanding of complex techniques applicable to solve problems in Life Insurance in the context of current professional actuarial practice.
2 Demonstrate knowledge and understanding of complex current issues in Life Insurance in the context of current professional actuarial practice.
3 Demonstrate a high level of understanding of the main body of knowledge for the module.
4 Demonstrate skill in calculation and manipulation of the material written within the module.
5 Apply a range of concepts and principles of Life Insurance in various contexts.
6 Demonstrate skill in solving problems in Life Insurance by various appropriate methods.
7 Demonstrate skills in the specific mathematical and statistical techniques used in the actuarial practice of Life Insurance and their application to solving problems in that subject.
8 Demonstrate understanding of the current practical applications of the module material.

The intended generic learning outcomes. On successfully completing the module students will be able to:

1 Demonstrate ability for logical argument.
2 Demonstrate ability to work with relatively little guidance.
3 Demonstrate high-level problem-solving skills, relating to qualitative and quantitative information, demonstrating self-direction and originality of thought.
4 Demonstrate communications skills, covering both written and oral communication, with the ability to communicate clearly to both specialist and non-specialist audiences using the appropriate information technology.
5 Demonstrate judgemental skills.
6 Demonstrate numeracy and computational skills.
7 Demonstrate time-management and organisational skills, as evidenced by the ability to plan and implement efficient and effect modes of working, and to act autonomously.
8 Demonstrate study skills needed for continuing professional development.
9 Demonstrate decision-making skills in complex situations.

Notes

  1. Credit level 7. Undergraduate or postgraduate masters level module.
  2. ECTS credits are recognised throughout the EU and allow you to transfer credit easily from one university to another.
  3. The named convenor is the convenor for the current academic session.
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