The aim of this module is to develop the student's ability to apply a wide range of key actuarial concepts in simple traditional and non-traditional situations. Outline syllabus includes: how to do a professional job; contract design; modelling; data; setting assumptions; expenses; pricing and financing strategies; valuing liabilities; accounting and disclosure; surplus and surplus management; sources of risks; risks in benefit schemes; pricing and insurance risks; the risk management process; risk management tools; capital management and monitoring experience.
Total contact hours: 72
Private study hours: 228
Total study hours: 300
Method of assessment
80% Examination, 20% Coursework
Study notes published by the Actuarial Education Company for subject CP1.
Bellis, Clare; Lyon, Richard; Klugman, Stuart; Shepherd, John: Understanding Actuarial Management: the actuarial control cycle, The Institute of Actuaries of Australia and the Society of Actuaries (Second Edition) 2010.
See the library reading list for this module (Canterbury)
The intended subject specific learning outcomes. On successfully completing the module students will be able to:
1 Demonstrate the ability to apply a wide range of key actuarial concepts in simple traditional and non-traditional situations.
2 Demonstrate knowledge and understanding of complex techniques applicable to solve problems using core actuarial concepts in the context of current professional actuarial
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 core actuarial concepts in various contexts.
6 Demonstrate skill in solving problems using core actuarial concepts by various appropriate methods.
7 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.
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.
10 Demonstrate the ability to produce written documents; undertake online research; communicate using e-mail.
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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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