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STAT40060

Academic Year 2024/2025

Actuarial Mathematics 1 (STAT40060)

Subject:
Statistics & Actuarial Science
College:
Science
School:
Mathematics & Statistics
Level:
4 (Masters)
Credits:
5
Module Coordinator:
Assoc Professor Adrian O'Hagan
Trimester:
Autumn
Mode of Delivery:
Blended
Internship Module:
No
How will I be graded?
Letter grades

Curricular information is subject to change.

The aim of this subject is to provide a grounding in the mathematical techniques which can be used to model and value cashflows dependent on death, survival or other uncertain risks.It comprises 50% of the requirements for professional exemption CM1 (along with Act Maths 2).Topics covered include:Selection and select life tablesActuarial functions for annuities and assurancesLoss random variablesNet and gross premiums and reservesMortality profitFunctions of two livesCash flow apporach to pricing. Use of Excel spreadsheets and simple VBA programmes to carry out Actuarial calculations.

About this Module

Learning Outcomes:

At the end of the module students should be able to:Demonstrate understanding of select ratesConstruct life tablesDerive density and distribution functions and moments of random variables representing monetary functions associated with future lifetimes, including joint lifetimesCalculate net and gross premiums and reserves for different types of life insurance and annuity contractsCalculate mortality profit or loss on a prtfolio of policiesDerive Thiele's differential equationsEvaluate increasing and decreasing annuities and assurancesCalculate the profit vector, signature and net present value for conventional policies

Indicative Module Content:

Demonstrate understanding of select rates
Construct life tables
Derive density and distribution functions and moments of random variables representing monetary functions associated with future lifetimes, including joint lifetimes
Calculate net and gross premiums and reserves for different types of life insurance and annuity contracts
Calculate mortality profit or loss on a prtfolio of policies
Derive Thiele's differential equationsEvaluate increasing and decreasing annuities and assurances
Calculate the profit vector, signature and net present value for conventional policies

Student Effort Hours:
Student Effort Type Hours
Autonomous Student Learning

90

Lectures

24

Tutorial

8

Total

122


Approaches to Teaching and Learning:
active/task-based learning; lectures; reflective learning; lab/studio work; enquiry & problem-based learning;

Requirements, Exclusions and Recommendations
Learning Recommendations:

Students should have a good knowledge of basic statistics (expectations and variances), compound interest and survival models


Module Requisites and Incompatibles
Not applicable to this module.
 

Assessment Strategy
Description Timing Component Scale Must Pass Component % of Final Grade In Module Component Repeat Offered
Exam (In-person): Final exam End of trimester
Duration:
2 hr(s)
Other No
70
No
Assignment(Including Essay): 1 assignment week 4. 2 in week 12. All equally weighted. Week 4, Week 12 Other No
15
No
Exam (In-person): Lab exam Week 6 Other No
15
No

Carry forward of passed components
Yes
 

Resit In Terminal Exam
Spring Yes - 2 Hour
Please see Student Jargon Buster for more information about remediation types and timing. 

Feedback Strategy/Strategies

• Feedback individually to students, post-assessment
• Group/class feedback, post-assessment
• Peer review activities
• Self-assessment activities

How will my Feedback be Delivered?

Not yet recorded.

Timetabling information is displayed only for guidance purposes, relates to the current Academic Year only and is subject to change.
Autumn Lecture Offering 1 Week(s) - Autumn: All Weeks Tues 16:00 - 17:50
Autumn Tutorial Offering 1 Week(s) - Autumn: All Weeks Wed 12:00 - 12:50