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STAT40980

Academic Year 2024/2025

Core Actuarial Principles 3 (STAT40980)

Subject:
Statistics & Actuarial Science
College:
Science
School:
Mathematics & Statistics
Level:
4 (Masters)
Credits:
5
Module Coordinator:
Mr Andrew Smith
Trimester:
Spring
Mode of Delivery:
On Campus
Internship Module:
No
How will I be graded?
Letter grades

Curricular information is subject to change.

The module is one of a set of three modules that map to the syllabus of the Institute and Faculty of Actuaries's professional examination Actuarial Practice 1 (CP1). It builds on the technical material covered in all the earlier subjects of the BAFS degree and uses the techniques learnt to solve practical problems that might arise in any area in which actuaries practice.

This module focuses on monitoring the emerging experience of a scheme or company advised by an actuary. The student will be able to analyse the actual experience - be it in mortality or morbidity claims, expenses incurred, or investment performance of the accumulated fund - to determine where it differs from expected. The courses of action open to management are then explored to ensure the company or scheme meets reasonable expectations and remains solvent. Reconciliations (known as 'analysis of surplus') between two successive valuations are considered. The student will be able to updating actuarial models to incorporate the emerging experience.

About this Module

Learning Outcomes:

The student will understand how actuaries maintain the solvency of companies and schemes advised by them, which is the first step in actually being able to advise such a firm or scheme. They will know to tools and techniques to apply and the key management decisions that must be made. They will be able to work with inaccurate models, and update and develop them as required by circumstances.

Indicative Module Content:

Review of the Actuarial Control Cycle & Risk Measuring and Monitoring

Monitoring the Emerging Experience: Data, Mortality & Morbidity, Expenses

Surplus and the Analysis of Surplus

Markets for Transferring Risk

Communicating Risk

Case Studies

Student Effort Hours:
Student Effort Type Hours
Autonomous Student Learning

100

Lectures

24

Tutorial

10

Total

134


Approaches to Teaching and Learning:

This module is delivered in the traditional manner of lectures, with students participating in weekly tutorials as they work through questions on the material presented (e.g. active/task-based learning of material delivered in lectures).

Requirements, Exclusions and Recommendations

Not applicable to this module.


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): Two hour in-person exam End of trimester
Duration:
2 hr(s)
Standard conversion grade scale 40% No
100
No

Carry forward of passed components
No
 

Resit In Terminal Exam
Summer 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
• Self-assessment activities

How will my Feedback be Delivered?

There are regular tutorials with problem sheets the student attempts prior to the tutorial, each tutorial treating a section of the course. The student is shown the ideal approach to the questions and shown where marks are awarded, and can thus assess their own attempt at the problem sheet. The level of understanding required to do well in the problems sheets is of a similar order as required to do well in the final examination.

Name Role
Dr Monika Smatralova Lecturer / Co-Lecturer

Timetabling information is displayed only for guidance purposes, relates to the current Academic Year only and is subject to change.
Spring Tutorial Offering 1 Week(s) - 20, 21, 22 Thurs 13:00 - 13:50
Spring Tutorial Offering 1 Week(s) - 23, 24 Thurs 13:00 - 13:50
Spring Tutorial Offering 1 Week(s) - 25, 26, 29, 30, 31, 32, 33 Thurs 13:00 - 13:50
Spring Lecture Offering 1 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Tues 15:00 - 16:50