This course develops actuarial techniques for the valuing of policies which depend on contingent events concerning uncertain lifetimes. Topics include principal forms of heterogeneity within a population and the ways in which selection can occur; definition of simple assurance and annuity contracts; development of formulae for means and variances of the present values of payments; evaluating expected values and variances of simple insurance and annuity contracts; description and calculation of net and gross premiums and provisions for various insurance contracts; and cash flow models and profit tests, extended to multiple decrements and multiple state models.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

Upon successful completion of the requirements for this course, students will achieve an understanding of and facility in:

• Mortality and selection.
• Life assurance contracts and life annuity contracts.
• Evaluation of assurances and annuities.
• Reserves and policy values.
• Mortality profit and extra risk.
• Increasing insurances and with-profit policies.
• Increasing annuities and applications of reserves.
• Multiple life functions and insurances and annuities involving two or more lives.
• Contingent and reversionary benefits.

Research-Led Teaching

The material covered in this course covers established principles in actuarial work and academia.

Examination Material or equipment

You will be provided with a calculator (HP Scientific Calculator 300s+) for this exam. Only calculators provided by the Examinations Office on the day of the exam are permitted in the exam room. Examination material and condition will be notified to all students via wattle and the examinations office.

Required Resources

All course materials will be available on wattle. This material includes lecture notes, tutorial exercises and other resources. There are a few recommended readings which are available from ANU Library. More information regarding this will be provided on the wattle page for this course.

You will need access to a calculator to complete exercises required for this course. You will be provided with a calculator (HP Scientific Calculator 300s+) for the final examination

Staff Feedback

Students will be given feedback in the following forms in this course:

• Written comments
• Verbal comments
• Feedback to the whole class, to groups, to individuals, focus groups

Student Feedback

ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). The feedback given in these surveys is anonymous and provides the Colleges, University Education Committee and Academic Board with opportunities to recognise excellent teaching, and opportunities for improvement. The Surveys and Evaluation website provides more information on student surveys at ANU and reports on the feedback provided on ANU courses.

Other Information

Exemption from Actuarial Professional examination

This course along with Financial Mathematics (STAT2032) makes up for the CM1 examination of the Actuaries Institute. More details regarding the grades required for exemption and the procedure to follow is detailed on this webpage: Actuaries Institute requirements.

Class Schedule

Week/Session	Summary of Activities	Assessment
1	Mortality and selection
2	Life assurance and annuity contracts
3	Evaluation of assurances and annuities
4	Gross premium calculations and accumulations
5	Reserves and policy values
6	Policy values, mortality profit and extra risk	Online quiz via Wattle
7	Increasing insurances and with-profit policies
8	Increasing annuities and applications of reserves
9	Multiple life functions and policies	Assignment
10	Cash flow models and profit testing
11	Unit-linked policies
12	Multiple decrement and multiple state models

Tutorial Registration

Please see Wattle for tutors’ information.

Tutorial signup for this course will be done via the Wattle website. Detailed information about signup times will be provided on Wattle. When tutorials are available for enrolment, follow these steps: 

1. Log on to Wattle, and go to the course site. 

2. Click on the link “Tutorial enrolment” 

3. On the right of the screen, click on the tab “Become Member of ……” for the tutorial class you wish to enter. 

4. Confirm your choice 

If you need to change your enrolment, you will be able to do so by clicking on the tab “Leave group…” and then re-enrol in another group. You will not be able to enrol in groups that have reached their maximum number. Please note that enrolment in ISIS must be finalised for you to have access to Wattle.

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Online Wattle Quiz	10 %	30/08/2019	30/08/2019	1-3
Assignment	20 %	04/10/2019	18/10/2019	1-6
Final Examination	70 %	31/10/2019	28/11/2019	1-9

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details

Policies

ANU has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Misconduct Rule before the commencement of their course. Other key policies and guidelines include:

• Student Assessment (Coursework) Policy and Procedure
• Special Assessment Consideration Policy and General Information
• Student Surveys and Evaluations
• Deferred Examinations
• Student Complaint Resolution Policy and Procedure

Assessment Requirements

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the ANU Online website Students may choose not to submit assessment items through Turnitin. In this instance you will be required to submit, alongside the assessment item itself, hard copies of all references included in the assessment item.

Moderation of Assessment

Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.

Examination(s)

Centrally administered examinations through Examinations, Graduations & Prizes will be timetabled prior to the examination period.

Any student identified, either during the current semester or in retrospect, as having used ghostwriting services will be investigated under the University’s Academic Misconduct Rule.

Assessment Task 1

Online Wattle Quiz

This covers all material up to and including what is covered in the lectures of weeks 1-4. Specific details regarding examination conditions will be provided once confirmed.

The online quiz will be carried out on Wattle and can be attempted at the prescribed time during week 6. Typically, this will be a window of at least 3 days to complete the quiz and the length of the quiz will be no longer than 1 hour. More details regarding access and completion of the quiz will be provided in the lectures and on wattle. The quiz is compulsory for all students and is worth 10% of your overall mark.

Assessment Task 2

Assignment

This covers all material up to and including what is covered in the lectures of weeks 1-7. The students are expected to complete this assignment individually. Students will have to complete their assignment using a spreadsheet program like Microsoft Excel. The submission is online via Wattle. More details will be provided during the lectures and on Wattle. The assignment is compulsory and is worth 20% of your overall mark for this course. Late submissions of assignments will be subject to the 'Extensions and Penalties' clause in this class summary

Assessment Task 3

Final Examination

This a compulsory piece of assessment which is a three hour written exam to be held during the end of the semester examination period. Permitted materials and other conditions for the Final Examination will be discussed with students and the outcome advised on Wattle. Centrally administered examinations through Examinations, Graduations & Prizes will be timetabled prior to the examination period. Please check ANU Timetabling for further information using the link: Exams Timetable.

You will be provided with a calculator (HP Scientific Calculator 300s+) for this exam. Only calculators provided by the Examinations Office on the day of the exam are permitted in the exam room

Academic Integrity

Academic integrity is a core part of our culture as a community of scholars. At its heart, academic integrity is about behaving ethically. This means that all members of the community commit to honest and responsible scholarly practice and to upholding these values with respect and fairness. The Australian National University commits to embedding the values of academic integrity in our teaching and learning. We ensure that all members of our community understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. The ANU expects staff and students to uphold high standards of academic integrity and act ethically and honestly, to ensure the quality and value of the qualification that you will graduate with. The University has policies and procedures in place to promote academic integrity and manage academic misconduct. Visit the following Academic honesty & plagiarism website for more information about academic integrity and what the ANU considers academic misconduct. The ANU offers a number of services to assist students with their assignments, examinations, and other learning activities. The Academic Skills and Learning Centre offers a number of workshops and seminars that you may find useful for your studies.

Online Submission

The ANU uses Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. While the use of Turnitin is not mandatory, the ANU highly recommends Turnitin is used by both teaching staff and students. For additional information regarding Turnitin please visit the ANU Online website.

Hardcopy Submission

For some forms of assessment (handwritten assignments, art-works, laboratory notes, etc.) hard copy submission is appropriate when approved by the Associate Dean (Education). Hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of all tasks completed for your records.

Late Submission

Late submission of assessment tasks without an extension will be penalised at the rate of 5% of the possible marks available per working day or part thereof. Late submission of assessment tasks is not accepted after 10 days after the due date, or on or after the date specified in the course outline for the return of the assessment item. Late submission is not accepted for take-home examinations.

Referencing Requirements

Accepted academic practice for referencing sources that you use in presentations can be found via the links on the Wattle site, under the file named “ANU and College Policies, Program Information, Student Support Services and Assessment”. Alternatively, you can seek help through the Students Learning Development website.

Returning Assignments

Assignments will be returned via Wattle.

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure The Course Convener may grant extensions for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.

Resubmission of Assignments

Assignments may not be resubmitted.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information. In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service — including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy. If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

Distribution of grades policy

Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes. Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.

Support for students

The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).

• ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
• ANU Diversity and inclusion for students with a disability or ongoing or chronic illness
• ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
• ANU Academic Skills and Learning Centre supports you make your own decisions about how you learn and manage your workload.
• ANU Counselling Centre promotes, supports and enhances mental health and wellbeing within the University student community.
• ANUSA supports and represents undergraduate and ANU College students
• PARSA supports and represents postgraduate and research students