- Class Number 7325
- Term Code 3060
- Class Info
- Unit Value 6 units
- Mode of Delivery In Person
- Dr Jananie William
- Dr Jananie William
- Class Dates
- Class Start Date 27/07/2020
- Class End Date 30/10/2020
- Census Date 31/08/2020
- Last Date to Enrol 03/08/2020
The aim of the Actuarial Control Cycle is to provide students with an understanding of underlying actuarial principles that may be applied to a range of problems and issues in commercial and business environments. Students are expected to develop a holistic approach to practical problem solving, and develop a level of judgement and professional skills required to successfully apply actuarial principles. The syllabus relates to actuarial practice both in the financial services and in other industries. Examples will be drawn from traditional and non-traditional areas to illustrate and establish the underlying actuarial principles in a problem based learning approach, using case studies and business-based examples.
This subject, in conjunction with ACST4031, provides the opportunity for exemption from the requirements of the Actuarial Control Cycle subject under the Actuaries Institute’s Associate program. Such exemption depends on the grades attained over both subjects.
Upon successful completion, students will have the knowledge and skills to:
- Demonstrate an understanding of how models are used to solve client problems
- Demonstrate an understanding of the importance of capital
- Apply relevant approaches and techniques to the valuation of liabilities
- Apply appropriate techniques to the pricing of products and contracts
- Measure, report and manage solvency
- Measure and report emerging profits and/or costs
- Monitor and assess experience relating to actuarial problems
- Manage the business and respond to the experience relating to actuarial problems
This course covers the relevant parts of the Actuaries Institute Part II syllabus. It will be informed by current best professional practice and actuarial research using practical
examples and case studies.
Examination Material or equipment
Further information on examination material will be provided to students in lecture time and on Wattle. The final assessment will be held in the exam period with details to be advised no later than teaching week 12 of the semester.
Students will be required to supply their own calculator for use during the course and in the exam.
In various weeks of this course, we will be using Microsoft Excel spreadsheets to demonstrate various aspects of the course. If you do not have access to a laptop or suitable
device for classes, please see the course convener as soon as possible.
The prescribed textbook for this course is ‘Understanding Actuarial Management: the actuarial control cycle’, second edition (2010), issued by the Actuaries Institute and the
Society of Actuaries. It is recommended that students ensure access to this textbook. A small number of copies also available. The availability of an e-book copy of the textbook is still being investigated.
Other reading and reference material will be made available on Wattle throughout the semester.
Students will be given feedback in the following forms in this course:
- written comments
- verbal comments
- feedback to whole class, groups, individuals, focus group etc
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.
As a further academic integrity control, students may be selected for a 15 minute individual oral examination of their written assessment submissions.
Any student identified, either during the current semester or in retrospect, as having used ghost writing services will be investigated under the University’s Academic Misconduct
|Week/Session||Summary of Activities||Assessment|
|1||Introduction & Modelling||Understanding Actuarial Management textbook (UAM) Chapter 9|
|2||Modelling||UAM Chapter 10|
|3||Experience Analysis||UAM Chapter 17|
|4||Liabilities||UAM Chapter 12, Online quiz available|
|5||Liabilities||UAM Chapter 16.3|
|6||Capital & Solvency||UAM Chapter 11, Assignment 1 + Online quiz Due|
|7||Solvency||UAM Chapter 15|
|8||Pricing||UAM Chapter 13|
|10||Profit||UAM Chapter 16, Assignment 2 Due|
|11||Manage the Business||UAM Chapter 18|
There are no tutorials for this course.
|Assessment task||Value||Due Date||Return of assessment||Learning Outcomes|
|Online quiz (optional)||0 %||04/09/2020||04/09/2020||1,7,8|
|Assignment 1||10 %||14/08/2020||04/09/2020||1,7,8|
|Assignment 2||10 %||25/09/2020||16/10/2020||2,3,5|
|Final exam||80 %||05/11/2020||30/11/2020||1-8|
* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details
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:
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. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.
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.
Centrally scheduled examinations through Examinations, Graduations & Prizes will be timetabled prior to the examination period. Please check ANU Timetabling for further information.
Assessment Task 1
Learning Outcomes: 1,7,8
Online quiz (optional)
An online quiz will be available for students to complete from Friday of Week 4. It will be closed on Friday of Week 6. Students will have unlimited time to complete this
quiz and feedback will be provided online immediately. This is for their own learning on the first two topics of the course and has a zero weighting for assessment.
Assessment Task 2
Learning Outcomes: 1,7,8
Details of task: Assignment 1 is a written individual assessment that will cover Modelling and Experience Analysis and will be released no later than two weeks before
the due date.
Due date: Friday 4th September at 15:00 (Week 6)
Return date: Friday 25th September
Assessment Task 3
Learning Outcomes: 2,3,5
Details of task: Assignment 2 is a written individual assessment that will cover Liabilities, Capital and Solvency and will be released no later than two weeks before the
Due date: Friday 16th October at 15:00 (Week 10)
Return date: Friday 30th October
Assessment Task 4
Learning Outcomes: 1-8
The final assessment will be held in the exam period with details to be advised no later than teaching Week 10 of the semester.
Academic integrity is a core part of the ANU culture as a community of scholars. At its heart, academic integrity is about behaving ethically, committing to honest and responsible scholarly practice and upholding these values with respect and fairness.
The ANU commits to assisting all members of our community to 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 be familiar with the academic integrity principle and Academic Misconduct Rule, 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 Academic Misconduct Rule is in place to promote academic integrity and manage academic misconduct. Very minor breaches of the academic integrity principle may result in a reduction of marks of up to 10% of the total marks available for the assessment. The ANU offers a number of online and in person services to assist students with their assignments, examinations, and other learning activities. Visit the Academic Skills website for more information about academic integrity, your responsibilities and for assistance with your assignments, writing skills and study.
You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. Unless an exemption has been approved by the Associate Dean (Education) submission must be through Turnitin.
For some forms of assessment (hand written 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 tasks completed for your records.
No submission of assessment tasks without an extension after the due date will be permitted. If an assessment task is not submitted by the due date, a mark of 0 will be awarded.
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.
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
Students will not be permitted to resubmit assignments.
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
General Insurance, public health, public policy and human services
Dr Jananie William