ETC3530 / ETC5353 Contingencies in Insurance and Pensions (Sem 2, 2024)


Difficulty:

Year Completed: Semester 2, 2024

Prerequisite: ETC2430

 

Exemption:

CM1 Actuarial Mathematics

ETC2430 (45%), ETC3530 (55%)

Weighted average of 70% required. Minimum of 60% required for each unit.


Mean Setu Score: 79.17%

 

Clarity of Learning Outcomes: 80.00%

Clarity of Assessments: 80.00%

Feedback: 70.00%

Resources: 75.00%

Engagement: 90.00%

Satisfaction: 80.00%


Subject Content:

Lecture(s) and Tutorial(s):

Textbook(s):

Assessments:

 

This course covers a wide range of basic insurance & superannuation policy structures. The topics included pricing life assurances and annuities, as well as variable benefit, with-profit contracts, and joint life or last survivor benefits, gross reserves, competing risks, unit-link and accumulating with-profits contract. Furthermore the unit explores how to carry out profit tests with zeroisation for reserving.

1 x 2 hour lecture

1 x 1.5 hour tutorial

N/A

Online weekly Quizzes 10%

Tutorial Presentation 10%

Mid Semester Test 10%

Dashboard Assignment 20%

Final Exam 50%


Comments

A continuation of the prerequisite, ETC2430, this was considered a manageable unit. The new concepts introduced were considered challenging, and the tutorial were helpful in reinforcing and explaining further.

The lectures are engaging, considering how heavily formula based this unit is. The later topic get progressively difficult, and students needed to re-watch to really understand, adapting to the notation and mathematical theory whilst gaining a practical understanding was challenging. For these topics, lectures may need to be reviewed more than once.

Tutorials are helpful for clarifying concepts, and are most helpful if you have already attempted the questions. Tutorials are not compulsory but recommended to attend. It is also recommended you attempt the tutorial questions beforehand, as it would be easier to follow the explanations in class.

The in-semester assessment was well spaced, to allow for plenty of preparation. The mid-semester test was difficult, and found to be similar in difficult to the final exam. The assignment relied on R, and is best attempted early, with effort being important.

There were equations which must be memorised, so prepare for that early. The exam is considered difficult, and you have to have a very solid understanding of the theory to do well, as usual time constraints add to the difficulty.

The final exam was quite challenging, making it important to understand the theory in depth and apply in non-routine circumstances. Time is of the essence in the exam, and hence this is very important.

Attempting assignments early and maintaining a good understanding of the equations as they are presented is pivotal. Reviewing the maths of this unit is vital for the in-semester assessments and the exam.

General Overview:

Lectures:

Tutorials:

Assessments/Other Assessments

Exams

Concluding Remarks