ETC4110 Actuarial Practice 1


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Difficulty:

Year Completed:

Semester 1, 2021

Prerequisite: ETC3530 / 5353

 

Exemption:

Actuary Program - Actuarial Control Cycle

ETC4110 (50%), ETC4120 (50%)

Minimum weighted average of 70% required. Minimum of 60% required for a single unit.


Mean Setu Score: 78.90%

 

Clarity of Learning Outcomes: 80.00%

Clarity of Assessments: 82.60%

Feedback: 68.00%

Resources: 80.00%

Engagement: 85.40%

Satisfaction: 77.40%


Subject Content:

Lecture(s) and Tutorial(s):

Lecture Recording:

Textbook(s):

Assessments:

 

Control cycle in insurance context

Professionalism

Risk management framework

Product design

1 x 2 hour lecture

No tutorials

Lecture was delivered in a tutorial format - theory and then

breakout rooms for the questions, which were mostly from past

papers

Textbook - Understanding Actuarial Management The Actuarial

Control Cycle by Clare Bellis, Richard Lyon, Stuart A. Klugman and

John Shepherd. Useful for context - Highly recommended to

bridge any gaps of commercial concepts which are important for

understanding and answering exam-level questions

Weekly homework worth 1% each (Total 10%) - lecturer will

give you the mark if you make an honest attempt at it even if the

answers are wrong. Lecturer is more interested in you trying.

Remember to submit these every week even if you don't

understand the content, make an attempt at it.

5% Attendance - Lecturer expects active participation. Take part,

it's how you learn in this unit.

Assignment 1 (10%) - 5 pages, 3 on the actuarial control cycle and

2 on the application thereof to a chosen problem.

Assignment 2: mock exam (15%) - You have 3-4 days to do the

exam but it is recommended that you try to complete it within 3

hours as this is practically the only exam practice you will get.

Exam (60%)


Comments

This unit is extremely useful as it is closely aligned with business

practice. It teaches you how to think about each step of solving

any given problem in detail, and what subtasks are required to

complete those steps. It also helps broaden one’s understanding

of different aspects of an insurance business.

 

The lectures are quite engaging, and the lecturer makes use of

frequent breaks for discussion amongst the cohort. Recording was

available but active participation in the class is really needed if you

want to do well in the subject. I suggest frequently moving around

in the lectures, talking to different people to get different

perspectives - this will help you. Don't be afraid to ask the lecturer

any questions - Andrew has a lot of experience and can provide

you with plenty of pointers.

No tutorials. Classes required preparation i.e. readings, homework

to make the most of it.

 

You have to allow for sufficient time to think and plan your

responses for a high scoring assessment. There is not always a

straight answer, so it is designed to help you think more broadly

especially about key business stakeholders. The instructions are

clear, and you have all the information necessary to complete the

question. If you are questioning whether you added enough

information to adequately answer the question, this is a good

thing - you will never, in any real world scenario, be able to cover

perfectly every aspect of a problem. This unit teaches you

prioritisation with regard to risks, and resource management, in

that regard. Assignment 2 was harder than the exam, but also

having 3 days rather than 3 hours and access to the internet to

do it offset the increased difficulty. The textbook has plenty of

practice questions but I suggest you do not try to memorise any

answers that are given - only the process.

This unit is very practical to the industry, substantially different

from undergraduate units where assessment and exams require

you to simply regurgitate information told to you in lectures or in

the textbook. Rote learning will not help you in this unit. The

lecturer wants you to cover important aspects of problems in the

fewest words possible - practice your skills in English to ensure

you can effectively communicate ideas in a few sentences. 

Instead of checking on the internet for answers (or the textbook)

first, discuss with peers to see if they have gotten different

answers from you, then include any answers they gave in your

answer and trim the number of points you have made before

checking.

General Overview:

Lectures:

Tutorials:

Assessments/Other Assessments

Concluding Remarks