Studying at York
Contingencies I - MAN00051H
Module summary
The module aims to provide a grounding in the traditional mathematical techniques which can be used to model and value cash flows dependent on death, survival, or other risks.
The module provides further opportunities for students to improve their analytical skills through rigorous mathematical reasoning.
Professional requirements
Institute and Faculty of Actuaries. Part of Subject CM1: Actuarial Mathematics
Module will run
| Occurrence | Teaching cycle |
|---|---|
| A | Autumn Term 2021-22 |
Module aims
The module aims to provide a grounding in the traditional mathematical techniques which can be used to model and value cash flows dependent on death, survival, or other risks.
The module provides further opportunities for students to improve their analytical skills through rigorous mathematical reasoning.
Module learning outcomes
After successful completion the student is able to:
Subject content
- Define and calculate assurance and annuity contracts, and obtain means and variances of present values under such;
- Describe and calculate net premiums and net premium reserves of insurance contracts;
- Describe and calculate gross premiums and reserves of assurance and annuity contracts;
Academic and graduate skills
- present analyses of several risks on cash flows in a logical, rigorous, and concise way;
- strict logical reasoning from assumptions to conclusion;
- critically assess assumptions necessary to draw certain conclusions.
Module content
Introduction to life insurance; Life tables; Insurance benefits and annuities; Premium calculation; Policy values.
Assessment
| Task | Length | % of module mark |
|---|---|---|
| Essay/coursework Contingencies I Case Study |
N/A | 20 |
| University - closed examination Contingencies I Closed exam |
1.5 hours | 80 |
Special assessment rules
None
Reassessment
| Task | Length | % of module mark |
|---|---|---|
| University - closed examination Contingencies I Closed exam |
1.5 hours | 100 |
Module feedback
Students will receive feedback within one week of the hand-in problem sets. The feedback will be handed to students personally and takes the form of comments and suggestions for improvement written on the handed in work.
Indicative reading
. Dickson, D.C.M., Hardy, M., and Waters, H.R. (2013). Actuarial mathematics for life contingent risks. 2nd edition. Cambridge, UK: Cambridge University Press.;
