No supplementary examinations are awarded for this course.
18 NQF credits at HEQSF level 7
Convener: L Stander
Course entry requirements: BUS3018F, MAM2000W, STA2004F, STA2005S, BUS2016H, BUS1003H, unless taken as part of a postgraduate degree.
Course outline: The course aims to provide a grounding in the mathematical techniques used to model and value cash flows dependent on death, survival or other uncertain risks. Topics covered include: Simple assurance and annuity contracts; more complex contracts (increasing benefits); derivation of formulae for means and variances of benefit payments; definition of standard actuarial symbols and the relationships between them, including standard life table functions (ultimate and select); calculation of net premiums and net premium provisions (prospective and retrospective); derivation of Thiele's differential equation; calculation of death strain at risk, actual and expected death strains, mortality profit; calculation of gross premiums; functions involving two lives; cash flow models; discounted emerging costs; heterogeneity within a population.
DP requirements: Completion and timeous submission of tutorial exercises. Writing of all class tests. An overall average of 40% for classwork.
Assessment: Tutorials and tests 40%; Examination (3 hour) 60%.
Last updated : 20 Nov 2018