Module

Course texts:

Required Purchases

• Life assurance mathematics, Scott WF, £20. This is only available from the Actuarial Profession
  (eShop on the profession’s website)
• Formulae and Tables for Actuarial Examinations of the Institute and Faculty of Actuaries 2nd Edition
  (2002) (available from eShop £15).

Possible Additional Purchases

• Life Contingencies, Neil A, Heinemann, 1977 452 pages ISBN 0434914401 (buy from eShop by telephoning actuarial publications +44 (0)1865 268206 or sending an email to publications@actuaries.org.uk, or borrow from libraries).
• The analysis of mortality and other actuarial statistics. Benjamin, B.; Pollard, J. H. 3rd ed. Institute and Faculty of Actuaries, 1993. 519 pages. ISBN: 9780901066268 (Borrow from libraries)
• Subject CT5 Contingencies Core Reading for the 2012 Examinations published by the Institute and Faculty of Actuaries, 173 pages.

Submission:

Written coursework should be submitted by following the standard CMP practice. Students are advised to refer to the Guidelines and Hints on Written Work in CMP.

Deadlines:

If coursework is handed in after the deadline day or an agreed extension:
 

Saturdays and Sundays will NOT be taken into account for the purposes of calculation of marks deducted.

All extension requests will be managed through the LTS Hub. A request for an extension to a deadline for the submission of work for assessment should be submitted by the student to the appropriate Learning and Teaching Service Hub, prior to the deadline, on a University Extension Request Form accompanied by appropriate evidence. Extension requests will be considered by the appropriate Learning and Teaching Service Manager in those instances where (a) acceptable extenuating circumstances exist and (b) the request is submitted before the deadline. All other cases will be considered by a Coursework Coordinator in CMP.

For more details, including how to apply for an extension due to extenuating circumstances download Submission for Work Assessment (PDF, 39KB)
 

Plagiarism:

Plagiarism is the copying or close paraphrasing of published or unpublished work, including    the work of another student; without due acknowledgement. Plagiarism is regarded a serious offence by the University, and all cases will be investigated. Possible consequences of plagiarism include deduction of marks and disciplinary action, as detailed by UEA's Policy on Plagiarism and Collusion.

Module Specific:

• To introduce more complex life and annuity contracts, building on the CMP-2AS1 course.
• Understanding and use of multiple decrement tables, in particular, for pension funds.
• Introduction to profit testing for conventional and unit linked insurance contracts.

Transferable Skills:

• Written communication.
• Problem solving.
• To develop a methodical approach to analysing cash flows.
• Knowledge of life assurance contracts and associated actuarial functions.

On completion of this module students should be able to:

• Define more complex assurance and annuity contracts.
• Understand joint life, last survivor terms.
• Understand reversionary annuities and contingent assurances.
• Define multiple decrement tables.
• Profit testing for conventional and unit linked policies.
• Background to pension funds and the application of multiple decrement tables and valuation.

Topics will be introduced during lectures with coursework distributed for discussion at subsequent lectures. Students will be required to supplement the lectures and coursework with reading and numerical examples in between lectures.

Lectures: 12 x 2 = 24 hours (with provisional weekly schedule)

1. Introduction
2. Assurance and Annuity Contracts, Premiums, Reserves
3. Joint Life and Last Survivor Functions
4. Contingent Assurances and Reversionary Annuities
5. Multiple Decrement Tables
6. Profit Testing 1
7. Profit Testing 2
8. Pension Funds
9. Revision and group exercises