Module
CMP-3AV1 - ACTUARIAL MODELS
- Module Code:
- CMP-3AV1
- Department:
- Computing Sciences
- Credit Value:
- 20
- Level:
- 3
Copies of the UEA lecture notes will be made available on the day of the lecture via Blackboard. NU lecture material will also be made available via Blackboard following the lectures.
Course texts:
Required Purchases
- Elandt-Jonhson R.C., Johnson N.L., Survival models and data analysis, John Wiley, ISBN 9780471349921
- Marubini E., Vaisecchi M.G., Analysing survival data from clinical trials and observational studies, John Wiley, ISBN 9780470093412
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:
| Work submitted | Marks deducted |
| After 15:00 on the due date and before 15:00 on the day following the due date | 10 marks |
| After 15:00 on the second day after the due date and before 15:00 on the third day after the due date | 20 marks |
| After 15:00 on the third day after the due date and before 15:00 on the 20th day after the due date. | All the marks the work merits if submitted on time (ie no marks awarded) |
| After 20 working days | Work will not be marked and a mark of zero will be entered |
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Plagiarism is the copying or close paraphrasing of published or unpublished work, including the work of another student; without due acknowledgement.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 provide further exposure to the application of actuarial techniques and the management of financial activities in life assurance, pensions and general insurance.
- To provide an overview of the UK business practice, regulation, legislation and professional guidance in the areas of life assurance, pensions and general insurance and current issues in each of these areas.
- To provide a grounding in survival models and their applications.
Transferable Skills:
- Written communication.
- Problem solving.
- To be able to analyse real world financial problems using actuarial techniques.
- Working with others. The Norwich Unions sessions will involve a series of group exercises.
On completion of this module students should be able to:
- Understand how the main actuarial techniques are applied in life assurance, pensions and general insurance.
- Understand the main business, regulatory, legal and professional issues currently affecting life assurance, pensions and general insurance.
- Derive maximum likelihood estimators for transition intensities in models of transfers between states.
- Describe the Binomial model of mortality, derive a maximum likelihood estimator for the probability of death and compare the Binomial model with multiple state models.
- Describe how to estimate transition intensities.
- Describe how to test crude estimates for consistency with a standard table or set of graduated estimates and describe the process of graduation.
This module will be a combination of lectures taught by Norwich Union actuaries and UEA staff. The Norwich Union lectures will concentrate on a practical understanding of the application of actuarial techniques in life assurance, pensions and general insurance and current issues in each of these areas. The UEA lectures will cover the statistical methods associated with mortality and the process of graduation. Students will be required to supplement the lectures and coursework with reading in between lectures.
Total hours: 31
Lectures: 13 (with provisional weekly schedule)
Norwich Union lectures (5 x 3 hours):
- Further Actuarial techniques and Issues in Life Assurance
- Further Actuarial techniques and Issues in General Insurance
- Further Actuarial techniques and Issues in Pensions
- Professionalism, Ethics and Standards
- Communication and Presentation Skills
UEA lectures (7 x 2 hours):
- Recap of survival models
- Maximum likelihood estimators for transition intensities
- Multiple state models
- Binomial model of mortality
- Estimating transition intensities
- Testing crude estimates for consistency with a table
- Graduation of crude estimates
Examination with Coursework or Project