Week 11-12 Detailed Learning Outcomes

Actuarial Practice #

National Insurance #

Describe in broad terms, and contrast, Medicare on hone hand, and Private Health insurance (in Australia) on the other hand:
- who is covered;
- how they are funded;
- what the main benefits are.
Explain what community rating is
Describe the challenges due to community rating in Private Health insurance, and the schemes introduced by the government to mitigate them

Describe the two main types of general insurance
Explain what “liability insurance” covers and how such liabilities may arise
Explain basic coverage of the following main classes of GI business: motor insurance (with sub-covers), buildings and contents insurance, liability, workers compensation
Briefly describe some emerging classes

Describe main characteristic of GI products, including: coverage, settlement (long-tail vs short-tail), frequency and severity, range of possible outomes
Contrast features of GI and Life insurance

Describe, at a high level, the wok of actuaries in: modelling, pricing, reserving, reinsurance.
Explain the concept of reinsurance, as well as what proportional and stop loss reinsurance covers are.

Briefly describe what cyber insurance covers and does not cover
Briefly explain what the main challenges associated to cyber insurance are
Explain how insurance affordability might be measured according to the article
Explain what “spreading the risk across space and time” means, and how it could be implemented
Briefly explain what the idea of “sharing the tail” means
Describe the implications of COVID-10 for past and future coverage of Business Interruption (BI) and Workers Compensation coverages