Week 1

Overview #

This week, we will cover the following topics:

• Introduction to the course
• First discussion of what an actuary is
• The effect of pooling risk and how it relates to insurance
• Time value of money, and simple interest

If you wish to watch the embedded videos from Lecture Capture, you need to have logged in and entered Lecture Capture via Canvas once for each session. This is to restrict access to students enrolled at the University of Melbourne only.

See also detailed learning outcomes for this week.

Main references and lectures #

Prerequisite knowledge #

Please review the Prerequisite knowledge page for this course. This is not exhaustive by any means, but provides minimum knowledge you should be comfortable with. Note that Tutorials in Week 1 are your opportunity to ask about those topics.

Actuarial Practice #

Read: Actuarial??

Annotate: slides annotated slides

Watch:

If you wish to watch the embedded videos from Lecture Capture, you need to have logged in and entered Lecture Capture via Canvas once for each session. This is to restrict access to students enrolled at the University of Melbourne only.

Actuarial Techniques #

Pooling and Insurance #

Read: Pooling and Insurance

Annotate: slides annotated slides from the lecture annotated slides from the pre-recorded lecture

Watch: [for the first part, see the video immediately above, from 26 July 2021 lecture]

If you wish to watch the embedded videos from Lecture Capture, you need to have logged in and entered Lecture Capture via Canvas once for each session. This is to restrict access to students enrolled at the University of Melbourne only.

Time Value of Money - Simple Interest #

Read: Time Value of Money - Simple Interest

Annotate: slides annotated slides from the pre-recorded lecture

Watch: (I am aware of the technical issue around minute 30 - apologies! complement recording is provided below)

If you wish to watch the embedded videos from Lecture Capture, you need to have logged in and entered Lecture Capture via Canvas once for each session. This is to restrict access to students enrolled at the University of Melbourne only.

Complement recording:

If you wish to watch the embedded videos from Lecture Capture, you need to have logged in and entered Lecture Capture via Canvas once for each session. This is to restrict access to students enrolled at the University of Melbourne only.

Additional preparation and resources #

Mandatory #

1. Read the Subject Guide.
2. As outlines above, review the mathematical background and revisions as well as associated tutorial questions.

Optional #

1. Read Section 2.1 of Atkinson and Dickson (2011).
2. Check out this survey of actuarial students in 2020 on Actuaries Digital.

Tutorials #

The document will all questions and solutions is available here: Tutorial set.

Note that solutions will be gradually added to that same document. Hence it is not recommended to print it, as it will regularly change (typos will also dynamically be corrected).

This week #

This week, tutorials will focus on revisions (chapter 1).

Note that due to the lockdown in Victoria, all tutorials will be on Zoom; follow the links under Zoom on Canvas.

Here the recording available for Week 1:

If you wish to watch the embedded videos from Lecture Capture, you need to have logged in and entered Lecture Capture via Canvas once for each session. This is to restrict access to students enrolled at the University of Melbourne only.

Next week (week 2) #

Next week, we will discuss the week 1 set of “tutorial questions” (chapter 2). Solutions will be made available at the end of next week (2).

Later (week 3+) #

After next week (week 3), you should do the “review questions” for week 1. Solutions will be available at the end of week 3.

Additional questions #

The “additional questions” are here for reinforcement or revision, but are not the main focus of the tutorials. Solutions for those exercises are already available.

Preparation for assessment #

Participation and Yellowdig (10%) #

• Connect to Yellowdig, ask questions, help others

Mid-semester (10%) and final (70%) exams #

• Nothing to do for now - just don’t fall behind 😄.

Assignment (10%) #

• Nothing to do for now.

References #