8555123
Description
Actuarial
Control Cycle
- 1. Identify & Specify the problem
- CT5: - Define simple assurance & annuity contracts
- Describe projected cashflows & valuing these
cashflows
- CT3: - Basic discrete & continuous distributions
- Explain the concepts of probability
- CT4: - Describe the principle of actuarial modelling
- Explain the concepts of survival modes
- CT6: - Explain concepts of decision theory -
Explain concept of ruin for a risk model - Explain
concepts of "Monte Carlo" simulation
- CT7: - Describe profit maximisation under perfect competition & monopoly - Understand
the macroeconomic environment of the business - Consumer demand & behaviour
- CT2: - Cost of capital
- Describe the major types of
financial insitutions
- CT8: - Describe the application of utility theory
- Discuss the various forms of Efficient Market
Hypothesis
- CT1: - Describe how to use generalised cash flows
- Time value of money & concepts
of compound & discount
- CT5: - Define simple assurance & annuity contracts
- Describe projected cashflows & valuing these
cashflows
- 2. Develop & implement solutions
- CT2: - Showing how financial techniques are used in capital investment projects
- CT1: - Calculating present value & accumulated value
- CT4: - Deriving maximum likelihood estimators
- Applying Markov chain & processes
- CT5: - Evaluate expected values & variances
- Calculate mortality & premiums for
varying benefits
- CT8: - Calculate expected return & risk of a portfolio
- Perform calculations using CAPM & Black - Scholes
- CT6: Calculating probabilities & moments of loss distributions
- Applying techniques for delay triangles
- CT 7: - Calculate price & income elasticity
- Calculate insurance problems in terms
of utility
- CT3: - Constructing confidence intervals for unknown parameters
- Testing hypotheses
- CT2: - Showing how financial techniques are used in capital investment projects
- 3. Monitor & Respond to experience
- CT1: - Relationship between rates of interest & discount
- Discount or accumulation of money at any point in
time
- CT2: - Manage the financial risk reviewing financial results
- CT3: - Investigating linear relationships between variables
- Use basic sampling distibutions
- CT4: - Simulated Markov process
- Comparing crude & graduated
sets of estimates
- CT8: - Discussing the limitation of asset pricing model assumptions - Evaluating
modern financial theories to determine they're suitable & relevant
- CT5: - Prospective & Retrospective reserves
- Determining the impact of uncertain risks
on cashflows
- CT6: - Determining impact of reinsurance treaties on the insurer & reinsurer
- Discussing the fit of assumptions
- CT7: - Understanding the uncertainty of future market movements
- Impact of changes in money supply and interest rates
- CT1: - Relationship between rates of interest & discount
- Discount or accumulation of money at any point in
time
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