300-302 Actuarial Statistics

Coordinator:

Prerequisite/s:

Timetable:

Contact:

Objectives:

At the end of this subject, students should be able to:

• describe how to collect data in a form suitable for examining past experience;

• calculate the exposure to risk using census methods and exact exposure methods, and derive crude decrement rates for a single decrement model by age and duration;

• describe and apply the principle methods available for graduating experience rates, and the considerations to be taken into account in selecting a method;

• discuss the variation of mortality with regard to social, economic or regional factors and the use of standardised mortality ratios for describing such variations;

• describe the principle forms of heterogeneity within a population with regard to mortality and sickness and the ways in which selection can occur;

• discuss the need for risk classification and the use of different factors to classify risks; and

• demonstrate how to use a multiple state or a multiple decrement model to describe the evolution of a population subject to more than one decremental factor, both in discrete and continuous form and with or without independence between the factors.

Content:

The analysis of mortality and other decremental statistics including exact, continuous and census exposed-to-risk formulae; risk classification; the derivation of select rates; the derivation of multiple decrement tables; techniques of graduation; construction of recent standard life tables; factors affecting mortality; single figure indices.

Assessment:

Prescribed Texts:

• Benjamin and Pollard, Exposed-to-Risk and Graduation