Life Insurance and Superannuation - ACTL5105

This course covers the actuarial mathematics and models for use in the analysis and actuarial management of life insurance and superannuation contract. Topics covered include: the main forms of life insurance and annuity contracts, disability and long term care contracts and superannuation fund benefits; actuarial notation and the life table; moments of the value of the benefit payments; Thiele's differential equation for policy values; stochastic modelling of claims and benefit payments; gross premiums, net premiums, policy values and reserves; allowing for expenses and inflation; use of discounted emerging costs and profit tests; asset shares in life insurance; termination and alteration values; cost of guarantees; joint life functions; actuarial valuation of disability insurance contracts.