Year of Study:	3
Credit Units:	3
Duration:	45hours
Prerequisites:	AMS2020 Financial Mathematics and AMS 1302 Probability and Statistical Theory (or STA1002 Probability for Risk Management) or with the Instructor’s permission and upon endorsement of the relevant Head and Programme Director

This module introduces the theoretical basis of certain actuarial models and the application of those models to insurance and other financial risks. Topics covered include probability theory applied to survival and to costs and risks of life assurances, life annuities, and pensions; analysis of survival distributions; and international actuarial notation.

Upon completion of this module, students should be able to:

1. explain the economics of insurance;


2. apply individual risk models to insurance;


3. apply survival models to life insurance;


4. apply life insurance models to various life insurance policies; and


5. apply life annuity models to various life insurance policies.