ETC3530 / ETC5353 Contingencies in Insurance and Pensions (Sem 2, 2025)
Difficulty:
Year Completed: Semester 2, 2023
Prerequisite: ETC2430
Exemption:
CM1 Actuarial Mathematics
ETC2430 (45%), ETC3530 (55%)
Weighted average of 70% required. Minimum of 60% required for each unit.
Mean Setu Score: 68.52%
Clarity of Learning Outcomes: 88.89%
Clarity of Assessments: 66.67%
Feedback: 44.44%
Resources: 55.56%
Engagement: 100%
Satisfaction: 55.56%
Subject Content:
Lecture(s) and Tutorial(s):
Textbook(s):
Assessments:
ETC3530 focuses on the maths behind life insurance and pensions. You learn how to value cash flows that depend on life events like death or survival, calculate premiums and reserves for different products, and apply discounted cash-flow methods. The unit also covers joint lives, competing risks, guarantees, and basic profit testing, giving practical skills directly relevant to actuarial work. It’s rather maths-heavy but very useful for understanding real insurance products.
1 x 2 hour lecture
1 x 1 hour tutorial
1 x 1 workshop
N/A
Mid Semester Test - 20%
Assignment - 20%
Final Exam - 60%
Comments
Initial topics built heavily on ETC2430, and thus was interesting to see the topics introduced there developed further. The unit was highly challenging but intellectually engaging, with particularly interesting and stimulating content. It provided a rewarding learning experience, even for those with a limited preference for coding.
The lectures were engaging and effectively balanced theory with practical examples. They were helpful for understanding the material, although the detailed slides meant it was possible to follow the content without attending every session. The lecturer presented concepts in a clear, step-by-step manner, which made complex topics more accessible, and the recorded lectures were a valuable resource for revisiting challenging material.
TuTutorials were an essential component of the unit, particularly when the material had been reviewed in advance. The questions were often challenging, but working through them provided valuable insight into the practical application of the theory. Without prior preparation, tutorials could be difficult to follow, making it important to engage with the content beforehand.
The assessments were relatively challenging overall. Preparation for the multiple-choice questions primarily involved working through tutorial problems. The assignments were informative and appeared to be marked with some leniency, providing useful insight into question structure, expectations, and the distinction between formulas provided and those requiring memorisation.
The final exam was more difficult than both the assignments and MCQs, with a stronger emphasis on theoretical derivations rather than calculations. However, with thorough preparation, it was manageable.
The final exam was quite challenging, making it important to understand the theory in depth and apply in non-routine circumstances. Proofs of certain mathematical functions were asked for which was unexpected. Tutorial questions were asked again as well, so it’s highly recommended to revise them. Time is of the essence in the exam, and hence this is very important.
Get started early on the assignment. Try to memorise formulae as much as possible for the exam. Making yourself comfortable with the math in this unit (basic sequences & series, probability & calculus) is vital both for the in-semester assessments & the exam.
General Overview:
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Assessments/Other Assessments
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Concluding Remarks