Year of Study:	2 - 4
Credit Units:	3
Duration:	45hours
Prerequisites:	AMS1302 Probability and Statistical Theory, and AMS2020 Financial Mathematics; or with the Module Coordinator’s permission and upon endorsement of the relevant Head

This module introduces the basic theoretical concepts and applications of life insurance and annuity. Topics include probability theory of survival, analysis of survival distributions, international actuarial notation, costs and risks of life insurance, life annuities, and the basic premium calculation for life insurance products.

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

1. apply survival models and actuarial notations to life insurance and annuity;


2. apply life insurance models to various life insurance products;


3. apply life annuity models to various life annuity products; and


4. apply insurance concepts for premium and reserve calculation.