This unit, in conjunction with ACST401, develops and applies the actuarial principles and practices underlying the design, assessment, management and control of financial systems in the areas of life insurance, general insurance, and superannuation as well as other less traditional areas of actuarial practice.
The two units together consider the process of actuarial and financial management, including product design, pricing, marketing, monitoring of experience, reserve setting, financing, solvency, and determination and distribution of surplus. The overall control process is studied within the constraints imposed by the commercial environment and the actuarial professional code of conduct and standards, and includes a discussion of business ethics and issues of professionalism in actuarial practice.
