Actuarial science is the discipline that assesses the impact of risks. The aim of this module is to provide a solid grounding and quantitative tools of actuarial science pertaining to individuals. This module develops skills of calculating the premium for a certain life insurance contract and analyses insurance problems adequately. The module also explains the concept of reserve for insurances and annuities contracts and analyses the annual loss or profit in different types of policies. This module can contribute to getting a CM1 exemption by The Institute and Faculty of Actuaries.