This document discusses the time value of money concept which is fundamental to actuarial science. It covers key topics like time preference, productivity of capital, and how uncertainty affects interest rates. Actuaries use time value of money to calculate present values which form the building blocks of actuarial models. They also apply this concept in insurance, which involves long term investment contracts, and other areas of finance. The next activity is to prepare a synopsis of a case study report on group life insurance to submit at the next Board of Directors meeting.