SOA Exams & Modules
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Basic Terms and Concepts reinsurance: Reinsurance refers to insurance purchased by an insurance company to cover all or part of certain risks on insurance policies issued by that company. cession: The portion of the risk transferred on an individual policy or contract is known as a cession. reinsurer: Reinsurer agrees to indemnify another insurance company, referred to as the ceding …
Summary of Questions Question Answer What are the modeling improvements? Modeling Improvements: Adding an interaction term, factorizing a variable, using a tree-based model to take care non-linear relationship. Describe / Explain … (how X is used). Definition of X Explain one way how X is used Discuss … Definition / Effects Evaluate the influence to the subject Examples: discuss the …
Principal Components and Cluster Analyses LEARNING OBJECTIVES The candidate will be able to apply cluster and principal components analysis to enhance supervised learning. The Candidate will be able to: Understand and apply K-means clustering. Understand and apply hierarchical clustering. Understand and apply principal component analysis. Chapter Overview As you can tell from its name, Exam PA is mostly concerned …
[mathjax] Extended Case Study: Classification Trees LEARNING OBJECTIVES The focus of this section is on constructing, evaluating, and interpreting base and ensemble trees. At the completion of this case study, you should be able to: Understand how decision trees form tree splits based on categorical predictors. Understand how decision trees deal with numeric predictors having a non-linear relationship with the …
[mathjax] Mini-Case Study: A Toy Decision Tree LEARNING OBJECTIVES In this section, we construct a toy decision tree on a small-scale dataset taken from a sample question of the Modern Actuarial Statistics II Exam of the Casualty Actuarial Society and displayed in Table 5.1. The small number of observations makes it possible for us to perform calculations by hand and …
Accounting Principles
OPBT Rollforward Analysis Summary Fee Based Income Insurance Operating Income Beginning – Last Year One-off – Claims Experience Actual claim profits – Expected claim profits, from basic and UDR products Actual claim profits – Expected claim profits, from PPR products Expense Experience Actual expense profits – Expected expense profits Lapse and Persistency Experience Anything else that are difficult to …
Issued: Dec 1987 Superseded by: ASC Summary Scope: For universal life-type contracts that were not addressed by FASB Statement No. 60, Accounting and Reporting by Insurance Enterprises. For limited-payment long-duration insurance contracts and investment contracts and amends Statement 60 to change the reporting of realized gains and losses on investments. Applicability: {US-FAS97-6} Investment contracts, Long-duration contracts that do not …
Classification of Insurance Contracts
Insurance contracts are classified as short-duration or long-duration contracts.
Long-duration contracts: insurance contracts that are expected to remain in force for an extended period include contracts, such as:
whole-life,
guaranteed renewable term life,
endowment, annuity, and
title insurance contracts.
Otherwise, short-duration contracts.
most property and liability insurance contracts.
Defined Terms cedant The policyholder under a reinsurance contract. deposit component A contractual component that is not accounted for as a derivative under IAS 39 and would be within the scope of IAS 39 if it were a separate instrument. direct insurance contract An insurance contract that is not a reinsurance contract. discretionary participation feature A contractual right to receive, …
Product Classification Definition of Insurance Contract An insurance contract is a contract under which the insurer accepts significant insurance risk from the policyholder by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder. Definition of Insurance Risk Insurance risk is risk, other than financial risk, transferred from the policyholder to the …
Please note that the information contained in this post is based on my own research and understanding of the topic. While I have made every effort to ensure its accuracy, I cannot guarantee that it is completely error-free. If you notice any errors or omissions, please let me know so that I can correct them. Applicability FAS 60 …
Coding & Programming
Q_A_EXP IF ZERO_MORT = 1 AND AGE_AT_ENTRY < ZERO_TOL_AGE THEN 0 ELSE IF WL_POLICY = 1 AND t
Definition Types Definition type Description Formula A formula expressed in Prophet’s programming language. Constant A constant value. Global The value is read from the global file at run time. Parameter The value is read from a parameter file at run time. Model point The value for each model point is read from the model point file at run time. Generic …