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SOA Exams & Modules

SOA FSA Exam: LPM

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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 …

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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 …

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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 …

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[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 …

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[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 …

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Accounting Principles

Product Classification Why need product classification? Not all products manufactured by insurance companies are insurance contracts Insurance contracts are those that contain significant insurance risk How products are classified? For valuation purposes, insurance contracts can be further classified into: Ordinary Life – Participating Ordinary Life – Non-Participating Personal Accident Unit-linked (Contracts with an explicit account balance) Universal life (Contracts with …

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IFRS 9

Introduction IFRS 17 Insurance Contracts establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts issued. It also requires similar principles to be applied to reinsurance contracts held and investment contracts with discretionary participation features issued. The objective is to ensure that entities provide relevant information in a way that faithfully represents those contracts. This information gives a …

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Coding & Programming

DCS Functions

FUNCTION INSTR(BYVAL TEXT_DATA AS TEXT, BYVAL TEXT_FIND AS TEXT)AS INTEGER ; Match Sub-String and Return its Position     I INTEGER     J INTEGER     FOR I FROM 1 TO LEN(TEXT_DATA) – LEN(TEXT_FIND) + 1         FOR J FROM 1 TO LEN(TEXT_FIND)             IF SUBSTR(TEXT_FIND,J,1) <> SUBSTR(TEXT_DATA,I + J – …

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Function Categories The Prophet programming language provides a wide range of functions which are grouped into the following categories: Array functions Conversion functions Dynamic functions Error / Warning functions Financial functions Logical functions Mathematical functions Product functions Read functions Run Position functions Run Progress functions Run Setting functions Statistical functions Text functions Trigonometric functions Array Functions Function Description ARRAY_INITIALISE Resizes …

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Extended formulas enable more complex calculations to be carried out than standard Prophet formulas. They are also able to retain the values that they have calculated from one model point to the next and from one loop to the next in a dynamic or stochastic run. Examples of situations where extended formulas can be useful include: The calculation of commutation …

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Overview The Prophet programming language is the programming language used to create and maintain formula definitions for variables in each product and library.  A formula in Prophet can be specified using either: The standard Prophet language features or, The Prophet Extended Formula features. A formula created using the standard Prophet language generates values for one variable only. An extended formula …

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Prophet – Extended Formula

Purpose Extended formulas enhance and extend the capabilities of the Prophet programming language. They enable more complex calculations to be carried out than standard Prophet formulas. They are also able to retain the values that they have calculated from one model point to the next and from one loop to the next in a dynamic or stochastic run. Examples of …

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Rebasing

Q_A_EXP IF ZERO_MORT = 1 AND AGE_AT_ENTRY < ZERO_TOL_AGE THEN 0 ELSE IF WL_POLICY = 1 AND t