SOA Exams & Modules
[mathjax] LEARNING OBJECTIVES Able to construct decision trees for both regression and classification. Understand the basic motivation behind decision trees. Construct regression and classification trees. Use bagging and random forests to improve accuracy. Use boosting to improve accuracy. Select appropriate hyperparameters for decision trees and related techniques. EXAM NOTE As pointed out in Subsection 3.1.1, there are only two …
[mathjax] Case Study 3: GLMs for Count and Aggregate Loss Variables Learning Objectives Select appropriate distributions and link functions for count and severity variables. Identify appropriate offsets and weights for count and severity variables. Implement GLMs for count and severity variables in R. Assess the quality of a Poisson GLM using the Pearson goodness-of-fit statistic. Combine the GLMs for count …
[mathjax] Case Study 2: GLMs for Binary Target Variables Learning Objectives Compared to GLMs for numeric target variables, GLM-based classifiers enjoy some subtly unique features, which will be revealed in the course of this case study. At the completion of this section, you should be able to: Combine factor levels to reduce the dimension of the data. Select appropriate link …
[mathjax] Case Study 1: GLMs for Continuous Target Variables Learning Objectives Select appropriate distributions and link functions for a positive, continuous target variable with a right skew. Fit a GLM using the glm() function in R and specify the options of this function appropriately. Make predictions for GLMs using the predict() function and compare the predictive performance of different GLMs. …
[mathjax] EXAM PA LEARNING OBJECTIVES Learning Objectives The Candidate will be able to describe and select a Generalized Linear Model (GLM) for a given data set and regression or classification problem. Learning Outcomes The Candidate will be able to: Understand the specifications of the GLM and the model assumptions. Create new features appropriate for GLMs. Interpret model coefficients, interaction terms, …
[mathjax] Regularization What is regularization? Reduce model complexity: Reduces the magnitude of the coefficient estimates via the use of a penalty term and serves to prevent overfitting. An alternative to using stepwise selection for identifying useful features. How does regularization work? Variables with limited predictive power will receive a coefficient estimate that is small, if not exactly zero, and therefore …
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
Calculation Steps timeline title RiskIntegrity version 10 under IFRS17 for GMM & VFA BOP section Period start OPENING_CURRENT: Opening Balance at Current DR CHANGE_IN_ESTIMATES _FS_SOP: Changes in Estimates that relate to Future Service – Period Start CHANGE_IN_ESTIMATES _FINANCIAL_RISK_SOP : Changes in Estimates linked to Financial Risk – Period Start CHANGE_IN_ESTIMATES _ISR_SOP : Changes in Estimates that adjust the Insurance Service …
File Management CopyFolder Function: CopyFolder (Source As String, Target As String) As Integer Copies contents of a source folder including subdirectories to the target folder. If target folder exists then it will be deleted before copy operation is performed. Returns True(-1) if successful or False(0) if failed. Example: DeleteFolder Function: DeleteFolder (FolderName As String) As Integer Deletes a directory with …
Types of Tables Tables are used at many levels in AXIS for many different: uses, structures, and shapes Table Hierarchy Characteristics Cell Tables Used only by cells, or by sub-objects linked to cells Support policy level calculations at the cell level Projection Tables Used by higher level objects, such as sub-funds, funds and offices Column-specific shape Rows are financial years …
Background There are times you are interested in summing up the results across various dimensions with specified conditions or indicators to exclude some results from the ARRAY_SUM function. There is an incident that I need to separate medical health UCOI cash flows from total medical UCOI cash flows, because there are different loss ratios for these two types of UCOI …
What is calculation looping? Calculation looping is a process whereby parts of the calculation are repeated several times. In many ways it is similar to the rebasing facility. However, calculation looping differs from rebasing in the following ways: With calculation looping the parts that are repeated are repeated for the whole of the period of calculation. With rebasing only the …
Fundamental Concepts Notes Goal-seeking cannot be used in conjunction with looped modules. If you wish to goal seek at a product or fund level, you should use the REPEAT_LEVEL function. Variables used in goal-seeking Variable Description SEED_VAL Seed value for first iteration. PREV_VAL Value for current iteration. NEXT_VAL Value for next iteration. IF_CONVERGED If iteration has converged. How …