SOA Exams & Modules
[mathjax] Learning Objectives After completing this case study, you should be able to: Fit a multiple linear regression model with both numeric and categorical (factor) predictors. Detect and accommodate interactions between predictors which can be quantitative or qualitative. Perform explicit binarization of categorical predictors using the dummyVars() function from the caret package and understand why doing so may be beneficial. …
[mathjax] Context Suppose that we are statistical consultants hired by the company that offers the product. The company is interested in boosting sales of the product, but cannot directly do so (that is determined by market demand). Instead, it has the liberty to control the advertising expenditure in each of the three advertising media: TV, radio, and newspaper. If we …
[mathjax] Basic Terminology Classification of Variables There are two ways to classify variables in a predictive analytic context: By their role in the study (intended use) or by their nature (characteristics). By role The variable that we are interested in predicting is called the target variable (or response variable, dependent variable, output variable). The variables that are used to predict …
[mathjax] Making ggplots Basic Features Load library library(ggplot2) ggplot Function ggplot(data = <DATA>, mapping= aes(<AESTHETIC_1> = <VARIABLE_1>, <AESTHETIC 2> = <VARIABLE_2>, …)) + …
[mathjax] Data Types Create an integer append “L” to an integer: x <- 1L Data Structures Vectors Create a vector c(…) a <- c(1:5) b <- c(5:1) c <- c(“A”, “B”, “C”) d <- c(TRUE, FALSE, FALSE, TRUE, TRUE) print(a) [1] 1 2 3 4 5 print(b) [1] 5 4 3 2 1 print(c) [1] “A” “B” “C” print(c) [1] …
Module Overview Module Introduction Many government and quasi-government agencies regulate life insurance companies. They exercise authority over both the life insurance industry and the individual companies. Regulation and taxation affect product design—sometimes by incentive and sometimes by required standards. For example, the states in the United States have laws that govern solvency of companies and also often levy state premium …
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 …
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 …
Coding & Programming
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 …
Dates CODE_SEGMENT Dates ; Valuation Date IF LEN(STRVAL(MONTH(EXTRACT_DATE))) = 1 THEN VAL_DATE = STRVAL(YEAR(EXTRACT_DATE)) + “0” + STRVAL(MONTH(EXTRACT_DATE)) ELSE VAL_DATE = STRVAL(YEAR(EXTRACT_DATE)) + STRVAL(MONTH(EXTRACT_DATE)) ENDIF ; Last-Year End LYE_DATE = STRVAL(YEAR(EXTRACT_DATE) – 1) + “12” ; Beginning of Current Year BOY_DATE = STRVAL(YEAR(EXTRACT_DATE)) + “01” ; Last-Month LM_M = STRVAL(NUMVAL(SUBSTR(VAL_DATE, 5, 2)) – 1) IF LEN(LM_M) = 1 THEN LM_M …