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
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
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 …