Fall 2019 #3.c

peteabbatepeteabbate
in Vaughan.Crisis

Part c of this question asks

Briefly describe three strengths of the US insurance regulatory system, and briefly describe how each addresses a reason for regulatory failure listed in part b. above

Based on your summary, Duplication is a strength, Peer Review is a different strength, and Peer Pressure is a different strength. Any idea why the exam committee listed the following common error?

Common errors include:
•Listing “duplication”, “peer review” and “peer pressure” as three separate strengths.

Within the answers provided, they combine them as "Duplication/Peer Review" and "Peer Review/Peer Pressure", but they list three separate bullet points relating these to fallibility, forbearance, and capture. If they really are two different names for the same thing, then the memory trick probably should be adjusted.

Comments

  • peteabbatepeteabbate
    edited November 2020

    Adding on - In the current Vaughan reading (page 10), Peer Review/Peer Pressure are listed as a single subsection. In previous exams, Peer Review and Peer Pressure are accepted as separate answers. Did the 2019 update to the Vaughan reading combine these two?

  • grahamgraham
    edited November 2020

    The Vaughan reading was never actually updated. It is from around 2010 but it was removed from the syllabus for 2018 Fall and 2019 Spring then put back on the syllabus for 2019 Fall. No reason was provided.

    I did not notice that what was considered an acceptable answer for strengths of the US regulatory system had changed for 2019 Fall Q3. That question had been asked 3 times on recent exams and in each case duplication, peer review, and peer pressure seemed be listed as separate items. Based on the reading, peer review and peer pressure are discussed together but I think you can make the case that they are not the same thing. In any case, I will edit the wiki and BattleCards and make a note about the updated interpretation by the graders.

    It happens from time to time that answers accepted for a particular question on one exam are not accepted on a subsequent exam, even if the question is exactly the same. Very frustrating. It's completely obvious why it was a common mistake - people based their responses on what the CAS listed as acceptable on previous examiner's reports. I'm not sure however why they said that "duplication" is the same as peer pressure and peer review because "duplication" is definitely listed separately in the source reading.

    Thanks for brining this to my attention.

    Late edit: I just went back to my notes on the 2019.Fall and I actually had noticed this change, but amid all the confusion over the last year, my notes never made it into the wiki. My mistake. Thanks again for pointing it out.

Sign In or Register to comment.