Other Actuary = "NPC"
This is just my own variation on the P-NEC memory trick for remembering "items the appointed actuary should consider when making use of the work of another".
P-NEC wasn't intuitive to me, so I rearranged the letters until I came up with EN-PC (sounds like NPC). My fellow gamers know that an NPC ("non-playable character") is someone you cannot control, which aligns quite well with this trick. So other actuaries are NPCs in my book. Hope it helps!
Comments
This is something that helped me to align with the flash cards. The other actuary's work means your not the only one looking at the reserves so their work may be a PReQUL:
Purpose
Relevancy
e(filler)
Qualification
Uncertainty
LOB
Thx! I've made a note of your hint in the wiki here:
Could you further explain "nature of coverage" that should be considered? Your example was only about the tail but what else could fall under nature of coverage? Thanks!
"Nature of coverage" refers to the specific terms, conditions, and scope of protection that an insurance policy provides to the policyholder. This can include the types of risk that are covered, the financial limits of the coverage, the duration of the coverage, the geographic region where the coverage applies, and any other specifics that define the exact protection the policyholder receives.
For example, for a car insurance policy, the nature of coverage could indicate whether it's a comprehensive, collision, or liability coverage, the deductible amounts, the limits on the insurer’s liability, and any specific conditions or exclusions.