Memory Trick for a Reasonable Opinion

edited March 2022 in COPLFR.SAO

Here is a memory trick I am using to memorize the required parts of a reasonable opinion in case it helps anyone else.

SAUL Up

(the "L" should be lowercase but it looks like a capital "I" on the computer so I capitalized it)

S = State X - meets requirements of
A = Actuarial principles and standards - computer with
Ul = Unpaid losses - makes a reasonable provision for the computer under its contracts and agreements

Up = Unearned premium - makes a reasonable provision for long duration contracts

I remember that SAUL Up goes with a reasonable provision because if you give a reasonable opinion and it turns out the reserves are inadequate, you might need to go to court so you better LAWYER UP. My favorite lawyer is Saul Goodman from Breaking Bad/Better Call Saul, so you might say you need to SAUL Up!

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