Fall 2014 Q25
Probably just being overly paranoid here but is the Sample 2 answer to part A for prospective supposed to have a 2014 date instead of 2015? Seems like the effective date needs to be <= the written date of the policy per the answer, but there's no mention in the Wiki of there being an error in the examiners report.
Comments
Yes, I believe you are correct. We didn't notice that. Sample answer 2 for part (a) - prospective insurance should have a purchase date and effective date on or prior to 1/1/2014.
Note also that sample 3 uses the term "retrospective" instead of "retroactive", as does the examiners' comments further down in the examiners' report. It should be "retroactive".
I will link to this post from a footnote in the wiki table. Thx! And here's the link back to the relevant section of the wiki:
Can there be some clarity on the definitions of purchased and effective? and how the rules apply to these scenarios? One answer has effective date equal to 1/1/2014 for the Retro, but another has the effective date as 1/1/2015. Does the effective date not matter as long as the purchased date was after the underlying policy expired?
Sample 1 f part a explains these fairly clearly:
Prospective Policy is purchased and effective before any of the policy has been incurred.
Retro policy is purchased an effective after entire policy has been incurred. Policy with
both is purchased and effective during the policy.
To this, I would add that purchase date has to precede the effective date.