graham
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Update: @JBoyle * The TRIA problems should now be updated appropriately.
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@mariamaringo I've updated the relevant BattleCards per your suggestion. Thanks! The definition of a qualified actuary has appeared 3 times on published exams:
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I think I may have misinterpreted the Webel text when I created that problem. The text says: * a terrorist act must cause $5 million in insured losses to be certified for TRIA coverage * the aggregate insured losses from certified acts of terr…
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Yup, and your story is memorably perfect because it makes no sense at all!
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@mariamaringo Sorry for the delay in responding. I will take a look at this. Thanks for the suggestion.
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I have edited the formula to make it clearer. Thx. * https://battleacts6us.ca/wiki6us/Odomirok.18-IEE#Total_Profit_.28Loss.29
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Ok, we've looked into this and edited the U/W formula at the link below to capture the different ways the information was provided in the 2018 problem versus the 2016 problem. * https://battleacts6us.ca/wiki6us/Odomirok.8-9-IS Thx!
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That's correct. The problem should have given you realized capital gains so you could subtract it. I've added a footnote to the BattleTable here: * https://battleacts6us.ca/wiki6us/NAIC.IRIS#BattleTable
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We're checking into this. Sorry for the delay.
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Actually, I maybe should've given it a 1 or 2% weight instead of 0%. There is a degree of overlap so a good chunk of it is discussed in other readings. For example, the wiki article called "AAA.Materiality" has content that is thoroughly discusse…
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In the context of determining RMAD (Risk of Material Adverse Deviation) we don't need to look at the low end of the reserve range. But in other contexts, the low end could be very important. For example, if a company books reserves of 249m, but an e…
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Here are more details. For prospective reinsurance: If an insurer buys prospective reinsurance and a claim occurs, the impact on the insurer's reserves will depend on the terms of the reinsurance agreement. However, in general, the following prin…
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Which practice questions are you referring to?
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The following section in the Solvency II wiki article has been updated. See footnote 1 below the table in this section: * https://battleacts6us.ca/wiki6us/Odomirok.25-Solv2#Context_for_Solvency_II Thanks for pointing this out and following …
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Ok, great. And we're looking into the other part of your question about interest rate risk.
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Yes, that's exactly the reason. If they don't mention long duration contracts in the given information, then you can just ignore it. There is some further information in the wiki and other forum posts regarding language for the opinion that you can …
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You know, I'm not sure why I included that statement in parentheses. I checked the examiners' report for the question that BattleCard was based on: * https://battleacts6us.ca/pdf/Exam_(2013_2-Fall)/(2013_2-Fall)_(16).pdf I couldn't find any…
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"DRIPS" - That's hilarious! I've linked to your post in the wiki just before mini BattleQuiz 1 in this section: * https://battleacts6us.ca/wiki6us/Horn2020.Flood#General_Information
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Ok, corrected. Thx!
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I must not be looking at the right thing. Here is quiz 3 from RBC and there are only 5 questions:
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The last update for the Odomirok text was 2019, but I believe they issue "errata" from time to time that is then incorporate into the next edition. The previous update was in 2014. Unfortunately It's just a fact of life that there are errors and …
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It's referring to the Bright Line Indicator Test. That's discussed here: * https://battleacts6us.ca/wiki6us/COPLFR.SAO#Step_6-C:RMAD.28Relevant_Comments.29 Here's a screen shot of exactly where it is: So yes, it's still relevant.
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Ok, we've looked into this and the Odomirok text is not totally clear on the subject of discounting. Short answer: Loss reserves MAY in certain circumstances be discounted when reported on the balance sheet. (I will amend the statement in the wik…
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We're looking into this...
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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 "…
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Thx! I've made a note of your hint in the wiki here: * https://battleacts6us.ca/wiki6us/COPLFR.SAO#Step_5:Work_of_Others.28Opinion.29
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These hints are really getting personalized, which is good! I have added you to the list of hint contributors here: * https://battleacts6us.ca/wiki6us/Odomirok.19-RBC#Alice.27s_2nd_Day_.28Trend_Test_.26_Risk_Categories.29
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Ok, that should now be sorted. Thx @Jaarndt!
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I changed it to 2^9 or 512. (That's roughly 1-1/2 years, which is not quite what you asked but that was the simplest coding change to make without having to also change a bunch of other things. If it is still an issue however, I can do it.) P.…
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I moved those questions into quiz 6 but I forgot to remove the button for quiz 7. I have removed it now. Thx!