graham
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You're welcome! Happy New Year!
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I assume you're referring to the BattleCard answer where I used the abbreviation "ex". This means "example". So your first interpretation is correct: * The AOS is confidential, and it aligns with its purpose because users (e.g., management) wou…
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There isn't such a list unfortunately. Theoretically, you could go through the COPLFR text and create such a list but I don't think that would be the best way to prepare for a question similar to Q24 that you referenced. A better general way of p…
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You're welcome. Slay the beast this week! (Or next week, depending on your exam date!)
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I like that. My first thought when I read "PDDDING" was pudding. The extra "D" means it's extra Delicious.
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That's a good point about removing the reference to the material being "boring". (It was late at night when I wrote that and so there was no filter on my thoughts.) I suppose anything can be interesting if you find the right way to look at it. …
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Your answer is technically correct but I think it would be safer to explicitly mention "1 year reserve development to prior year surplus" in your answer to make sure the graders see that you know what IRIS 11 represents. You don't want to leave any …
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I have linked to it from the table in this section of the wiki. Thanks! * https://battleacts6us.ca/wiki6us/Odomirok.16-17-SAO#The_Boring_Details_.28Yawn.29
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Yes, that was a typo. I have corrected it. Thanks!
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I just checked practice exam 2 for Q17 and Q22, and it looks to me like everything is fine. Note that the original poster put this in the category "Practice Exam 1" rather than "Practice Exam 2".
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Great! I have linked to it from the wiki here: * https://battleacts6us.ca/wiki6us/CAS.PredictiveModels#Section_IV_-_Do_Regulators_Need_Best_Practices_to_Review_Predictive_Models.3F
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Here are my thoughts on this and you can make of this what you will: You're right that the questions and answers here are relatively straightforward. Regarding unemployment insurance, it is technically part of the syllabus, as the source material…
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Thanks for pointing this out. I revised the statement of the question to resolve the issue. * https://battleacts6us.ca/wiki6us/Excel_Practice_Problems#Past_Exams
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Yes, that's correct. The capital level CAL is the same as RBC Capital Required. When we do the RBC calculation, we calculate RBC Capital Required, then multiply by 0.5 to get ACL capital. Then we substitute ACL capital into the TAC/ACL formula. T…
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The NAIC SAO Instructions indicate that if an actuary does not review a particular reserve item, such as unearned premium reserves (UEPR) for P&C long-duration contracts, the actuary is not required to comment on it as long as it is explicitly n…
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In 2017, operating risk was not part of the RBC framework. The factor of 1.03 was introduced a few years later. The factor of 1.03 was introduced as a way to account for operational risks, such as failures in internal processes, people, systems, …
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Yes, the question stated that the materiality standard is 10% of "indicated reserves", but the column heading in the table is "point estimate" (rather than indicated reserve.) That was a bit confusing, but you know that it couldn't be 10% of "car…
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No, I don't believe that would accepted: * Exhibit A of the Statement of Actuarial Opinion (SAO) only includes reserve items, such as loss reserves, loss adjustment expense reserves, and other similar reserve-related categories. The common mist…
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The materiality standard for Company A is set at $0 because it is a 0% pool participant in an intercompany pooling agreement. According to the guidelines, a company with a 0% share in the pooled reserves should enter a materiality standard of zero d…
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Yup, thanks! I've modified the question so that the answer is always (d).
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Thank you for both those comments. I have corrected them. (We're going through some growing pains with these new problem types. Thanks for your patience and understanding.)
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I see what you mean and we will edit the second bullet point to make it clearer. While Schedule F provides a focus on net reserves, Schedule P does actually include ceded reinsurance reserves, particularly in terms of reporting loss reserves. Sch…
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Fixed, thanks!
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Typo, sorry. It's fixed!
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(i) * Page 3 of the Annual Statement reports net figures, meaning these numbers reflect losses and LAE after reinsurance has been applied. * Schedule P, Part 1, provides data both on a gross (direct + assumed) and net of reinsurance basis, but…
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Yes, for high-ranked topics, it's often helpful to consult the source material. I didn't put every little detail in the wiki (otherwise, I'd just be essentially copying the source text into the wiki.) I focus on what is most likely to be tested, but…
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For part (b), the examiners' report listed 7 bullet points but since the question is worth only 0.75 pts, you only need to provide 3 bullet points in your answer. The rule of thumb is that each bullet point is worth 0.25 pts. If you look further dow…
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I see what you're saying but here is how I think about it: Part (a) of the exam question is focused on the materiality of the discounting effect on the reserves. Since it involves assessing the impact of the discount rate on reserve adequacy, thi…
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For (i): * Your formula is conceptually correct for capturing the essence of PDR. However, it abstracts away some details (like other components of costs) which might be necessary for more precise calculations in specific cases. For (ii): T…
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Oh, I see. There isn't a counter that shows how many questions you've done but if you click the "New" button 5 times, you will see all 5 questions in random order. Then if you continue to click the "New" button, you will cycle through the 5 question…