Difference between revisions of "Odomirok.13"

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&nbsp;&nbsp;[https://www.battleacts6us.ca/vanillaforum6us/categories/odomirok-13<span style="font-size: 12px; background-color: lightgrey; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 0px;">'''Forum'''</span>]
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'''Reading''':  Financial Reporting Through the Lens of a Property/Casualty Actuary - '''Chapter 13''' - '''Overview of Schedules and Their Purpose'''
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'''Author''': ''Kathleen C. Odomirok'', FCAS, MAAA, ''Liam M. McFarlane'', FCIA, FCAS, ''Gareth L. Kennedy'', ACAS, MAAA, ''Justin J. Brenden'', FCAS, MAAA, ''EY''
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[https://www.battleacts6us.ca/vanillaforum6us/categories/odomirok-13<span style="font-size: 12px; background-color: lightgrey; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 0px;">'''Forum'''</span>]
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{| class='wikitable' style='background-color: navajowhite;
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|-
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|| '''BA Quick-Summary''': <span style="color: green;>'''Schedules within Financial Statements'''</span>
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Chapter 13 from Odomirok is an overview of various Schedules in the annual statement such as:
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* '''Asset Schedules''': A, B, BA, D, DA, DB, DL, E
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* '''Reinsurance''': Schedule F
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* '''Loss & LAE Reserves''': Schedule P
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* '''Premium Writings by State''': Schedule T
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* '''Organizational Structure''': Schedule Y
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These schedules are essential for stakeholders and regulators to analyze the '''financial health and risk exposures''' of the insurance company.
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Each schedule serves a '''specific purpose''', from detailing assets and their valuations to outlining reinsurance and premium distributions across states.
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|}
  
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==Pop Quiz==
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==Study Tips==
  
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Spend no more 10 minutes on this chapter.
  
 
==BattleTable==
 
==BattleTable==
  
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Based on past exams, the '''main things''' you need to know ''(in rough order of importance)'' are:
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* ''this reading has not been tested on any exam from the year 2012 to Fall 2019 when the exams stopped being published.''
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*
 
  
 
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: {| class="wikitable" style="width: 1000px;"
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| [https://www.battleacts6us.ca/pdf/Exam_(2017_2-Fall)/(2017_2-Fall)_(01).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2017.Fall #1)'''</span>
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|| ''no prior questions''
 
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[https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Odomirok&suffix=13&section=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=all<span style="font-size: 20px; background-color: lightgreen; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''Full BattleQuiz]'''</span> <span style="color: red;">'''You must be <u>logged in</u> or this will not work.'''</span>
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&nbsp;&nbsp;[https://www.battleacts6us.ca/vanillaforum6us/categories/odomirok-13<span style="font-size: 12px; background-color: lightgrey; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 0px;">'''Forum'''</span>]
  
 
==In Plain English!==
 
==In Plain English!==
  
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For reference, here's a list of Schedules discussed in Chapter 13, but I don't think you have to memorize them or know any details beyond what's already covered in higher-ranked chapters. ''(I've highlighted in <span style="background-color: lightgreen; border-radius: 5px;">'''&nbsp;green&nbsp;'''</span> the ones that most people would be able to identify.)''
  
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==BattleCodes==
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:{| class='wikitable'
  
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Memorize:
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|-
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! asset schedule !! information shown !! details
  
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|- style='background-color: lightgreen;'
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| style='text-align: center;' | A  || real estate || '''Part 1''': owned at year-end, '''Part 2''': purchased during year, '''Part 3''': sold during year
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|-
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| style='text-align: center;' | B  || mortgage loans || '''Part 1''': owned at year-end, '''Part 2''': acquired during year, '''Part 3''': ended during year
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|-
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| style='text-align: center;' | BA || other long-term invested assets || '''Part 1''': owned at year-end, '''Part 2''': purchased during year, '''Part 3''': sold during year
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|-  style='background-color: lightgreen;'
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| style='text-align: center;' | D  || stocks & bonds || '''Part 1''': bonds owned, '''Part 2''': stocks owned
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|-
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| style='text-align: center;' | DA || other short-term investments || '''Part 1''': short-term investments, ''(no other parts to this schedule)''
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|-
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| style='text-align: center;' | DB || derivatives || '''Parts A, B, C, D''': show different categories of derivatives
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|-
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| style='text-align: center;' | DL || securities lending  || '''Parts 1, 2''': details of securities lending collateral assets
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|-  style='background-color: lightgreen;'
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| style='text-align: center;' | E  || cash & cash equivalents || '''Part 1''': cash, '''Part 2''': cash equivalents, '''Part 3''': special deposits
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|}
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Other common Schedules within the annual statement are:
  
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Conceptual:
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:{| class='wikitable'
  
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|-
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! schedule !! information shown
  
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Calculational:
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|-
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| style='text-align: center;' | F  || reinsurance ''([[Odomirok.14-F]])''
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|-
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| style='text-align: center;' | P  || loss & LAE reserves ''([[Odomirok.15-P]])''
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|-
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| style='text-align: center;' | T  || premium writings by state
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|-
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| style='text-align: center;' | Y  || organizational structure
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|}
  
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==POP QUIZ ANSWERS==
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[https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Odomirok&suffix=13&section=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=all<span style="font-size: 20px; background-color: lightgreen; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''Full BattleQuiz]'''</span> <span style="color: red;">'''You must be <u>logged in</u> or this will not work.'''</span>

Latest revision as of 23:20, 27 June 2024

Reading: Financial Reporting Through the Lens of a Property/Casualty Actuary - Chapter 13 - Overview of Schedules and Their Purpose

Author: Kathleen C. Odomirok, FCAS, MAAA, Liam M. McFarlane, FCIA, FCAS, Gareth L. Kennedy, ACAS, MAAA, Justin J. Brenden, FCAS, MAAA, EY

Forum

BA Quick-Summary: Schedules within Financial Statements

Chapter 13 from Odomirok is an overview of various Schedules in the annual statement such as:

  • Asset Schedules: A, B, BA, D, DA, DB, DL, E
  • Reinsurance: Schedule F
  • Loss & LAE Reserves: Schedule P
  • Premium Writings by State: Schedule T
  • Organizational Structure: Schedule Y

These schedules are essential for stakeholders and regulators to analyze the financial health and risk exposures of the insurance company.

Each schedule serves a specific purpose, from detailing assets and their valuations to outlining reinsurance and premium distributions across states.

Study Tips

Spend no more 10 minutes on this chapter.

BattleTable

  • this reading has not been tested on any exam from the year 2012 to Fall 2019 when the exams stopped being published.
reference part (a) part (b) part (c) part (d)
no prior questions

Full BattleQuiz You must be logged in or this will not work.

  Forum

In Plain English!

For reference, here's a list of Schedules discussed in Chapter 13, but I don't think you have to memorize them or know any details beyond what's already covered in higher-ranked chapters. (I've highlighted in  green  the ones that most people would be able to identify.)

asset schedule information shown details
A real estate Part 1: owned at year-end, Part 2: purchased during year, Part 3: sold during year
B mortgage loans Part 1: owned at year-end, Part 2: acquired during year, Part 3: ended during year
BA other long-term invested assets Part 1: owned at year-end, Part 2: purchased during year, Part 3: sold during year
D stocks & bonds Part 1: bonds owned, Part 2: stocks owned
DA other short-term investments Part 1: short-term investments, (no other parts to this schedule)
DB derivatives Parts A, B, C, D: show different categories of derivatives
DL securities lending Parts 1, 2: details of securities lending collateral assets
E cash & cash equivalents Part 1: cash, Part 2: cash equivalents, Part 3: special deposits

Other common Schedules within the annual statement are:

schedule information shown
F reinsurance (Odomirok.14-F)
P loss & LAE reserves (Odomirok.15-P)
T premium writings by state
Y organizational structure

Full BattleQuiz You must be logged in or this will not work.

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