Difference between revisions of "BattleTables - COPLFR"
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: '''AOS''': Actuarial Opinion Summary ''(AOS(A) refers to AOS item A)'' | : '''AOS''': Actuarial Opinion Summary ''(AOS(A) refers to AOS item A)'' | ||
: '''RMAD''': Risk of Material Deviation | : '''RMAD''': Risk of Material Deviation | ||
+ | |||
+ | {| class='wikitable' style='background-color: powderblue' | ||
+ | |- | ||
+ | || '''Alice's Pro-Tip''': Use control-f to bring up the search box in ''[[BattleTables - COPLFR]]''. Then type in key phrases to quickly locate exam questions on that topic. | ||
+ | |} | ||
+ | |||
+ | : Examples of key phrases: | ||
+ | :* material | ||
+ | :* opinion | ||
+ | :* RMAD | ||
+ | :* error ''(for questions about identifying and correcting errors)'' | ||
+ | :* language ''(for questions about illustrative language in the SAO)'' | ||
+ | :* disclosure ''(there are many exam questions on the topic of disclosures within the SAO)'' | ||
+ | |||
+ | : ''(Note that control-f will bring up a search box on almost any webpage or document. It's an invaluable tool if you're searching for something specific.)'' | ||
{| class="wikitable" | {| class="wikitable" | ||
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===2019 Exam Questions=== | ===2019 Exam Questions=== | ||
+ | |||
+ | : {| class='wikitable' | ||
+ | |- | ||
+ | | Questions held out from Fall 2019 exam: '''#22, 23, 24, 25'''. ''(Skip these for now to have a fresh exam to practice on later. For links to these questions, see [[Exam Summaries]].)'' | ||
+ | |} | ||
: {| class="wikitable" style="width: 1000px;" | : {| class="wikitable" style="width: 1000px;" | ||
|- | |- | ||
! style="width: 175px;" | reference !! style="width: 175px;" | part (a) !! style="width: 175px;" | part (b) !! style="width: 175px;" | part (c) !! part (d) | ! style="width: 175px;" | reference !! style="width: 175px;" | part (a) !! style="width: 175px;" | part (b) !! style="width: 175px;" | part (c) !! part (d) | ||
+ | |||
+ | |- | ||
+ | || [https://www.battleacts6us.ca/pdf/Exam_(2019_1-Spring)/(2019_1-Spring)_(18)_v2.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;">'''(2019.Spring #18)'''</span> | ||
+ | || '''AOS (A,B,C,D)''': <br> - construct items A-D | ||
+ | || '''AOS(E)''': <br> - calculation & disclosure | ||
+ | | style="background-color: lightgrey;" | | ||
+ | | style="background-color: lightgrey;" | | ||
+ | |||
+ | |- | ||
+ | || [https://www.battleacts6us.ca/pdf/Exam_(2019_1-Spring)/(2019_1-Spring)_(19)_v2.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;">'''(2019.Spring #19)'''</span> | ||
+ | || '''RMAD''': <br> - bright line indicator test | ||
+ | || '''RMAD''': <br> - bright line indicator test | ||
+ | | style="background-color: lightgrey;" | | ||
+ | | style="background-color: lightgrey;" | | ||
+ | |||
+ | |- | ||
+ | || [https://www.battleacts6us.ca/pdf/Exam_(2019_1-Spring)/(2019_1-Spring)_(20)_v2.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;">'''(2019.Spring #20)'''</span> | ||
+ | || '''Identification''': <br> - identify errors/omissions | ||
+ | || '''Opinion''': <br> - identify errors/omissions | ||
+ | || '''Opinion''': <br> - qualified opinion | ||
+ | || '''SAO Qualified Opinion''': <br> - disclosures | ||
|- | |- | ||
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|| '''SAO opinion''': <br> - Exhibit A | || '''SAO opinion''': <br> - Exhibit A | ||
|| '''Scope''': <br> - language (data) | || '''Scope''': <br> - language (data) | ||
− | || '''disclosures''': <br> - pooling vs quota-share | + | || '''disclosures''': <br> - pooling vs quota-share <span style="color: red;"><sup>'''1'''</sup></span> |
| style="background-color: lightgrey;" | | | style="background-color: lightgrey;" | | ||
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|} | |} | ||
+ | |||
+ | : <span style="color: red;"><sup>'''1'''</sup></span> Click for a ''[https://www.battleacts6us.ca/vanillaforum6us/discussion/596/required-items-in-exhibit-a helpful forum discussion]'' for 0% pooling versus 100% quota-share reinsurance. | ||
===2018 Exam Questions=== | ===2018 Exam Questions=== | ||
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|| '''reporting''': <br> - location of item | || '''reporting''': <br> - location of item | ||
|| '''Scope''': <br> - identify errors/omissions | || '''Scope''': <br> - identify errors/omissions | ||
− | || '''SAO opinion''': <br> - type of opinion | + | || '''SAO opinion''': <br> - type of opinion <span style="color: red;">'''<sup>2</sup>'''</span> |
| style="background-color: lightgrey; text-align: center;" | — | | style="background-color: lightgrey; text-align: center;" | — | ||
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|} | |} | ||
+ | |||
+ | : <span style="color: red;">'''<sup>2</sup>'''</span> It's likely that the examiners' report solution to part (b) contains an error. An actual date <u>should</u> be substituted for "date of the opinion". Click for a ''[https://www.battleacts6us.ca/vanillaforum6us/discussion/692/review-date-in-scope#latest short forum discussion]''. | ||
: {| class="wikitable" style="width: 1000px;" | : {| class="wikitable" style="width: 1000px;" | ||
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|- | |- | ||
| [https://www.battleacts6us.ca/pdf/Exam_(2017_1-Spring)/(2017_1-Spring)_(22).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.Spring #22)'''</span> | | [https://www.battleacts6us.ca/pdf/Exam_(2017_1-Spring)/(2017_1-Spring)_(22).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.Spring #22)'''</span> | ||
− | || '''materiality standard''': <br> - propose 3 standards | + | || '''materiality standard''': <br> - propose 3 standards <span style="color: red;">'''<sup>2</sup>'''</span> |
|| '''materiality standard''': <br> - pick best standard | || '''materiality standard''': <br> - pick best standard | ||
|| '''RMAD''': <br> - does RMAD exist | || '''RMAD''': <br> - does RMAD exist | ||
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: <span style="color: red;">'''<sup>1</sup>'''</span> See the Schedule P article [[Odomirok.15-P]] for the material regarding parts (a) & (b). | : <span style="color: red;">'''<sup>1</sup>'''</span> See the Schedule P article [[Odomirok.15-P]] for the material regarding parts (a) & (b). | ||
+ | : <span style="color: red;">'''<sup>2</sup>'''</span> There is a typo in both sample answers in the examiner's report. The liability item ''Other Expenses'' is written as 10.5 instead of 0.5. ''(The final answer is correct however.)'' | ||
===2016 Exam Questions=== | ===2016 Exam Questions=== | ||
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|- | |- | ||
| [https://www.battleacts6us.ca/pdf/Exam_(2016_2-Fall)/(2016_2-Fall)_(22).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;">'''(2016.Fall #22)'''</span> | | [https://www.battleacts6us.ca/pdf/Exam_(2016_2-Fall)/(2016_2-Fall)_(22).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;">'''(2016.Fall #22)'''</span> | ||
− | || ''' | + | | style="background-color: tan;" | '''AA qualifications''': <span style="color: red;">'''<sup>4</sup>'''</span> <br> - defn of qualified actuary |
|| '''appointed actuary''': <br> - info in SAO ''(id section)'' | || '''appointed actuary''': <br> - info in SAO ''(id section)'' | ||
|| '''appointed actuary''': <br> - info to regulator ''(new appointment)'' | || '''appointed actuary''': <br> - info to regulator ''(new appointment)'' | ||
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| [https://www.battleacts6us.ca/pdf/Exam_(2016_1-Spring)/(2016_1-Spring)_(20).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;">'''(2016.Spring #20)'''</span> | | [https://www.battleacts6us.ca/pdf/Exam_(2016_1-Spring)/(2016_1-Spring)_(20).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;">'''(2016.Spring #20)'''</span> | ||
|| '''SAO opinion''': <br> - type & disclosures <span style="color: red;">'''<sup>3</sup>'''</span> | || '''SAO opinion''': <br> - type & disclosures <span style="color: red;">'''<sup>3</sup>'''</span> | ||
− | || '''AA qualifications''': <br> - defn of qualified actuary | + | | style="background-color: tan;" | '''AA qualifications''': <span style="color: red;">'''<sup>4</sup>'''</span> <br> - defn of qualified actuary |
| style="background-color: lightgrey; text-align: center;" | — | | style="background-color: lightgrey; text-align: center;" | — | ||
| style="background-color: lightgrey; text-align: center;" | — | | style="background-color: lightgrey; text-align: center;" | — | ||
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|- | |- | ||
| [https://www.battleacts6us.ca/pdf/Exam_(2016_1-Spring)/(2016_1-Spring)_(22).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;">'''(2016.Spring #22)'''</span> | | [https://www.battleacts6us.ca/pdf/Exam_(2016_1-Spring)/(2016_1-Spring)_(22).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;">'''(2016.Spring #22)'''</span> | ||
− | || '''RBC''': <br> - Company Action Level <span style="color: red;">'''<sup>1</sup>'''</span> | + | || '''RBC''': see ''[[Odomirok.19-RBC]]'' <br> - Company Action Level <span style="color: red;">'''<sup>1</sup>'''</span> |
|| '''SAO opinion''': <br> - type & disclosures | || '''SAO opinion''': <br> - type & disclosures | ||
| style="background-color: lightgrey; text-align: center;" | — | | style="background-color: lightgrey; text-align: center;" | — | ||
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: <span style="color: red;">'''<sup>3</sup>'''</span> Question #20a.i has an error in the examiner's report. The examiner's report states that the other actuary's <u>credentials</u> is not a required disclosure. This is incorrect as Section 4.10 of COPLFR does indeed state <u>credentials</u> as one of the required disclosures. | : <span style="color: red;">'''<sup>3</sup>'''</span> Question #20a.i has an error in the examiner's report. The examiner's report states that the other actuary's <u>credentials</u> is not a required disclosure. This is incorrect as Section 4.10 of COPLFR does indeed state <u>credentials</u> as one of the required disclosures. | ||
+ | |||
+ | : <span style="color: red;">'''<sup>4</sup>'''</span> This question is outdated as of the 2020.Fall syllabus because the definition of ''qualified actuary'' changed. | ||
===2015 Exam Questions=== | ===2015 Exam Questions=== | ||
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| [https://www.battleacts6us.ca/pdf/Exam_(2014_1-Spring)/(2014_1-Spring)_(25).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;">'''(2014.Spring #25)'''</span> | | [https://www.battleacts6us.ca/pdf/Exam_(2014_1-Spring)/(2014_1-Spring)_(25).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;">'''(2014.Spring #25)'''</span> | ||
|| '''Disclosures''': <br> - discounting | || '''Disclosures''': <br> - discounting | ||
− | || '''Disclosures''': <br> - pools & associations | + | || '''Disclosures''': <br> - pools & associations <span style="color: red;">'''<sup>2</sup>'''</span> |
|| '''Disclosures''': <br> - type of opinion | || '''Disclosures''': <br> - type of opinion | ||
|| '''Disclosures''': <br> - changes in assumptions/methods | || '''Disclosures''': <br> - changes in assumptions/methods | ||
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: <span style="color: red;">'''<sup>1</sup>'''</span> A complete answer here requires knowledge of Schedule P. See [[Odomirok.15-P]]. | : <span style="color: red;">'''<sup>1</sup>'''</span> A complete answer here requires knowledge of Schedule P. See [[Odomirok.15-P]]. | ||
+ | : <span style="color: red;">'''<sup>2</sup>'''</span> There's a ''[https://www.battleacts6us.ca/vanillaforum6us/discussion/287/2014-s-25-part-b#latest helpful forum discussion]'' on the answer to part (b) provided in the examiner's report. | ||
===2013 Exam Questions=== | ===2013 Exam Questions=== | ||
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|- | |- | ||
| [https://www.battleacts6us.ca/pdf/Exam_(2013_2-Fall)/(2013_2-Fall)_(27).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;">'''(2013.Fall #27)'''</span> | | [https://www.battleacts6us.ca/pdf/Exam_(2013_2-Fall)/(2013_2-Fall)_(27).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;">'''(2013.Fall #27)'''</span> | ||
− | || '''qualified actuary''': <br> - definition | + | | style="background-color: tan;" | '''qualified actuary''': <span style="color: red;">'''<sup>4</sup>'''</span> <br> - definition |
|| '''long-duration contract''': <br> - definition | || '''long-duration contract''': <br> - definition | ||
|| '''SAO exemption''': <br> - financial hardship <span style="color: red;">'''<sup>3</sup>'''</span> | || '''SAO exemption''': <br> - financial hardship <span style="color: red;">'''<sup>3</sup>'''</span> | ||
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: <span style="color: red;">'''<sup>1</sup>'''</span> Open-ended question worth '''5.25 pts''' on required disclosures in the Relevant Comments section of the SAO. It involves calculation of IRIS ratios. See [[NAIC.IRIS]]. | : <span style="color: red;">'''<sup>1</sup>'''</span> Open-ended question worth '''5.25 pts''' on required disclosures in the Relevant Comments section of the SAO. It involves calculation of IRIS ratios. See [[NAIC.IRIS]]. | ||
− | |||
: <span style="color: red;">'''<sup>2</sup>'''</span> Were the requirements for Exhibit A changed since 2013? The answer in the examiner's report does not agree with Exhibit A in the '''SAO''' example from Odomirok: | : <span style="color: red;">'''<sup>2</sup>'''</span> Were the requirements for Exhibit A changed since 2013? The answer in the examiner's report does not agree with Exhibit A in the '''SAO''' example from Odomirok: | ||
:: [https://www.battleacts6us.ca/pdf/Odomirok_Ch16_020_SAO_AOS.pdf <span style="color: white; font-size: 12px; background-color: green; border: solid; border-width: 2px; border-radius: 10px; border-color: green; padding: 1px 3px 1px 3px; margin: 0px;">'''''Mr. Smith's SAO & AOS'''''</span>] | :: [https://www.battleacts6us.ca/pdf/Odomirok_Ch16_020_SAO_AOS.pdf <span style="color: white; font-size: 12px; background-color: green; border: solid; border-width: 2px; border-radius: 10px; border-color: green; padding: 1px 3px 1px 3px; margin: 0px;">'''''Mr. Smith's SAO & AOS'''''</span>] | ||
− | + | : <span style="color: red;">'''<sup>3</sup>'''</span> This exemption is discussed in the first COPLFR appendix, ''NAIC Instructions, Section 1B''. | |
− | : <span style="color: red;">'''<sup>3</sup>'''</span> This exemption is discussed in the first COPLFR appendix, '' | + | : <span style="color: red;">'''<sup>4</sup>'''</span> This question is outdated as of the 2020.Fall syllabus because the definition of ''qualified actuary'' changed. |
===2012 Exam Questions=== | ===2012 Exam Questions=== | ||
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| [https://www.battleacts6us.ca/pdf/Exam_(2012_2-Fall)/(2012_2-Fall)_(29).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;">'''(2012.Fall #29)'''</span> | | [https://www.battleacts6us.ca/pdf/Exam_(2012_2-Fall)/(2012_2-Fall)_(29).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;">'''(2012.Fall #29)'''</span> | ||
|| '''AOS(A,B,C,D)''': <br> -construct exhibit <span style="color: red;">'''<sup>2</sup>'''</span> | || '''AOS(A,B,C,D)''': <br> -construct exhibit <span style="color: red;">'''<sup>2</sup>'''</span> | ||
− | || '''AOS(E)''': <br> - construct exhibit | + | || '''AOS(E)''': <br> - construct exhibit |
| style="background-color: lightgrey; text-align: center;" | — | | style="background-color: lightgrey; text-align: center;" | — | ||
| style="background-color: lightgrey; text-align: center;" | — | | style="background-color: lightgrey; text-align: center;" | — | ||
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|} | |} | ||
− | : <span style="color: red;">'''<sup>1</sup>'''</span> This exemption is discussed in the first COPLFR appendix, '' | + | : <span style="color: red;">'''<sup>1</sup>'''</span> This exemption is discussed in the first COPLFR appendix, ''NAIC Instructions, Section 1B''. |
: <span style="color: red;">'''<sup>2</sup>'''</span> Not enough information provided ''(actuary's range is not given)'' | : <span style="color: red;">'''<sup>2</sup>'''</span> Not enough information provided ''(actuary's range is not given)'' | ||
− | |||
− |
Latest revision as of 13:45, 23 April 2023
Back to COPLFR.SAO |
Contents
Acronyms Used in the BattleTables
- SAO: Statement of Actuarial Opinion
- AOS: Actuarial Opinion Summary (AOS(A) refers to AOS item A)
- RMAD: Risk of Material Deviation
Alice's Pro-Tip: Use control-f to bring up the search box in BattleTables - COPLFR. Then type in key phrases to quickly locate exam questions on that topic. |
- Examples of key phrases:
- material
- opinion
- RMAD
- error (for questions about identifying and correcting errors)
- language (for questions about illustrative language in the SAO)
- disclosure (there are many exam questions on the topic of disclosures within the SAO)
- (Note that control-f will bring up a search box on almost any webpage or document. It's an invaluable tool if you're searching for something specific.)
Note that in the BattleTables below, you can click E in the left-hand column to open a PDF with the question and answer from the examiner's report for just that question. |
2019 Exam Questions
Questions held out from Fall 2019 exam: #22, 23, 24, 25. (Skip these for now to have a fresh exam to practice on later. For links to these questions, see Exam Summaries.)
reference part (a) part (b) part (c) part (d) E (2019.Spring #18) AOS (A,B,C,D):
- construct items A-DAOS(E):
- calculation & disclosureE (2019.Spring #19) RMAD:
- bright line indicator testRMAD:
- bright line indicator testE (2019.Spring #20) Identification:
- identify errors/omissionsOpinion:
- identify errors/omissionsOpinion:
- qualified opinionSAO Qualified Opinion:
- disclosuresE (2019.Spring #21) SAO opinion:
- Exhibit AScope:
- language (data)disclosures:
- pooling vs quota-share 1E (2019.Spring #22) SAO opinion:
- type of opinionRMAD:
- does RMAD existSAO opinion:
- new LOB
- 1 Click for a helpful forum discussion for 0% pooling versus 100% quota-share reinsurance.
2018 Exam Questions
reference part (a) part (b) part (c) part (d) E (2018.Fall #21) SAO opinion:
- Exhibit A & Schedule PAOS (A,B,C,D):
- construct items A-DSAO opinion:
- type of opinion— E (2018.Fall #22) SAO opinion:
- language for opinionRMAD:
- propose languagemateriality standard:
- other standards— E (2018.Fall #23) reporting:
- location of itemScope:
- identify errors/omissionsSAO opinion:
- type of opinion 2— E (2018.Fall #24) disclosures:
- location of 8 items— — —
- 2 It's likely that the examiners' report solution to part (b) contains an error. An actual date should be substituted for "date of the opinion". Click for a short forum discussion.
reference part (a) part (b) part (c) part (d) E (2018.Spring #20) AOS:
- items not in SAOSAO:
- required sectionsSAO:
- disclosures— E (2018.Spring #21) disclosures:
- yes/no on 5 items— — — E (2018.Spring #22) work of others:
- considerationsRelevant Comments:
- changes in assumptions/methodsRelevant Comments:
- no changes in assumptions/methods— E (2018.Spring #23) Schedule P reconciliation:
- potential difficultiesAOS(A):
- range of reserve estimateSAO opinion:
- type of opinion— E (2018.Spring #24) AOS(A,B,C,D):
- identify contentsAOS(E):
- interpretation by regulatorAOS(E):
- calculation & disclosure— E (2018.Spring #25) materiality standard:
- disclosure considertions 1materiality standard:
- potential difficulties 1RMAD:
- propose language—
- 1 Parts (a) & (b) are not specific to the SAO. The answers are in AAA.Materiality, a general reading on the concept of materiality.
2017 Exam Questions
reference part (a) part (b) part (c) part (d) E (2017.Fall #22) SAO opinion:
- propose languageSAO opinion:
- type of opinionAOS (A,B,C,D):
- construct items A-D— E (2017.Fall #23) inter-company pooling:
- location in SAOinter-company pooling:
- identify errorsinter-company pooling:
- describe concept— E (2017.Fall #24) work of others:
- considerationswork of others:
- disclosureswork of others:
- disclosures— E (2017.Fall #25) reinsurance collectibility:
- disclosuresreinsurance collectibility:
- reasons forreinsurance collectibility:
- assessment of— E (2017.Fall #26) materiality standard:
- propose a standardmateriality standard:
- disclosuresmateriality standard:
- other standardsmateriality standard:
- location in SAO
reference part (a) part (b) part (c) part (d) E (2017.Spring #13) inter-company pooling:
- Schedule P calculation 1inter-company pooling:
- non-Schedule P calc 1inter-company pooling:
- disclosures— E (2017.Spring #22) materiality standard:
- propose 3 standards 2materiality standard:
- pick best standardRMAD:
- does RMAD exist— E (2017.Spring #23) SAO:
- disclosureswork of others:
- assessmentSAO:
- identify errors— E (2017.Spring #24) AOS (E):
- user/purposeAOS (E):
- languageAOS (E):
- disclosuresAOS (E):
- related resourcesE (2017.Spring #25) RMAD scenario:
- identify risksRMAD scenario:
- mitigationRMAD scenario:
- issues with mitigation—
- 1 See the Schedule P article Odomirok.15-P for the material regarding parts (a) & (b).
- 2 There is a typo in both sample answers in the examiner's report. The liability item Other Expenses is written as 10.5 instead of 0.5. (The final answer is correct however.)
2016 Exam Questions
reference part (a) part (b) part (c) part (d) E (2016.Fall #20) SAO opinion:
- type of opinionRMAD:
- does RMAD existRMAD:
- bright line indicator test— E (2016.Fall #21) retroactive reinsurance:
- type of opinionretroactive reinsurance:
- treatment in SAO— — E (2016.Fall #22) AA qualifications: 4
- defn of qualified actuaryappointed actuary:
- info in SAO (id section)appointed actuary:
- info to regulator (new appointment)— E (2016.Fall #23) SAO:
- purposeSAO:
- Relevant Comments (Exs)— — E (2016.Fall #24) AOS:
- construct items A-E— — —
reference part (a) part (b) part (c) part (d) E (2016.Spring #20) SAO opinion:
- type & disclosures 3AA qualifications: 4
- defn of qualified actuary— — E (2016.Spring #21) data:
- data testing by auditordata:
- Sched P reconciliationerrors:
- steps to take— E (2016.Spring #22) RBC: see Odomirok.19-RBC
- Company Action Level 1SAO opinion:
- type & disclosures— — E (2016.Spring #23) IRIS:
- disclosuresIRIS 11:
- calculation & disclosures— — E (2016.Spring #24) materiality standard:
- propose 3 standardsRMAD:
- does RMAD existRMAD:
- general risk factors— E (2016.Spring #25) ASOPs:
- for analyzing reservesreporting:
- location of items 2— —
- 1 See RBC article Odomirok.19-RBC for the material regarding part (a).
- 2 General question on location of various items within: Actuarial Report, Annual Statement, SAO, AOS
- 3 Question #20a.i has an error in the examiner's report. The examiner's report states that the other actuary's credentials is not a required disclosure. This is incorrect as Section 4.10 of COPLFR does indeed state credentials as one of the required disclosures.
- 4 This question is outdated as of the 2020.Fall syllabus because the definition of qualified actuary changed.
2015 Exam Questions
reference part (a) part (b) part (c) part (d) E (2015.Fall #21) appointed actuary:
- new appointment— — — E (2015.Fall #22) SAO opinion:
- language for opinionRMAD:
- does RMAD existAOS(E):
- calculate IRIS 11— E (2015.Fall #23) materiality standard:
- propose 4 standardsmateriality standard:
- pick best standardRMAD:
- does RMAD existRelevant Comments:
- assumptions / methodsE (2015.Fall #24) materiality:
- definition 1reserve range:
- calculation issues 2RMAD:
- analyze 3 scenarios 3— E (2015.Fall #25) Scope:
- items to disclosediscounting:
- items to disclose— —
- 1 See AAA.Materiality for the definition of materiality.
- 2 This is a general question on potential difficulties in calculating reserves ranges.
- 3 This is a general question on assessing RMAD for given scenarios.
reference part (a) part (b) part (c) part (d) E (2015.Spring #22) materiality standard:
- propose 2 standardsRMAD:
- does RMAD existmateriality standard:
- propose 2 more standardsRMAD scenario:
- identify risksE (2015.Spring #23) IRIS Ratio comments:
- location in SAOSAO:
- organizationRelevant Comments:
- identify errors/omissions— E (2015.Spring #24) SAO vs AOS:
- identify differences— — —
2014 Exam Questions
reference part (a) part (b) part (c) part (d) E (2014.Fall #20) SAO opinion:
- type of opinionSAO opinion:
- reason for opinionSAO opinion:
- disclosures for opinion— E (2014.Fall #21) SAO opinion:
- identify errorswork of others:
- disclosurespools & associations:
- disclosures— E (2014.Fall #22) materiality:
- propose 3 standardsRMAD:
- does RMAD exist— — E (2014.Fall #23) AOS (A,B,C,D):
- construct items A-DAOS (E):
- calculation & wording— —
reference part (a) part (b) part (c) part (d) E (2014.Spring #24) materiality standard:
- propose/justify a standardmateriality standard:
- location in SAORMAD:
- does RMAD existRMAD:
- languageE (2014.Spring #25) Disclosures:
- discountingDisclosures:
- pools & associations 2Disclosures:
- type of opinionDisclosures:
- changes in assumptions/methodsE (2014.Spring #26) AOS:
- non-confidential info 1AOS:
- info not found elsewhere— —
- 1 A complete answer here requires knowledge of Schedule P. See Odomirok.15-P.
- 2 There's a helpful forum discussion on the answer to part (b) provided in the examiner's report.
2013 Exam Questions
reference part (a) part (b) part (c) part (d) E (2013.Fall #24) Relevant Comments:
- disclosures 1— — — E (2013.Fall #25) Scope:
- contentsScope:
- identify errors— — E (2013.Fall #26) SAO opinion:
- Exhibit A & Schedule P 2SAO opinion:
- Exhibit A— — E (2013.Fall #27) qualified actuary: 4
- definitionlong-duration contract:
- definitionSAO exemption:
- financial hardship 3RMAD:
- necessary disclosures
- 1 Open-ended question worth 5.25 pts on required disclosures in the Relevant Comments section of the SAO. It involves calculation of IRIS ratios. See NAIC.IRIS.
- 2 Were the requirements for Exhibit A changed since 2013? The answer in the examiner's report does not agree with Exhibit A in the SAO example from Odomirok:
- 3 This exemption is discussed in the first COPLFR appendix, NAIC Instructions, Section 1B.
- 4 This question is outdated as of the 2020.Fall syllabus because the definition of qualified actuary changed.
2012 Exam Questions
reference part (a) part (b) part (c) part (d) E (2012.Fall #25) disclosures:
- yes/no on 5 items— — — E (2012.Fall #26) SAO opinion:
- type of opinionSAO opinion:
- qualified opinion— — E (2012.Fall #27) SAO exemption:
- analyze 3 scenarios 1— — — E (2012.Fall #28) materaility standard:
- justify actuary's selectionmateraility standard:
- identify management errormateraility standard:
- propose an alternative— E (2012.Fall #29) AOS(A,B,C,D):
-construct exhibit 2AOS(E):
- construct exhibit— —
- 1 This exemption is discussed in the first COPLFR appendix, NAIC Instructions, Section 1B.
- 2 Not enough information provided (actuary's range is not given)