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'
 +
|-
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|| '''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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|Note that in the BattleTables below, you can click <span style='font-size: 12px; font-weight: ; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 1px 5px 1px 5px; margin: 5px;'>E</span> in the left-hand column to open a PDF with the '''question and answer''' from the examiner's report '''for just that question'''.
 
|Note that in the BattleTables below, you can click <span style='font-size: 12px; font-weight: ; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 1px 5px 1px 5px; margin: 5px;'>E</span> 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===
 +
 +
: {| 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;"
 +
|-
 +
! 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
 +
 +
|-
 +
|| [https://www.battleacts6us.ca/pdf/Exam_(2019_1-Spring)/(2019_1-Spring)_(21)_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 #21)'''</span>
 +
|| '''SAO opinion''': <br> - Exhibit A
 +
|| '''Scope''': <br> - language (data)
 +
|| '''disclosures''': <br> - pooling vs quota-share <span style="color: red;"><sup>'''1'''</sup></span>
 +
| style="background-color: lightgrey;" |
 +
 +
|-
 +
|| [https://www.battleacts6us.ca/pdf/Exam_(2019_1-Spring)/(2019_1-Spring)_(22)_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 #22)'''</span>
 +
|| '''SAO opinion''': <br> - type of opinion
 +
|| '''RMAD''': <br> - does RMAD exist
 +
|| '''SAO opinion''': <br> - new LOB
 +
| style="background-color: lightgrey;" |
 +
 +
|}
 +
 +
: <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===
 +
 +
: {| 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)
 +
 +
|-
 +
| [https://www.battleacts6us.ca/pdf/Exam_(2018_2-Fall)/(2018_2-Fall)_(21).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;">'''(2018.Fall #21)'''</span>
 +
|| '''SAO opinion''': <br> - Exhibit A & Schedule P
 +
|| '''AOS (A,B,C,D)''': <br> - construct items A-D
 +
|| '''SAO opinion''': <br> - type of opinion
 +
| style="background-color: lightgrey; text-align: center;" | &mdash;
 +
 +
|-
 +
| [https://www.battleacts6us.ca/pdf/Exam_(2018_2-Fall)/(2018_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;">'''(2018.Fall #22)'''</span>
 +
|| '''SAO opinion''': <br> - language for opinion
 +
|| '''RMAD''': <br> - propose language
 +
|| '''materiality standard''': <br> - other standards
 +
| style="background-color: lightgrey; text-align: center;" | &mdash;
 +
 +
|-
 +
| [https://www.battleacts6us.ca/pdf/Exam_(2018_2-Fall)/(2018_2-Fall)_(23).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;">'''(2018.Fall #23)'''</span>
 +
|| '''reporting''': <br> - location of item
 +
|| '''Scope''': <br> - identify errors/omissions
 +
|| '''SAO opinion''': <br> - type of opinion <span style="color: red;">'''<sup>2</sup>'''</span>
 +
| style="background-color: lightgrey; text-align: center;" | &mdash;
 +
 +
|-
 +
| [https://www.battleacts6us.ca/pdf/Exam_(2018_2-Fall)/(2018_2-Fall)_(24).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;">'''(2018.Fall #24)'''</span>
 +
|| '''disclosures''': <br> - location of 8 items
 +
| style="background-color: lightgrey; text-align: center;" | &mdash;
 +
| style="background-color: lightgrey; text-align: center;" | &mdash;
 +
| style="background-color: lightgrey; text-align: center;" | &mdash;
 +
 +
|}
 +
 +
: <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_(2018_1-Spring)/(2018_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;">'''(2018.Spring #25)'''</span>
 
| [https://www.battleacts6us.ca/pdf/Exam_(2018_1-Spring)/(2018_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;">'''(2018.Spring #25)'''</span>
−
|| '''materiality standard''': <br> disclosure considertions <span style="color: red;">'''<sup>1</sup>'''</span>
+
|| '''materiality standard''': <br> - disclosure considertions <span style="color: red;">'''<sup>1</sup>'''</span>
−
|| '''materiality standard''': <br> potential difficulties <span style="color: red;">'''<sup>1</sup>'''</span>
+
|| '''materiality standard''': <br> - potential difficulties <span style="color: red;">'''<sup>1</sup>'''</span>
 
|| '''RMAD''': <br> - propose language
 
|| '''RMAD''': <br> - propose language
 
| style="background-color: lightgrey; text-align: center;" | &mdash;
 
| style="background-color: lightgrey; text-align: center;" | &mdash;
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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>
−
|| '''appointed actuary''': <br> - standards for
+
| 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
+
|| '''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;" | &mdash;
 
| style="background-color: lightgrey; text-align: center;" | &mdash;
 
| style="background-color: lightgrey; text-align: center;" | &mdash;
 
| style="background-color: lightgrey; text-align: center;" | &mdash;
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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;" | &mdash;
 
| style="background-color: lightgrey; text-align: center;" | &mdash;
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: <span style="color: red;">'''<sup>2</sup>'''</span> General question on location of various items within: ''Actuarial Report, Annual Statement, SAO, AOS''
 
: <span style="color: red;">'''<sup>2</sup>'''</span> General question on location of various items within: ''Actuarial Report, Annual Statement, SAO, AOS''
 +
 +
: <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>
−
|| '''Relevant Comments''': <br> - discounting
+
|| '''Disclosures''': <br> - discounting
−
|| '''Relevant Comments''': <br> - pools & associations
+
|| '''Disclosures''': <br> - pools & associations <span style="color: red;">'''<sup>2</sup>'''</span>
−
|| '''SAO opinion''': <br> - type of opinion
+
|| '''Disclosures''': <br> - type of opinion
−
|| '''Relevant Comments''': <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, ''2016 NAIC Instructions, Section 1B''.
+
: <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 <span style="color: red;">'''<sup>3</sup>'''</span>
+
|| '''AOS(E)''': <br> - construct exhibit
 
| style="background-color: lightgrey; text-align: center;" | &mdash;
 
| style="background-color: lightgrey; text-align: center;" | &mdash;
 
| style="background-color: lightgrey; text-align: center;" | &mdash;
 
| style="background-color: lightgrey; text-align: center;" | &mdash;
Line 474: Line 580:
 
|}
 
|}
  
−
: <span style="color: red;">'''<sup>1</sup>'''</span> This exemption is discussed in the first COPLFR appendix, ''2016 NAIC Instructions, Section 1B''.
+
: <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)''
−
 
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: <span style="color: red;">'''<sup>3</sup>'''</span> Answer 1 in examiner's report is outdated
 

Latest revision as of 13:45, 23 April 2023

Back to COPLFR.SAO

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-D 		AOS(E):
- calculation & disclosure
E (2019.Spring #19) RMAD:
- bright line indicator test 		RMAD:
- bright line indicator test
E (2019.Spring #20) Identification:
- identify errors/omissions 		Opinion:
- identify errors/omissions 		Opinion:
- qualified opinion 		SAO Qualified Opinion:
- disclosures
E (2019.Spring #21) SAO opinion:
- Exhibit A 		Scope:
- language (data) 		disclosures:
- pooling vs quota-share 1
E (2019.Spring #22) SAO opinion:
- type of opinion 		RMAD:
- does RMAD exist 		SAO 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 P 		AOS (A,B,C,D):
- construct items A-D 		SAO opinion:
- type of opinion 		—
E (2018.Fall #22) SAO opinion:
- language for opinion 		RMAD:
- propose language 		materiality standard:
- other standards 		—
E (2018.Fall #23) reporting:
- location of item 		Scope:
- identify errors/omissions 		SAO 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 SAO 		SAO:
- required sections 		SAO:
- disclosures 		—
E (2018.Spring #21) disclosures:
- yes/no on 5 items 		— — —
E (2018.Spring #22) work of others:
- considerations 		Relevant Comments:
- changes in assumptions/methods 		Relevant Comments:
- no changes in assumptions/methods 		—
E (2018.Spring #23) Schedule P reconciliation:
- potential difficulties 		AOS(A):
- range of reserve estimate 		SAO opinion:
- type of opinion 		—
E (2018.Spring #24) AOS(A,B,C,D):
- identify contents 		AOS(E):
- interpretation by regulator 		AOS(E):
- calculation & disclosure 		—
E (2018.Spring #25) materiality standard:
- disclosure considertions 1 		materiality standard:
- potential difficulties 1 		RMAD:
- 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 language 		SAO opinion:
- type of opinion 		AOS (A,B,C,D):
- construct items A-D 		—
E (2017.Fall #23) inter-company pooling:
- location in SAO 		inter-company pooling:
- identify errors 		inter-company pooling:
- describe concept 		—
E (2017.Fall #24) work of others:
- considerations 		work of others:
- disclosures 		work of others:
- disclosures 		—
E (2017.Fall #25) reinsurance collectibility:
- disclosures 		reinsurance collectibility:
- reasons for 		reinsurance collectibility:
- assessment of 		—
E (2017.Fall #26) materiality standard:
- propose a standard 		materiality standard:
- disclosures 		materiality standard:
- other standards 		materiality standard:
- location in SAO
reference part (a) part (b) part (c) part (d)
E (2017.Spring #13) inter-company pooling:
- Schedule P calculation 1 		inter-company pooling:
- non-Schedule P calc 1 		inter-company pooling:
- disclosures 		—
E (2017.Spring #22) materiality standard:
- propose 3 standards 2 		materiality standard:
- pick best standard 		RMAD:
- does RMAD exist 		—
E (2017.Spring #23) SAO:
- disclosures 		work of others:
- assessment 		SAO:
- identify errors 		—
E (2017.Spring #24) AOS (E):
- user/purpose 		AOS (E):
- language 		AOS (E):
- disclosures 		AOS (E):
- related resources
E (2017.Spring #25) RMAD scenario:
- identify risks 		RMAD scenario:
- mitigation 		RMAD 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 opinion 		RMAD:
- does RMAD exist 		RMAD:
- bright line indicator test 		—
E (2016.Fall #21) retroactive reinsurance:
- type of opinion 		retroactive reinsurance:
- treatment in SAO 		— —
E (2016.Fall #22) AA qualifications: 4
- defn of qualified actuary 		appointed actuary:
- info in SAO (id section) 		appointed actuary:
- info to regulator (new appointment) 		—
E (2016.Fall #23) SAO:
- purpose 		SAO:
- 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 3 		AA qualifications: 4
- defn of qualified actuary 		— —
E (2016.Spring #21) data:
- data testing by auditor 		data:
- Sched P reconciliation 		errors:
- steps to take 		—
E (2016.Spring #22) RBC: see Odomirok.19-RBC
- Company Action Level 1 		SAO opinion:
- type & disclosures 		— —
E (2016.Spring #23) IRIS:
- disclosures 		IRIS 11:
- calculation & disclosures 		— —
E (2016.Spring #24) materiality standard:
- propose 3 standards 		RMAD:
- does RMAD exist 		RMAD:
- general risk factors 		—
E (2016.Spring #25) ASOPs:
- for analyzing reserves 		reporting:
- 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 opinion 		RMAD:
- does RMAD exist 		AOS(E):
- calculate IRIS 11 		—
E (2015.Fall #23) materiality standard:
- propose 4 standards 		materiality standard:
- pick best standard 		RMAD:
- does RMAD exist 		Relevant Comments:
- assumptions / methods
E (2015.Fall #24) materiality:
- definition 1 		reserve range:
- calculation issues 2 		RMAD:
- analyze 3 scenarios 3 		—
E (2015.Fall #25) Scope:
- items to disclose 		discounting:
- 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 standards 		RMAD:
- does RMAD exist 		materiality standard:
- propose 2 more standards 		RMAD scenario:
- identify risks
E (2015.Spring #23) IRIS Ratio comments:
- location in SAO 		SAO:
- organization 		Relevant 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 opinion 		SAO opinion:
- reason for opinion 		SAO opinion:
- disclosures for opinion 		—
E (2014.Fall #21) SAO opinion:
- identify errors 		work of others:
- disclosures 		pools & associations:
- disclosures 		—
E (2014.Fall #22) materiality:
- propose 3 standards 		RMAD:
- does RMAD exist 		— —
E (2014.Fall #23) AOS (A,B,C,D):
- construct items A-D 		AOS (E):
- calculation & wording 		— —
reference part (a) part (b) part (c) part (d)
E (2014.Spring #24) materiality standard:
- propose/justify a standard 		materiality standard:
- location in SAO 		RMAD:
- does RMAD exist 		RMAD:
- language
E (2014.Spring #25) Disclosures:
- discounting 		Disclosures:
- pools & associations 2 		Disclosures:
- type of opinion 		Disclosures:
- changes in assumptions/methods
E (2014.Spring #26) AOS:
- non-confidential info 1 		AOS:
- 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:
- contents 		Scope:
- identify errors 		— —
E (2013.Fall #26) SAO opinion:
- Exhibit A & Schedule P 2 		SAO opinion:
- Exhibit A 		— —
E (2013.Fall #27) qualified actuary: 4
- definition 		long-duration contract:
- definition 		SAO exemption:
- financial hardship 3 		RMAD:
- 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:
Mr. Smith's SAO & AOS
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 opinion 		SAO opinion:
- qualified opinion 		— —
E (2012.Fall #27) SAO exemption:
- analyze 3 scenarios 1 		— — —
E (2012.Fall #28) materaility standard:
- justify actuary's selection 		materaility standard:
- identify management error 		materaility standard:
- propose an alternative 		—
E (2012.Fall #29) AOS(A,B,C,D):
-construct exhibit 2 		AOS(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)
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