Difference between revisions of "Cook.Personal"
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Based on past exams, the '''main things''' you need to know ''(in rough order of importance)'' are: | Based on past exams, the '''main things''' you need to know ''(in rough order of importance)'' are: | ||
− | * | + | * fact 1... |
− | * | + | * fact 2... |
: {| 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= | ||
|- | |- | ||
| [https://www.battleacts6us.ca/pdf/Exam_(2018_1-Spring)/(2018_1-Spring)_(06).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 #6)'''</span> | | [https://www.battleacts6us.ca/pdf/Exam_(2018_1-Spring)/(2018_1-Spring)_(06).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 #6)'''</span> | ||
− | || | + | || '''Assigned Risk Plan''': <br> - describe ARPs |
− | || describe | + | || '''Joint U/W Associations''': <br> - describe JUAs |
|| operational diff of each | || operational diff of each | ||
− | || | + | | style="background-color: lightgrey" | |
|- | |- | ||
| [https://www.battleacts6us.ca/pdf/Exam_(2018_1-Spring)/(2018_1-Spring)_(08).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 #8)'''</span> | | [https://www.battleacts6us.ca/pdf/Exam_(2018_1-Spring)/(2018_1-Spring)_(08).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 #8)'''</span> | ||
− | || | + | || see [[Germani.GovtIns]] |
− | || | + | || '''government participation''': <br> - beachfront/windstorm |
− | ||FAIR | + | || '''FAIR plans''': <br> - rationale, operation |
− | || | + | | style="background-color: lightgrey" | |
|- | |- | ||
| [https://www.battleacts6us.ca/pdf/Exam_(2017_2-Fall)/(2017_2-Fall)_(06).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 #6)'''</span> | | [https://www.battleacts6us.ca/pdf/Exam_(2017_2-Fall)/(2017_2-Fall)_(06).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 #6)'''</span> | ||
− | || JUA vs ARP | + | || '''JUA ''vs'' ARP''': <br> - loss-sharing, volatility |
− | || | + | || '''reinsurance facility''': <br> - opns, servicing, profits |
− | || | + | | style="background-color: lightgrey" | |
− | || | + | | style="background-color: lightgrey" | |
|- | |- | ||
| [https://www.battleacts6us.ca/pdf/Exam_(2017_1-Spring)/(2017_1-Spring)_(06).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 #6)'''</span> | | [https://www.battleacts6us.ca/pdf/Exam_(2017_1-Spring)/(2017_1-Spring)_(06).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 #6)'''</span> | ||
− | || | + | || '''rate change disapproved''': <br> - insurer actions |
− | || | + | || '''impact of disapproval''': <br> - on residual market size |
− | || | + | || '''residual vs voluntary mkt''': <br> - policyholder impact |
− | || | + | | style="background-color: lightgrey" | |
|- | |- | ||
| [https://www.battleacts6us.ca/pdf/Exam_(2017_1-Spring)/(2017_1-Spring)_(07).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 #7)'''</span> | | [https://www.battleacts6us.ca/pdf/Exam_(2017_1-Spring)/(2017_1-Spring)_(07).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 #7)'''</span> | ||
− | || | + | || '''reducing insurer risk''': <br> - coverage restrictions |
− | || | + | || '''ARP ''vs'' JUA''': <br> - risk assignment |
− | || | + | || see [[NAIC.Telematics]] |
− | || | + | | style="background-color: lightgrey" | |
|- | |- | ||
| [https://www.battleacts6us.ca/pdf/Exam_(2016_2-Fall)/(2016_2-Fall)_(08).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 #8)'''</span> | | [https://www.battleacts6us.ca/pdf/Exam_(2016_2-Fall)/(2016_2-Fall)_(08).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 #8)'''</span> | ||
− | || | + | || '''high-risk driver programs''': <br> - characteristics |
− | || | + | || ''auto residual market''': <br> - describe 1 program |
− | || purpose | + | || '''FAIR''': <br> - purpose |
− | || uninsurable | + | || '''FAIR''': <br> - uninsurable risks |
|- | |- | ||
| [https://www.battleacts6us.ca/pdf/Exam_(2016_1-Spring)/(2016_1-Spring)_(08).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 #8)'''</span> | | [https://www.battleacts6us.ca/pdf/Exam_(2016_1-Spring)/(2016_1-Spring)_(08).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 #8)'''</span> | ||
− | || | + | || '''RF ''vs'' JUA''': <br> - why necessary |
− | || JUA | + | || '''RF ''vs'' JUA''': <br> - profit allocation |
− | || why | + | || '''residual markets''': <br> - why necessary |
− | || | + | | style="background-color: lightgrey" | |
|- | |- | ||
| [https://www.battleacts6us.ca/pdf/Exam_(2015_1-Spring)/(2015_1-Spring)_(08).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;">'''(2015.Spring #8)'''</span> | | [https://www.battleacts6us.ca/pdf/Exam_(2015_1-Spring)/(2015_1-Spring)_(08).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;">'''(2015.Spring #8)'''</span> | ||
− | || | + | || '''reinsurance facility''': <br> - advantages over ARP |
− | || JUA vs | + | || '''(b)''' RF ''vs'' JUA similarity <br> '''(c)''' ARP ''vs'' JUA similarity |
− | || JUA | + | || '''JUA, RF, ARP''' <br> - least preferred |
− | || | + | || '''(e)''' state A vs B: res. mkt. <br> '''(f)''' state A vs B: insurer actions |
|- | |- | ||
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|| argue for a program | || argue for a program | ||
|| argue for a program | || argue for a program | ||
− | || | + | | style="background-color: lightgrey" | |
|} | |} | ||
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==In Plain English!== | ==In Plain English!== | ||
+ | |||
+ | Alice the Actuary likes to drag race her Lamborghini down the city streets of Miami & L.A. She's a glamtastic adrenaline junkie and she has often told me, | ||
+ | |||
+ | : "''Live fast, die young, and leave a beautiful corpse.''" | ||
+ | |||
+ | Unfortunately, that makes it hella hard for her get auto insurance. She's been on the phone for the <u>60 days</u> begging an agent to give her a policy, but no luck. She has no choice but to go to an <u>Assigned Risk Plan</u> ''(ARP)'' also called Auto Insurance Plan ''(AIP)''. These plans must all offer policies with the <u>minimum statutory limits</u>, although the particular insurer may offer higher limits if they wish. Alice declines the higher limits. Even the premiums for the minimum limits are steep. | ||
+ | |||
+ | Alice was still a little worried about being rejected by the ARP because she ''habitually violates the laws (speeding, reckless driving)'' but she managed to squeak by the underwriter. According to Cook, certain drivers are <u>ineligible</u>, even for the ARP, if: | ||
+ | |||
+ | * they don't have a valid driver's licence | ||
+ | * they have a felony conviction within the past 36 months | ||
+ | * they habitually violate the law <span style="color: red;"><== ''that's the one Alice was sweating!''</span> | ||
[https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Cook&suffix=Personal§ion=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> | [https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Cook&suffix=Personal§ion=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> | ||
− | |||
==BattleCodes== | ==BattleCodes== |
Revision as of 03:13, 17 February 2019
Pop Quiz
BattleTable
Based on past exams, the main things you need to know (in rough order of importance) are:
- fact 1...
- fact 2...
reference part (a) part (b) part (c) part (d) E (2018.Spring #6) Assigned Risk Plan:
- describe ARPsJoint U/W Associations:
- describe JUAsoperational diff of each E (2018.Spring #8) see Germani.GovtIns government participation:
- beachfront/windstormFAIR plans:
- rationale, operationE (2017.Fall #6) JUA vs ARP:
- loss-sharing, volatilityreinsurance facility:
- opns, servicing, profitsE (2017.Spring #6) rate change disapproved:
- insurer actionsimpact of disapproval:
- on residual market sizeresidual vs voluntary mkt:
- policyholder impactE (2017.Spring #7) reducing insurer risk:
- coverage restrictionsARP vs JUA:
- risk assignmentsee NAIC.Telematics E (2016.Fall #8) high-risk driver programs:
- characteristicsauto residual market':
- describe 1 programFAIR:
- purposeFAIR:
- uninsurable risksE (2016.Spring #8) RF vs JUA:
- why necessaryRF vs JUA:
- profit allocationresidual markets:
- why necessaryE (2015.Spring #8) reinsurance facility:
- advantages over ARP(b) RF vs JUA similarity
(c) ARP vs JUA similarityJUA, RF, ARP
- least preferred(e) state A vs B: res. mkt.
(f) state A vs B: insurer actionsE (2014.Spring #8) E (2013.Fall #10) assignment of ins in JUA, RF & ARP E (2012.Fall #13) AIP vs JUA argue for a program argue for a program
Full BattleQuiz You must be logged in or this will not work.
In Plain English!
Alice the Actuary likes to drag race her Lamborghini down the city streets of Miami & L.A. She's a glamtastic adrenaline junkie and she has often told me,
- "Live fast, die young, and leave a beautiful corpse."
Unfortunately, that makes it hella hard for her get auto insurance. She's been on the phone for the 60 days begging an agent to give her a policy, but no luck. She has no choice but to go to an Assigned Risk Plan (ARP) also called Auto Insurance Plan (AIP). These plans must all offer policies with the minimum statutory limits, although the particular insurer may offer higher limits if they wish. Alice declines the higher limits. Even the premiums for the minimum limits are steep.
Alice was still a little worried about being rejected by the ARP because she habitually violates the laws (speeding, reckless driving) but she managed to squeak by the underwriter. According to Cook, certain drivers are ineligible, even for the ARP, if:
- they don't have a valid driver's licence
- they have a felony conviction within the past 36 months
- they habitually violate the law <== that's the one Alice was sweating!
Full BattleQuiz You must be logged in or this will not work.
BattleCodes
Memorize:
Conceptual:
Calculational: