Difference between revisions of "BattleTables - COPLFR"
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− | | Questions held out from | + | | 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]].)'' |
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Revision as of 23:25, 27 October 2020
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-shareE (2019.Spring #22) SAO opinion:
- type of opinionRMAD:
- does RMAD existSAO opinion:
- new LOB
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— E (2018.Fall #24) disclosures:
- location of 8 items— — —
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 standardsmateriality 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).
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) appointed actuary:
- standards forappointed 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:
- 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 & associationsDisclosures:
- 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.
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:
- 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, 2016 NAIC Instructions, Section 1B.
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 3— —
- 1 This exemption is discussed in the first COPLFR appendix, 2016 NAIC Instructions, Section 1B.
- 2 Not enough information provided (actuary's range is not given)
- 3 Answer 1 in examiner's report is outdated