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Your summary report is an explanation to a senior actuary of the overall project. The explanation of the model should be at a high level and so a...

Try and avoid needing to do this in the exam. It can be difficult with your audit trail, but you should try and ensure that it explains your...

The formula you have given is correct. It does appear that the examiners report formula is not consistent with earlier subjects, however it does...

Hi Bharti I'm afraid I can't help with this query. Perhaps you could try contacting the IAI directly? Kind regards Sarah

Hi Mossie I think this could be done in a couple of different ways. One option would be to ask the claimant to declare their income post...

Here is the latest SA1 topical issues document. As ever, this is not intended to be a full list of every area, but it should provide areas you...

Hi Orla It is generally 1 mark per reasonable, valid next step. To ensure your idea is awarded credit, make sure it is specific to the situation...

Hi Sankar I think you mean how to document the data/parameters in the audit trail, but let me know if you mean something different. It is always...

Congratulations on passing SA1 Danny! And thanks for your post - really great advice :)

We are told that 20% reduction caused a change of 0.7 years. We need to work out the mortality reduction that would lead to the target life...

Hi Jack You could have used find and replace (Ctrl+F) to change the variable names across all of the copied worksheet which might have saved you...

The app is still available for Android devices via Google Play: https://play.google.com/store/apps/details?id=com.acted.acronymapp

Hi Amit We would recommend doing as many past papers as you can. But you could concentrate on the papers since the syllabus change (so 2019,...

Hi Amit We tend to wait for the examiners' report to be published before updating the question log. The current version has all the questions...

Hi Amit We will update the topical issues in the early 2022. Many of the issues in the document are still relevant and you can look online for...

Hi Mary There aren't any plans at the moment. The number of students sitting SA1 is still low compared to other SA subjects. We did introduce...

Hi You are correct that there was an issue with this spreadsheet model and how it applied the minimum deliveries. The 'Cheapest driver first'...

Hi M Practising past papers is a great way to prepare for the exam. CP2 can be a time pressured exam, and being ready for that is half the...

Hi Tyler You wouldn't be penalised for creating a copy of a tab. You obviously shouldn't have two identical worksheets in a spreadsheet, so...

Hi I think that either approaches are fine here. Rounding means that three of the segments in the solution have 0.33 after the value, and this...

Yes, this question could still be asked. It would be set in a non-UK specific situation though.

Hi The file has been updated with the April 2021 questions. Thanks Sarah

Hi dimitris The exam question log is on the main SA1 forum page. The link below should hopefully take you to it too:...

Hi Ken A reasonableness check is any check you carry out that verifies the result of a calculation step looks 'reasonable' given the other...

Hi Christoforos I think you are referring to the final marks in the summary document. If you look in the Examiners' Report for the relevant...

Hi Christoforos I've had a look at this paper and the spreadsheet model and I think I agree with you that the cost looks too high in scenario 3....

cw812 - hopefully some students might let you know what they have found helpful for SA1, however the Examiners' Reports for SA1 are very...

Hi cw812 In this question it would have been fine. The actions in part (ii) depend on the cause of the loss, so as the solution says, if it was...

Hi cw812 It's worth starting by saying that many students struggled with this questions in the September 2017 exam - so don't panic if you are...

Hi This question was previously asked in the SP2 forum. You can find the answer from one of the tutor's here:...

Hi black_bird I'm afraid we don't have a list of acronyms for SA1. You can use some from earlier subjects such as Subject SP1 or CP1 (eg on...

The file at the top of the thread has been updated to include the Sept 20 paper.

Hi Mossie Whether or not reinsurance is considered as part of the premium review will depend on the terms of the premium review process (which...

Mugono is absolutely right. The examiners were thinking about the costs of compliance as well as the solvency capital requirements. If two...

Hi Chris We have students that regularly sit both SA1 and SP1 together. If you do decide to do this, it is important to have a good handle on...

Hi As Admin said, the tutorial bulletin explains we've only advertised courses that are starting in 2020 at the moment (there are dates in 2021...

Hi Mary26 We have had some issues with uploaded files since the Forums are back up and running. I have re-attached the file to the post at the...

Hi Arnab We have just found out too so have no more details than you do. Keep an eye out for more details. Keep studying in the same way for...

Hi Thanks for your message. An old version of the log was updated by accident - you're right, this question should show as no longer examinable....

Hi Arnab It's worth nothing first of all that there are over 18 marks available in this solution, and you only needed 13 to score full marks (and...

Aarti - the file at the top of the thread has been updated for the September 2019 paper. Thanks Sarah

The CMP upgrades are available on the ActEd website under the Products menu, then Core Study Materials. This link will take you to the relevant...

Hi CappyLG The feedback you've received sounds spot on - breadth is still important, particularly when you have a question worth a lot of marks....

I don't have an SA1 list of these I'm afraid. Any you may have used for SP1 could be useful, as could some CP1 acronyms (for example issues with...

If you are sitting the exam this sitting (ie 2019) you should purchase the 2019 version of the SA1 Course Notes (if you are a retaker this can be...

The file at the top of this thread has been updated for the April 2019 exam. Thanks Sarah

For exactly the reason you say, there were a lot of changes between 2018 and 2019. In the upgrade we list every Core Reading change (and...

Hopefully you would have some memory of this type of material from previous subjects. If you don't then try and think what the benefits are of...

I wouldn't ignore the situation and wherever you can tailor your ideas to the question. As you can see the solution does this with lots of...

Hi Geraldine Do you have the ST1 or SP1 Course Notes? Group pricing is discussed in Chapter 18 of the current SP1 course (and also Chapter 18 in...

Hi Becca This question could absolutely still be asked - there was no material on it in the notes on 2015 either so you're not missing anything!...

Hi Becca Claims underwriting is the process of checking the claim is valid. It will be carried out on all claims, whether there is front-end or...

Hi Geraldine Careless misrepresentation is something that is not done on purpose. We could use an example from the Course Notes about having...

Have a look on the individual SA subject threads on the forum. SA2 have a very similar document (much of the Core Reading is the same for SA1 and...

Hi Jesca Sorry - we can only make it available as a pdf. Sarah

The Guide to CP2 has been updated for 2019. This particular comment has been removed from the list what students are awarded marks for under the...

Here, I would reduce the marks if there were any sections of the report that were not easy to understand, poorly explained or confusing. Other...

Marks for data checks are generally clearly shown. If there is information in the question you could check (or comment on it's reasonableness)...

Hi I think my reply to another query you posted answers this too! From the IFoA Guide to CP2: If an answer does not look reasonable, check your...

You won't earn the relevant accuracy mark, but if this is the difference between getting stuck and not progressing the model and therefore not...

CPME refers explicitly to the exclusions of a policy being matched with a previous one, whereas NWT is a broader term and means that exclusions,...

For other subjects, question grids are available as part of our revision products. However, as there are no revision products for Subject SA1 we...

The intention here is that the fund would be exhausted by the end of the term, so no end of term value to the policyholder (not mentioned until...

Hi Arnab Yes, that's correct. Obviously for PMI investment income will be small but still worth mentioning :) Sarah

There is no reason this couldn't be offered on a group basis in a similar way to a group pension scheme. The 'individual' members have separate...

BLAGAB has not been tested in SA1 - but has in SA2. You can see from the exam question log (on the main SA1 page of the forum) that other tax...

For the SA1 exam you will only be expected to know the Solvency II material in Chapters 12 and 13 of the Course Notes. As given in Ch12, there is...

I would suggest you check directly with the IFoA.

I'd suggest you check with the IFoA.

Hi Kylie The diagram on p2 of Chapter 13 should help show what we need to consider under Solvency II. The BEL is a cashflow projection and...

I'm afraid I don't know about this. I suspect there aren't marks deducted. They will ask you to do this so they can easily link each file to...

The risk margin under Solvency II is determined using a cost of capital approach. It would be a notional cashflow. The material you have quoted...

Possibly - although the Core Reading does mention that acquisition costs shouldn't be deferred to the extent that: the receipt of future premiums...

No, it's been removed :)

We often mention "solvency capital" within of a cashflow projection and I would say this includes any required cost of capital.

I think we might have been talking at cross-purposes here! Chapter 8 about general "cost of capital" whereas when we talk about Solvency II we...

1. Capital would be any regulator capital required (such as the SCR) but also capital for other start up costs such as product development,...

You could get 0, 0.5, 1, 1.5 or 2 marks depending on how well you've done this. Same goes for all marks on the markscheme (as for most other...

Hi sarahr You can use a cashflow approach to determine the URR. The URR is the estimated cost of future claims on the policy, so this could be...

As Solvency II includes the present value of liabilities on a best estimate basis it will reflect new business profitability. This wasn't how...

The cost of capital is defined in Chapter 13. It is applied to the "projected capital requirement" which is a subset of the SCR representing the...

Hi There is a group pricing chapter in Subject ST1, although it is not particularly long (19 pages in 2017). Obviously Subject ST1 covers the...

Hi Yes, for reviewable premium business, at reviews, the insurer cannot recoup earlier losses. This is what I was trying to say in my first...

Hi Mossie The premium provision element is the expected cashflows (all of them!) on the future exposures. This part covers future experience....

Hi 1. Row/column references are fine if that is enough to indicate where a user can find something. Sometimes more specific references are...

Hi Geraldine You are quite right. The a[x] in the final step is not consistent with the rest of the solution. As you say, there is already...

There is a past paper question list provided with ASET for ST1 and the ST1 revision books also split questions up into broad topics. There aren't...

The solution to this question is suggesting that rather than using premiums to invest we use them to match other short-term outgoing cashflows....

Yes, there are a variety of different measured you could consider. I don't have any specific examples of when one thing might be more...

We're asked to state any assumptions so that should encourage you to consider what you are assuming as part of the calculation, so that should...

Thanks mossie :) Yes, it is covered in the glossary. As the definition says, it is not unemployment insurance, rather the level of benefits that...

The marks available for each element can vary for each paper so it is hard to break it down exactly. But, you could look at the examiner's report...

This means that if an insurer isn't able to offer a product to a particular customer, it should have a system in place where it can suggest...

Insurers can only review existing premiums if experience changes. But, if they were making a loss overall, just like any business, they would...

This means by reason for claim. I can't give you a definite practical example, but examples of reasons for claims could be stress, chronic back...

This just means that if we are writing new business, we may have assets with a longer duration than our current liabilities as we expect the...

Hi Mossie The size of insurer could be measured by a variety of things including the measures you said as well as contracts inforce, total sum...