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Hi There are marks available for other ideas in all the sections you mentioned. You absolutely need to explain your next steps clearly so the...

Hi Naman For many health and care policies with a fixed sum assured, surplus and risk XL work in a similar way. For our products, it helps to...

Apologies Emma - I've updated the file in the first post to include the latest questions :) Good luck with the exam. Sarah

Hi Emma The first post in this thread (on page 1) has the latest file which has all the 2023 exam questions included. Thanks Sarah

Hi Eleanor Assets are indeed whatever investments the company holds, and as you say they will be from a variety of sources including premiums,...

Hi Joseph The ASET solutions are available in The Hub. You should be able to log in (using details provided by ActEd) and have access to a...

Hi Naman Cross subsidies are where an insurer charges a different amount for policies than that determined in the pricing basis alone. It does...

Please see responses below: Definitions: Q1) Claim Incidence is date at which single benefit is paid out? Yes, we usually use for a single claim...

Not a stupid question at all :) No audit trail is required for X1, 50 marks is the full length of this assignment.

Here is the latest SA1 topical issues document for the 2024 exams. The intention of this document is to encourage you to read around the subject...

Hi Elliott I'd avoid pivot tables / charts in CP2 - they are tricky to document to another user. They add complexity to the spreadsheet that...

Hi Darragh I think you're referring to a check in the spreadsheet here comparing the ratio of the swim lambda and the change in the swim times....

Hi Darragh Firstly, this is quite an old CA2 paper, and the style of exam has changed slightly since then as there are new exam teams involved...

The IFoA publish a guide to CP2 which includes some suggested planning/reading times:...

It's hard to say exactly the number of marks that would be lost here. However, your approach, to do something that allowed you to complete the...

Hi George Sorry to hear you didn't pass CP2. Getting the wrong answer in the modelling for Paper 1 doesn't lose many marks (just for that part...

Sorry you're having and issue with this. I've just checked the PDF and it does agree with the SA1 papers in 2022. Perhaps download the papers again?

In the alternative scenario, the difference is only calculated over the fixed rate period which is reduced to 5 years. Therefore we would expect...

X is as defined in the question, a random number from the normal (0,1) distribution. A large negative has been chosen so that it should always...

Hi Darragh 1. This has been to be consistent with how the mortality improvement was applied in the Get Active scenario. If you look at columns...

Absolutely - sounds like a sensible check, as you say it is just an approximation.

If we assume the interest/inflation happens mid way through each year, it happens at times 0.5, 1.5, 2.5 etc. The average of these is 7.5, so we...

Hi Darragh As ever, the exact details of this check are not the more important thing, focus on doing something to give confidence that the...

The $1m comes from the fact that the retention limit has reduced from $5m to $3m. On average, claims would sit between these limits and say we'd...

Hi Darragh Q1: Here, the examiners are saying that the expected return without the guarantee is $152,240. Under the annual guarantee scenario,...

From your comment above it sounds as if it is allowing for the return being for half of the period (so for your example, 2 months with the return...

Hi Darragh There was no single approach needed here. If you checked the points included in the marking schedule you would have been awarded...

Hi There are no Series Y assignments for Subject CP2 (they are only available in the CS and CM Subjects), however there are the standard Series X...

Hi Darragh 1. Either approach would have been fine, just state your assumption clearly in your audit trail. 2. This has been used in the audit...

They are the ActEd Solutions and Exam Technique - we go through the past IFoA papers, explain how to arrive at the spreadsheet solution, suggest...

Hi Darragh Your approach seems reasonable to me and would have been fine in the exam. Worth noting here that you didn't have to do a chi-square...

Hi Darragh ActEd produce an alternative solution in our ASET document and in this, we started the moving average at 02/01/2021. Either approach...

Hi Megha Sure you'll find someone who is sitting both. My advice would be to get through the SP1 content first and then work on SA1 as it very...

Hi Dane Yes, you'll be sent a link to the recording the day after the tutorial along with the solutions. I'll be the tutor for that course so if...

The short answer to this one is in Paper 2, unless you are told otherwise, don't look for errors in the existing calculations. If you were asked...

I don't think it matters which way you do this as long as it is documented clearly.

I'd be tempted to add something along those lines in Paper 1 to show it should be addressed. For Paper 2 I would phrase it differently and...

The first thing to say here is that any check on the results would have been acceptable here, and it didn't have to be the calculation outlined...

If you look at the marking schedule for this paper you'll see the examiners only awarded half marks for checks that were not automated.

Those assumptions are all fine - although I might add the first one in to the point from the audit trail on this. Marks can be scored for any...

The comments are brief, but it does state the source of the data and explain the check that the random numbers are between 0 and 1 and that the...

You didn't miss anything, it was fine to use monthly payments and would have scored full marks, just ensure you make any necessary assumptions....

1. You could use charts here, and yes the phrase 'analysis of the data' suggests this. However, it wasn't a requirement and you could have score...

This is a tricky one, in the Sept 2020 paper the mark scheme included two specific points about the Goal Seek explanation. So, I think mentioning...

1. Reasonableness checks can just be included in the audit trail as comments about why the results appear as would be expected. The mark scheme...

Yes absolutely :)

You can find a more specific breakdown of the marks in the marking schedule for each paper, you will see exactly what the examiners are looking...

Hi Rachael 1. I think the graph you are referring to is the one you are asked to produce in Q2 (iv). So, as it was part of the question I would...

There were no significant changes to CP2 as part of the syllabus changes. The more recent exams will obviously better reflect the style of the...

If you get an incorrect result that then leads to incorrect conclusions you will lose some marks for your discussion of the results. However, the...

Hi Rachael You should include checks in the summary to the extent that they demonstrate the results can be relied upon. You should also include...

You should document everything in your spreadsheet, so yes, briefly explain what parameters are included (no need to give values). Worth...

Hi Rachel Yes - many students find the results and conclusions the hardest section! It's hard to say a definite time split, you may generate...

That data change would be fine as long as you justify it (as you say :)). That assumption is given as we using each score individually, it is...

Independence of parameters could be something like, 'the investment return and lapse rates rate are independent' (if we are not modelling any...

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...

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 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...