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Hi, Case estimate is pertaining to individual estimation of reported outstanding claims only. case estimate is made for attritional claims as...
Looks like you are using E(X^2), where it should be [E(X)]^2. Actual answer is... Var(S)=E(N)*Var(X)+Var(N)*[E(X)]^2 =10*2+10*1^2=30
Apparantly, you are calculating the Reinsurer's claims ratio. Insurer's net claims ratio(INCR) for this case is (GWP - RP)/(GCI-RR) i.e....
Let L be loss amount, second column is \( \sum\limits_{L<=(x\%~of~MPL)} L \) third column is\( \sum\limits_{L>(x\%~of~MPL)} (x\%~of~MPL) \) you...
Largest risk that could be covered by this surplus treaty is 11m(Net of Quota shate, i.e. 1-60%) So at gross 11/0.4=27.5
Just calculate value present value at start point and end point Say duration is t Single rate (end value/start value) ^(1/t)
https://ifoa-www.s3.eu-west-2.amazonaws.com/live/s3fs-public/curriculum/specimen_papers/SPECIMEN%20EXAM%20PAPER_CS2B_IFoA_2019_final_0.pdf...
I can't tell specifically, however you can check papers from September 2016 exams, markings had been provided since then.
You can refer markings for calculation questions in the Examiners report of April 2018, assuming same marking ideology....
1. relationship between Gamma function \(\Gamma \) and factorial \( ! \) is \(\Gamma(n)=(n-1)! \) - now you can link the answer. 2....
ILF table is for Reinsurance contracts written on 1st Jan 2012, regardless of mid-point of risk. Actuary wish ILF curve for Reinsurance contract...
Base statistics from latest years of data of a grounp. Complement statistics is from prior years analysis of the same group, so we need more data...
Similar, Incurred claims= paid claims + c/f outstandings - b/f outstandings. Paid claims:- whatever paid in the duration. c/f outstanding:-...
IBNER is included, pure IBNR is not. severity is a loss per claim, as pure IBNR is not yet reported we can't take into account of distribution....
Written Premium:- whatever receivable in the duration or whatever incept in the duration. c/f UPR:- not yet earned... so needs to be reduced. b/f...
https://archive.ics.uci.edu/ml/datasets/Insurance+Company+Benchmark+%28COIL+2000%29
I don't have practical experience, from rationale - If the model outputs risks and their subsets with the process how risk capital calculated from...
Reserves held are called reserves only. Capital allocated for reserve risk is over and above reserves held(you can take reference of Section 2.3...
Reserves brought forward is total of reserves brought forward related to all past Underwriting year, with expanding or contracting portfolios...
Reinsurance cover decrease the volatility more than proportional ceded. But if you scale down a distribution, you will scale down the standard...
Mean remain same as mean of NET claims distribution. For example you fit a distribution of Gross claims and have mean X, and Net claims have mean...
1. UPR = (Premium Received+Outstanding Premiums-Overpaid Premiums)*(period to which the UPR is apportioned)/(period to which the Premium is...
I think they meant Reinsurance Premiums as Exposure to Reinsurance Premiums, so after comparing paid and incurred recoveries by a line of business...
Retained profit= Shareholders' fund at t - Shareholders' fund at (t-1) Investment return= (Investment income on Insurance funds + Other...
CT1&5 and CT4&6 are going to combined into singles. And if we see base subjects under CTs are 1,2,3,7. I would say you should take CT3. CT3 -...
I don't have practical experience. I would try to apply my studies from reading course notes. for Run-off triangles of any type. Out of many...
Assuming a dataset of n policies with corresponding predictor variables, all with equal weight, as required. Let out-of-sample size m. Now, in the...
Hi Tharandeep, Before looking at the answer I also solved with assumption risk exposed is evenly over the year.(just like you) so got average,...
I interpret pass mark levels as variable pass marks... (maybe my English is not good enough.) Fine, even I think I should not waste my time in...
Formula for sample standard deviation is \(\sqrt{\frac{\sum X_i^2-(\sum X_i)^2/n}{n-1}}\)=\(\sqrt{\frac{n*\sum X_i^2-(\sum X_i)^2}{n*(n-1)}}\) now...
Well, my reply was for credibility of fixed pass marks rather than disclosure of pass marks. Because, you attached an old article to show evidence...
Article mentioned above is more than 5 years old. I think there must be a lot of changes since then. You may like to check latest talk on pass...
I will try to write in different way:- If you expect particular claims payment delay, say, 'x' from policy inception, and assumed patterns are...
For Accident Year data to policy year premium rating, we adjust to mid-point afwmter making uniform pattern assumptions. But, in this question...
take from Revenue account and balance sheet 320.7/626=0.51 and 433.1/646=0.67 we can see from Revenue Account UPR decreased by 37.2 during 2014....
Ouch! very fewer marks for this odd question. Understanding given information:- Let Y= aggregate loss cost, and \( x_i \)= loss from \(i^{th}\)...
1. Because partial credibility from classical credibility model is based on expected numbers... (you can check derivation given in the book)....
All multiple decrement model are multiple state model, not vice-versa Where is multiple decrement model have one active state and n(n>=1) exit...
Hi, full derivation is explained in Section 2.3 of Chapter 18.
Look out for list of insurers from IRDAI website, and apply to all, ideally after you'll complete your final exams awaiting results. And try to...
I will try to explain with a mathematical example:- Suppose, you have sample data with 4 outcomes. Let their absolute deviation from mean are...
Hi Pratik, As there are 2 claims, you need to consider 2 outcomes. You considered P(X=1) 1 time, and that inherently assumed that P(any X) in 2nd...
P(S<=2)=P(S=0)+P(S=1)+P(S=2) ... All the mutually exclusive. Now, P(S=0)=P(N=0) ... As there is no nil claim, zero can occur only when no claim...
Expected average date for payments. As payments are made after 1,2,...12 months, average 6. Well, I know answer is very naive.
12.74 is the inflated at inception. & For overall year, expected average date is 6 months. So payments 12.74*1.01^6 is inflated at occurance date,...
From point (n) "Assume all claims and per policy expenses are paid 9 months after inception."
Please excuse o(h) terms for this comment only, but mention in exam. Pij(t+h) =sum{Pik(t)Pkj(h)} ... Note: in sum all possible k....
They always publish in the evening time. I would say wait until 5 pm.
Thank You! :)
for life as an student Actuary - Beautiful by Eminem for life of recent qualified Actuary - Live your Life by T.I. feat. Rihanna
here we just need to find expected expenses. so for Expected claim expenses. .001201*90=0.108(P(death within 1st year)*Death claim expense)...
Hi jonathans, here I'll try to provide the same answer in general way(in exam, specific to given policy and given exposure measure is needed to...
From this, Tax:change-in-FR::3:7 i.e. change-in-FR is 70% of pre-tax profit(if we assume that there is no profit appropriation, so all net profit...
From this reply - the questions would not haunt shdh, but the askers.:D
Yes! Because, Valuation as-at-2011(loss ratio for a 2011 rating environment) needed.
Here, section 5.4 is applicable and there the process is explained in ActEd wordings.
Hi Nick, I know ALM model premium and cashflow. But, we can't use it for measuring insufficiency of premium charge or insufficiency of reserve...
Normally statistical models, whether stochastic or deterministic, differ because of their different purpose and xyz constraints. Now to ALM- it...
it is balancing item, it is defined by total assets less technical liabilities.
normally, if you see reserve from chain ladder for a particular AY,\( reserve=paid \times (cumulative~paid~development~factor - 1) ~ or = incurred...
Jonathan, they did developed but didn't show. you can see values in first table in solution is ultimate... i.e. developed claims/dev% e.g. for AY...
I don't know frequency of fee change by IFoA. But if the frequency is less than 1 in a year, then I would expect higher than UK inflation increase.
OP is correct, because commission is payable as a % of Office Premium.
undertakings shall consider incentives to redeem in the form of an interest rate step-up associated with a call option as limited where the...
if you're measuring probability from the PDF, then you can do it directly by basic integration. But if you measure any expected value, then it...
Whilst the insurer settling the claim. After waiting for a long time, policyholder to the insurer,"why are there too much clauses?" Insurer,...
Recent MRA between IAI and CAS was signed by presidents of respective Institute, I think same for IFoA. Now, I think you need to talk to council...
I agree with you if you meant gross amount by ultimate loss amount for policies written in 2011. Inflation ignored.
I'll give you 1-1 examples. Fixed cost:- rent Variable cost:- raw material Now rent is fixed whether output is 1 or n(less than full capacity)...
Hi Johnny Sins, Retrospective- from the past. Prospective- from the future. So, when you want to measure reserve retrospectively- you'll...
There are some fix cost and some variable cost. Sobif you increase number of production variable cost to per product will be constant but fix cost...
It's not feasible to write heavy equations here... you may like to watch - [MEDIA] others with Uniform Prior would be easy to solve after...
Both will give same answer but w=-tpx will be easier. And we know w=-tpx=-1 + integration of that from 0 to t. So its derivative will be 0 +...
No! -1 came because tpx+tqx=1 as I said before they're mutual exclusive and exhaustive events And for tqx it is integration from 0 to t
tpx is the probability of life aged x being alive at age x+1 tqx is the probability of life aged x not being alive at age x+1 Both are mutually...
1. -tpx=-1+tqx it's derivative wrt t is 0 + tpx*mu(x+t) 2. From 1st line integral... 0<s<t<infty So if you change t: (0, infty) indepemdent to s:...
I see unfairness. :( However, there is a benefit of being FIA. IFoA has more MRAs than any other.
I found an old thread- https://www.acted.co.uk/forums/index.php?threads/working-in-spain.227/ you may want to contact Mike_stefan from that post.
Hi, I've completed the CTs- It is true that assumed knowledge from basic CTs is needed to learn tough CTs in pace, and I believe and realized that...
Here your outflow is, 100+ inflation That means real outflow of 100, so you'd use real risk discount rate. So if 8% WACC is based on real-return...
Hi Alun, I think, though not sure, there should be written rather than written/earned... Because if we consider earned as its meaning in...
see the link in post #2 in this thread.
annuity rates fall - return will be lower - more chances that returns are lower than guaranteed - once annuity rate falls that returns are lower...
You can find by searching any life insurer. You may like:- https://www.licindia.in/Products/Withdrawn-Plans/The-Endowment-Assurance-Policy-(1)...
Then for 4m loss- 2m from first layer, 1m from second layer... Net loss 1m
The solution assumes 'Assume fire event occurred in 2009 as fire claims are generally notified quickly' so you'd consider layer 2.5 xs 2.5 and see...
as we have WhatsApp Web too - It would be a good choice or hangouts... I'll PM you my number.
Hi Deepak, looks like you've at most 2 Hrs a day to study on weekdays and some more in weekends... I am not in your situation to guide for exams-...
you may like General Insurance Reserving Seminar 2016 - there is a paper GLMs in reserving.
Hi there, I am having trouble understanding 'LR implied' for this question... what does it actually mean? how is it calculated? can anyone...
Hi there, I also want to join :) please add me.
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Hi, I am a student of Institute of Actuaries of India(IAI). as IAI adopted IFoA's exam structure I think I can answer your Qs. and I consider this...
r.act.hemant@gmail.com PS: I'd say you can get good replies in forum itself.
I like TI multiview over casio... I have used TI-30XS Multiview and some Casios. Advantage- while performing calculation, you can choose from...
In my knowledge, there is no limit per diet for IFoA's exam. And for IAI's not only CT, limit is applicable to CA1,STs and SAs too.
Most Likely, Yes! See - https://www.acted.co.uk/forums/index.php?threads/ifoa-exam-changes-student-survey.11867/
Hi Venkatesh, From the criteria, you don't need to clear Stage 2&3 However, you must take OPAT to get eligibility for CT9. PS: I am not a member...
Institute of Actuaries of India. IFoA do not limit.
you can write 3 written subjects on a diet, even if you take CT9.