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Hi, Case reserves are estimates of the cost to settle individual claims that have been reported to the insurance company but not yet settled....

Hi Rishita As mentioned by Ian and Darren above, it is just a naming convention thing. If you do the calculations from first principles, you will...

Hi Rishita First of all, we should calculate the premium written from the binding authority for each year. This is equal to 4.5 (=15 * 30%) in...

Hi Profit testing means evaluating whether the premium rates charged by the annuity will generate satisfactory profits or not. In order to perform...

Hi @Ian Senator I've hit the wall regarding this question and the above link you shared seems not to be available. Can you please advise how can I...

Hi Krishna Having studied SP9, I concur with David's above advice. I would not recommend someone taking SP9 before clearing CP1. CP1 is a...

Hi, As you are probably aware, one important concept used in creating insurance companies' accounts is the accrual concept whereby income and...

Hi Neha, IMO, limiting the severity would mean capping the maximum claim amount that the insured can claim from the insurer, this could be per...

Hi Jun The safest and quickest option if you are not given the GWP for the previous year is to assume that the company is large and stable, such...

Hi Anna Many thanks for the above. This is definitely very helpful. I will also check the 2 questions you mentioned as well.

I personally found an SP9 tutorial to be very helpful. The tutor already summarises the important stuff in the slides and you also have some great...

Hi Orla, The audit trail allows the model to be followed by a senior actuary and to be corrected and worked on by a fellow student. So, we are...

Hi Smith, An executive summary would generally include what your report is trying to communicate and key ideas in the balance of the report. So,...

Thanks so much, Darren - this really helps! A very happy new year to you :)

Hi, Please have a read at the IFoA PPD guide. From the competencies, there are 4 that are mandatory to be completed before applying for...

It's okay now on my side.

Hi, Results would be released at 6 pm UK time as it has always been the case. The Institute does not plan to change the timing in the near future...

Hi, This should be roughly two weeks.

Hi, The syllabus for the SP9 subject can be found here if you want to have a look at the topics: SP9-Syllabus-2022.pdf (actuaries.org.uk) To...

The Assessment team sent an email on the 20th of August 2021 confirming the timelines: Examinations and results timeline The key dates for the...

Hi Benoy, Perhaps, drawing a timeline might help you to see the risk profile of the project. We are told in the question that the risk doubles...

Thanks Ian.

Hi Eleanor, The joining instructions are available within the "Review exam bookings" page of "My Exams". As Trevor mentions, you would have also...

I don't think that would be an issue, as long your script is readable and the examiners are able to read it.

Hi Smith, 1) All questions will be within the pdf exam paper file. 2) The exam handbook of the IFoA says that only a word file will be accepted...

"See" you there, Anna! Thanks for sharing :)

Sorry, you might need to wait until tomorrow. Call the member services and ask them why? Or it might perhaps load in some 1 hour. I requested mine...

Perhaps, try clearing your cookies and check again?

Hi @N_Exam, I did attempt all the questions starting from 2005 to 2020 (when I passed it). IMO past examination questions are your friends and the...

Hi, I understand from a friend that your result letter would not be released until the case is concluded. Your exam history will display (H) -...

Hi, The usual is 18 00 UK time and i guess this is unchanged for years (don't think it will change).

Hi, Final sign off form is filled only when you have all the requirements to qualify either Associate or Fellow. To qualify for this, you would...

Hi @Simon James Silly question, but grateful if you could please confirm whether our understanding aligns: Payment frequency: Swaps: Multiple...

Hi, The syllabus has not changed substantially from YoY since the 2019 curriculum. You can sit for the September 2021 exams provided you commit...

Thanks so much David - makes sense. Appreciate the way you highlighted the contrast between "Describe" and "Discuss".

Hi @Lauren Rest assured i don't think the IFoA gonna be harsh because of that. I'm quite sure they allow for a margin. Best wishes.

I can confirm that I am not booked in CP3, but yet received it. So, should be for all exams.

Indeed, it does! Thanks so much David.

Regarding your first point: The assessment draws upon, though not exclusively, material from the core modules and will be set in an actuarial...

The loss ratio is reflective of what would be the likely experience. Higher loss ratios are reflective of higher claim payouts. Valid claim is...

Hi, Lapse rates of 5% per month, a loss ratio of 50% etc are mentioned in the question paper on Page 2. Further assumptions regarding the product...

Hi, It is recommended that you clear your history/cache and then start the process of creating your account (think I saw that somewhere). Anyone...

Hi, I did that during the previous sessions and I have not been penalised in any way. Just ensure that you save your exam within the exam...

Hi @Helen Evans The IFoA sent an email to all students booked onto 2021 April exams on 26 March with Subject "April Examinations 2021 - Important...

Hi, Yes, as mentioned above, if the need arises, you would be required to explain in details jargon that are too technical for a non-technical...

Hi, It is best practice to keep all the parameters that you use in a single worksheet labelled "Parameters". This would help future users of the...

Definitely makes sense, thanks Anna!

Hi, The idea of jargon would be different across papers. But the concept is fairly simple. You would first need to consider your audience when...

Hi, Doesn't matter. I would advise you to work in the same spreadsheet and not to lose time in the exams creating and copying in an another...

Hi, Yes, best practice would be to keep the data you receive as is, perhaps label the tab as "raw data". Then to make a copy of the same sheet and...

Hi Anna, Thank you so much for this. This seems way simpler now!

Hi Anna, Thank you so much with this detailed way of thinking. My mind is sore thinking of both scenarios and when thinking how it works. But it...

Thanks so much Anna!

Hi Michal You should see it next to your returned script. Once you submit, you should have access to the marking schedule. Can you double check...

Thanks David - definitely makes sense!

Hi Yohav, Risk Governance refers to the overarching processes and mechanisms by which decisions about risks are taken and implemented within an...

Please see below CMP upgrade for subject SP9. It is produced so that you can manually amend your 2020 CMP to make it suitable for study for the...

Hi Yohav, It's good you have underlined the key word in the question. The question says "how a general insurance company can manage the risks", so...

Perhaps the below might be of some help to you. CP1 : Past Papers : Relevant Questions | Actuarial Education (acted.co.uk)

Hi Aisha, Bear in mind that for a defined benefits scheme the scheme rules define the benefits independently of the contributions payable, and...

Hi, In my personal experience, i sat CP3 and CP1 together some 2 years back. It did work out. But i did practice loads for it. I barely used the...

Hi, Is there any part of the notes you are reading which is causing you confusion about the financial relationship between an insurer and its...

Thanks, I have emailed the Exam and Assessment team. Still waiting for an answer.

SP5 CMP Upgrade 2021.pdf (acted.co.uk)

Hi, The overriding principle in determining discontinuance terms is that the amount offered on discontinuance should be FAIR to: The policyholder...

It does! Thanks so much Anna!

It does help a lot! Thanks Anna, happy to know that there are many ways that the examiner would have accepted but your method seems okayish for me.

Hi @Acronym Lover , Start off with a zero-coupon bond redeemable at par. The equation relating to the price and the GRY P = 100/ (1+i)^n...

CB3 is structured in the sense that you need to watch videos from i-coach, then do a workbook, participate in a game and taking an online quiz....

Hi Nyaman, From your P2 marks, it might be that the structure of your responses doesn’t allow you to cover sufficient areas of the course to score...

Perhaps, wait until Friday as there may have been several thousands of requests? Don't worry I don't think they will miss sending you yours.

When I did the PSC (December 2019), all materials were in the VLE. Sorry, I cannot be of much help. Anyone who did an earlier version might be...

As far as I know, you cannot appeal under this. Have a read at the appeal policy, there is a list of pre-defined answers that your application...

Hi, Yes, the PSC course has a timetable and you will have to complete certain tasks before a deadline. Just to confirm, I see you mention CB3...

Yes, i got an email to say it is within the member's area. It is within the exam result letter area, below there is a section called "breakdown of...

Just received it. It now is within the members' area rather than sent out by mail.

Goodluck! You will see you will spend some few hours reading the notes (both for CP2 and CP3), but you would spend most of your time practicing...

On the website, it is written that the exams will be online: Exam dates 2021 | Institute and Faculty of Actuaries

Hi, In my personal opinion, if it is the first time you are writing CP1. I would suggest you to strongly stick to it only given the sheer size of...

Hi Anna, Can you help me please with this question on the calculation of both VaR and TVaR? Thanks

Congrats for your associateship! I did the PSC course one year back and don't know if the structure changed. But this is how it went for me....

The pass mark was 55.

For the April diet, i had requested months back but got the breakdown 2 hours after the release of the exam results on the same day. You would...

Hi, Yes, the IFoA has confirmed that both April and September 2021 exams will be held online. If you browse via the exams 2021 page, you will see...

Hi, The info section of the MS word/excel has the time you have created the file and last edited the file (basically when you saved it and closed...

Hi, CMP automatically adds in the 2 books automatically in your order. Each chapter has a "Task List" which redirects you to read pages in both...