April 2008 (merged thread)

So prize available for identifying the past exam paper

the Q2 came from. I couldn't find it on a quick scan but probably from the early 90's?

 

Exam Q2 & X6

SA3 exam April 08 - Q2 is almost word for word identical to Acted assignment X6.

Does anyone know which came first? Was the assignment a copy of an old exam question (fair enough?), or much more disturbing, is this the first time the exam question has been set (not very fair)? Which would imply the examiner is now copying Acted?

How do you feel about this? Did you do the assignment? Did you read a model solution?

Any thoughts

 

I've emailed Ian to find out where he got the question from. I'm sure it will be an old exam (although not post 97 since I've checked those!)

He'll probably comment on this thread when he gets a sec.

If it is not an old exam ie the examiners are basing questions on Acted assignments then it is a serious development, but I am sure it is not the case.

 

maybe its simply a coincidence?

 

What are bootstapping and Mack method? I work in pricing so got zero for this part!

Unfortunately I hadn't looked at assignment X6. What sort of things did people discuss for 2(i)?

 

Oh Darn! I am going to resit in september then.

Does anybody have model answer about part 1 Q2? I wasn't sure what it was asking: the individual risk factors or the claim features.

 

Me too. But to be fair, i don't think I had enough time to think of that question anyway.

Q2 is more annoying

 

Dead before the reading time had elapsed

Particularly disappointed by the examiners. The Bootstrapping and Mack's method was a killer.

I know reading round the material is meant to be important, but 14 marks with no clues on a chance bit of reading.

Having done all the past SA3 papers in preparation I had only come across one question that left me quite so stumped, and that was only for 5 marks. I was certain it wouldn't be for lack of knowledge that I'd fail. I was wrong.

Beaten by the lottery before my lack of exam technique could even kick in. Months of hard work thrown away. Pay rise slips through my fingers.

Does anybody else feel the same or are you all there sitting smugly having a quick chortle in my direction? Maybe my numbers will come up next time.

 

I agree re the 14 marker. The outside reading bit is a bit of a lottery and to have a 14 mark question on this lottery is a bit ridiculous. By all means ask about topical issues but maye 3 5 markers??? Just an idea.

A tough paper. I wrote plenty that I thought was relevant but have often done mock questions which I was happy about and then scored practically zero when looking at marking schedules

 

Q2 part 1

I was confused too. Presumably if you are to assess the premium, then you should look at risk factors. The exam question asked about features of exposure and claims experience whereas the ActEd assignment only refers to features of experience. To respond to the exposure part of the question, I mentioned the exposure measure and main rating factor for each class. The ActEd answer doesn't mention these but then the question is different.

 

I've went down a similar path. I did the assignments really early in the sitting, well before Xmas, so I had no recollection of the question. I discussed the main exposure measure and risk/rating factors for each of the classes.

 

I know how you feel Basic Chain Ladder!

It's been a while since I sat ST3, but I have a feeling that they've introduced a discussion of other reserving methods including Bootstrapping and Mack in the ST3 notes. Does anyone know if this is true? If it is, it totally favours new sitters rather than retakers.

 

GI is such a wide field, and with only 2 questions it should be no surprise to anyone that this exam is a lottery.

I am now convinced i failed.
Spoke to colleagues elsewhere in the company and bootstrapping/mack are well known. Some could not believe their luck, not just for that part, but the whole of Q1!

I get the feeling there are people who will get very high marks for Q1.

Oh well, such is life, maybe the sept exam will be questions on my specialist expertise!

 

Yes, the prize is a selection of random smilies which sum up my feelings on SA3.

 

I too would love to get a question in sept on "How not to figure out women" for 99 marks or so , but I fear it's unlikely.

 

September 1996 G1 Paper 1 Q(i) and (iii) are pretty similar to Q2 on April 2008. Part (i) asks for ads and disads of a captive set up by an industrial manufacturer. Part (iii) asks about factors to consider re capital required.

 

ha ha . . . everyone would pass, male or female!

out of interest, what would the remaining "make-or-break" 1 mark be for?

 

btw when does the institute put the exam papers online?

PS see you all again in September

 

I passed ST3 in September 2007. The 2007 notes don't include anything on bootstrapping or Mack. The 2008 version might, but then I guess the only people to benefit from this would be those doing ST3 and SA3 together this time. I wish I knew what bootstapping and Mack was before Monday

 

Bootstrapping and Mack method aren't covered by ST3...if only! I have up-to date notes for 2008 exams.

I've heard there is going to be a chapter on them in ST7 or ST8 after split in 2010.