April 2013

How did people find the exam? I thought the first 6 questions were ok but the last two were a struggle, expecially the last.

the exam is up on the website for those who want to torture yourselves.


http://www.actuaries.org.uk/students/pages/past-exam-papers

 

Question 10 was: A motorist, who has recently passed her driving test and purchased her first car, has obtained quotes for motor insurance that range from about £600 to over £9,000. She is puzzled about how it can be possible for insurers to provide such different quotes for exactly the same level of cover. Explain, with examples, the most likely reasons for the wide range of quoted amounts. (17 marks)

I work in a motor insurance company and I've just done CA1 where they pretty much covered this sort of idea or issue. I think I could have got near to full marks on this - so bleak this question wasn't kept for April 2014, which is when I'll do ST8!!

 

To be honest, if it was just the opening paragraph of the question that was asked, it would be a godsend. It's the rest of the question that makes it difficult. I imagine they're looking for more detail than a CA1 question would ask. I'd be surprised if anyone gets 34 distinct points from the examiners report to score full marks but I could be wrong.

I also think most people sitting the exam (including myself) work to some extent in motor so I'm not sure it would be a huge advantage.

 

Same question in CA1 April 2009 paper 2, question 4.