Hi, I noticed in the ASET solutions and examiners report that for the point on jargon it says to give lower marks if there is "unexplained technical terms". Does this mean that if we use a term that is included in the jargon but we have explained it then we can still get the full marks? For example in the September 2017 paper I used the term "combined operating ratio", but explained that it was the sum of the claims ratio and expense ratio (and had explained both of these) and that it is basically the percentage of premium used to run the company - would I still be getting marks or would I be docked marks? The whole jargon point seems fairly undefined across a lot of questions and it seems like guesswork about what we can or can't say. For example again in September 2017, "volatile returns" is used and not explained and not even mentioned as possible jargon but "expense base" is apparently jargon. I didn't use expense base because it probably is jargon, but surely if that is so is volatile returns - I know which sounds more technical to me!
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 drafting a response which will then inform and guide you on the use of jargons. An example would be, if your communication audience is the public (press release), you would not be using terms such as IBNR, combined ratio without proper explanation of these concepts. However, if your audience is a technical one, for example, is a Board member, you could use some technical words but with some level of explanation. Hope this helps? I wish you luck if you are sitting for CP3.
Hi Darshan, Thanks for the reply, doesn't quite answer my question though. I get that there's different jargon for different groups, that makes sense. What I'm concerned about is whether or not we can use a word that would be considered jargon, if we include an explanation. In your example is it acceptable to say combined ratio with an explanation even if it is to the public?
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 audience.
