When we say Reserve at end of year, I think it means the reserve at end of policy year(e.g. ch24, P.34). It is different from reserve at start of next policy year because we need to divide the survival probability to get the reserve at start of next policy year.
However, in Paper B, like Apr 2022 Q1 and Sept 2023 Q4(iii), when the question ask for the Reserve required at year end, why I see the answer calculating reserve at start of next policy year? Thanks a lot!
However, in Paper B, like Apr 2022 Q1 and Sept 2023 Q4(iii), when the question ask for the Reserve required at year end, why I see the answer calculating reserve at start of next policy year? Thanks a lot!