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Sept 2005 Q2i) - Level of detail

T

td290

Member
As a general rule, it seems that SA3 examiners like detail a lot more than previous subjects. For example, when I attempted this question I mentioned that it would be necessary, and potentially quite difficult, to allow for changes in T&Cs and I gave a few brief examples, imagining that there would probably be at most one or two marks for this, as we might have expected at CA1. Looking at the examiners’ solution, they expanded this point significantly and had a full list of T&Cs for non-proportional and proportional RI, with details of how to allow for them and the types of rating models this would require. So my questions are:

1) How do you know when to stop? We could have had loads of fun with this list. How about ALAE and whether it is costs inclusive or pro rata in addition? Or top-and-drop T&Cs?

2) How do you know you’re not wasting your time because they’re actually looking for more detail on, e.g. how to allow retrospectively for emerging experience from reserving exercises or how to deal with new or lapsed business rather than renewals, both of with receive little if any attention in the examiners’ report?
 
Hi td290,

You're right that an SA3 answer will require much more detail than for previous subjects. The examiners are looking for breadth of discussion and so you need to generate lots of points about lots of different things.

You should note that, particularly for the longer question parts, there will be many more points mentioned on the examiners' schedule than will be required for full marks, on the basis that no student would be able to (or have time to) write down every point on the schedule. So don't worry if you don't think of them all.

In terms of when to stop - very simplistically, you stop when you've used up all your allocated time for the question part you're working on. However, within this allocated time, you need to make sure you get the most important points written down first as these are the ones that are most likely to score the most marks. You can achieve this by spending time planning your answer (ie generating ideas and then grouping them and then organising them into a sensible order) before you start writing.

Keep re-reading the question to check that you're still answering the question that's been asked and remember that it will always be easier to score marks for the most important points that you write down first, rather than chasing around after marks for the more obscure points - so do move on once the time is up.

I hope that helps.

Coralie
 
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