September 2007 Exam Just wondering what the general view was on yesterday's exam??? Found it tough myself, have myself resigned to repeating it next time around. Ran out of time at the end so only made a quick stab at the Loss ratio question (2nd last one i think) - anyone have an idea what you were supposed to do here?
How did you all find the exam? I felt it was unfair asking two questions on Loss ratio considering the amount of core reading on it...
Loss Ratio Yes, I found the question unfair also, for the following reasons: (i) There is very little on this in the course (ii) Part of it was 8 marks for a quick calculation, whereas elsewhere 8 marks entailed a lot of work. (iii) Part (ii) was written unclearly. It stated that the answer from (i) should be increased to 85, when in fact the answer to (i) was larger than 85. More significantly, it implied that increasing the Premium increases the Loss Ratio. Due to this, I thought my Loss Ratio formula was wrong, and wasted lots of time thinking about it. (iv) The question effectively gave a large chunk of marks for little work, even for those who had not studied the course in detail. I know of candidates who did very little study and yet got this question right. It's ridiculous to me that passing is contingent on such a question. I've emailed the examiners with my concerns, though I doubt they will do anything. I only hope that everybody got stuck with this one!
I just thought the whole exam was odd. And as a result quite difficult. What was the last question about? If you didn't get the corect framewok you were stuffed on those 5 marks and the remaining 16 marks. Pass mark needs to be 50% or less otherwise I've failed. Wht does anyone else think?
I think the last question was referring to the product design factors (competitiveness, risk, consistency etc.), of which there are around ten. Even then, it was a lot of work to write out commentary on these three times!
ST1 September paper I agree with the loss ratio questions. I was very suprised there were 2 on this topic when it is covered so briefly in the notes. I also got very confused with the question about 'increasing the loss ratio' and consequently spent way too much time trying to figure out what to do here. Last question was unfair because you are stuffed on part 2 if you don't get the correct points for part 1. I ended up spedning too much time on this last question due to the amount that had to be written so the rest of my paper was very rushed. I think I will be sitting this paper again in April. Bad enough being the only person in Australia who sat this paper! At least I had a choice of seats in the exam hall.
