ST7 April 2011 Exam

So what did people make of the April 2011 ST7 paper?

I thought the paper was mostly ok, but I felt the weeks before the exam i'd spent revising the material was largely a waste of time - the exam seemed to be mostly only loosely related to the material, and i'd probably have got a pretty similar mark if i'd never picked up the ST7 material at all. Of course it could be that i've just forgotten the relevant parts of the course though!

For example:
11 marks about use of policy exclusions - not covered in the material (but loosely relates to the characteristics of insurable risks I suppose)
10 marks for operational risk examples - not covered in the material (but relates to operational risk section I suppose)
4 marks about travel insurance - not covered in material (details of 20+ classes listed in the notes, but this wasn't one of them)
10 marks about using ALM for investment decisions - from CA1 (also in ST7)

Also, the IBNR question for 11 marks - this caught be out - I think i've done all the reserving Q&A, assignment, and various old exam questions, but I don't remember seeing any like that. Was it just me, or did anyone else struggle with that?

 

The april 2011 exam papers are now up on the institute web site

I'd forgotten about Q3(ii) - outline the appropriateness of the main types of reinsurance for the lloyds syndicate's book of business

This seemed an odd question to me - all you know about the lloyds syndicate is (a) that it is a lloyds syndicate, and (b) that it writes all its business in the uk. This doesn't seem alot to go on! I ended up pretty much just listing a few of the obvious potential advantages and disadvantages of the main 5 types of ri, but i'm sure you're somehow meant to make more use of the information provided. Does anyone know what they were looking for here?

 

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