An Acted tutor pointed out that it's a good plan to have a list of word associations for key words in CA1. First of all what are the key ones? Secondly what are the key associations? I appreciate we should be doing this work ourselves, but thought I'd post on here in case I'm missing key words or points. I have: Small Company - Lack of capital, diversification, expertise & data. exposed to volatile experience Large company - economies of scale, in-house expertise, lots data. greater investment freedom. General Insurer - volatile claims, liquidity issues, reinsurance, competition, underwriting cycle, cross subsidies, claim delays Life Insurer - Long term, matching, investment freedom, regulation Overseas - currency risk, political unrest, custodian, poor info, expertise needed, poor regulation New company - lack of data, expertise, experience. new business strain, need for reinsurance. Well established company - lots data & past experience. can cope with volatility (smooth profits). Any help would be much appreciated! I'm finding it quite overwhelming trying to learn the bookwork, never mind everything else on top.
This is excellent, thanks for posting it. I was just wondering, but what are the association for a "medium-sized company"?
Sullyfer has given an excellent list of word associations below. For example Sullyfer gives the key features by size of company as: I'm afraid there's not an exciting word association for a medium-sized company. A medium-sized company will have more data/experience/capital than a small company, and less than a large company. You can use word associations in any part of the course, but here are a few to add to Sullyfer's lists: General insurer - uncertain claim amounts and frequency, moral hazard, liquidity, perils, renewal rates, reinsurance, court awards, catastrophes/concentrations of risk, underwriting cycle, solvency, profits. Life insurer - mutual or proprietary, mortality/morbidity, selection, underwriting, investment, lapses/surrenders, solvency, profitability. Defined benefit - sponsor risks (investment, mortality, expenses), regulation, unknown cost, discretionary benefits, maturity of scheme, options, financing methods, predictable/understood benefit, salary link. Defined contribution - member risks (investment, annuity rates), investment choice, admin charges, flexible, portable, unpredictable benefits, fixed sponsor cost. Best wishes Mark
