Actuary exam 1 - Study guides, Class notes & Summaries

Actuary Exam 1: 2 of 3 Questions & Answers 2023/2024 What distribution would you use? Number of insurance claims during a given time period. - ANSWER-Poisson What distribution would you use? Number of deaths per year from a given group of people. - ANSWER-Poisson What distribution would you use? Number of mail pieces recieved in a day? Or number of phone calls recieved in a hour? - ANSWER-Poisson What distribution would you use: Suppose on average that a web page gets 2 hits per mi...

Actuary Exam 1 Questions & Answers 2023/2024 Mutually Exclusive Outcomes: - ANSWER-Outcomes that cannot occur simultaneously. (disjoint) Exhaustive Outcomes: - ANSWER-Combine to the entire probability space. Or, one of the outcomes must occur whenever the experiment is performed. DeMorgan's Laws: - ANSWER-(A or B)' = A' & B' ; (A & B)' = A' or B' Basic Probability: A - B = - ANSWER-A & B' Basic Probability: A = - ANSWER-(A & B) or (A & B') Uniform Probability: - ANSW...

Mutually Exclusive Outcomes: correct answers Outcomes that cannot occur simultaneously. (disjoint) Exhaustive Outcomes: correct answers Combine to the entire probability space. Or, one of the outcomes must occur whenever the experiment is performed. DeMorgan's Laws: correct answers (A or B)' = A' & B' ; (A & B)' = A' or B' Basic Probability: A - B = correct answers A & B' Basic Probability: A = correct answers (A & B) or (A & B') Uniform Probability: correct answers Each ...

VA Life Insurance, Health Insurance, and Annuities Exam Rated A+ A & H accident and health absolute assignment assignment by the policy owner of all control and rights to a third party Accidental Death Insurance A form of health insurance that provides payment, if death of the insured results from accident. Accidental Death insurance is often combined with Dismemberment insurance in a form called "Accidental Death & Dismemberment (AD&D)" Accidental and Sickness Insurance again...

CDFA Exam Study Materials Latest Update Graded A+ 5-year cliff vesting An employee who has at least five years of service must have a non- forfeitable right to 100% of the employee's accrued benefit [IRC §411(a)(2)(A)]. 3- to 7-year vesting (7-year graded vesting) An employee who has completed at least three years of service must have a non-forfeitable right to at least the following percentages of his or her accrued benefit: 20% after three years of service, 40% after four years o...

CDFA Exam Study Materials Latest Update Graded A+ 5-year cliff vesting An employee who has at least five years of service must have a nonforfeitable right to 100% of the employee's accrued benefit [IRC §411(a)(2)(A)]. 3- to 7-year vesting (7-year graded vesting) An employee who has completed at least three years of service must have a non-forfeitable right to at least the following percentages of his or her accrued benefit: 20% after three years of service, 40% after four years of servic...

Actuary Exam Questions & Answers 2023/2024 An insurer offers a health plan to the employees of a large company. As part of this plan, the individual employees may choose exactly two of the supplementary coverages A, B, and C, or the may choose no supplementary coverages. The proportions of the company's employees that choose coverages A, B, and C are 1/4, 1/3, and 5/12, respectively. Determine the probability that a randomly chosen employee will choose no supplementary coverage. A. 0 ...

CAS Exam 6 (US) - SAO, AOS, Actuarial ReportNAIC National Association of Insurance Commissioners -- coordinates regulation of (but does NOT regulate) insurance across the US -- missions: protect PHs by combining market and financial regulation Common documents filed with state insurance regulators SAO (Statement of Actuarial Opinion), AOS (Actuarial Opinion Summary), IEE (Insurance Expense Exhibit), RBC (Risk-Based Capital), IRIS Ratios (Insurance Regulatory Information System) ...

FIN 3204 Exam 1 Questions & Answers 2023/2024 Ratemaking - ANSWER-refers to the pricing of insurance and the calculation of insurance premiums Rate - ANSWER-the price per unit of insurance Exposure unit - ANSWER-the unit of measurement used in insurance pricing premium = rate * exposure units Actuary - ANSWER-person who determines rates and premiums Underwriting - ANSWER-refers to the process of selecting, classifying, and pricing applicants for insurance Statement of underw...