SOA Exams & Modules
Summary of Questions Question Answer What are the modeling improvements? Modeling Improvements: Adding an interaction term, factorizing a variable, using a tree-based model to take care non-linear relationship. Describe / Explain … (how X is used). Definition of X Explain one way how X is used Discuss … Definition / Effects Evaluate the influence to the subject Examples: discuss the …
Principal Components and Cluster Analyses LEARNING OBJECTIVES The candidate will be able to apply cluster and principal components analysis to enhance supervised learning. The Candidate will be able to: Understand and apply K-means clustering. Understand and apply hierarchical clustering. Understand and apply principal component analysis. Chapter Overview As you can tell from its name, Exam PA is mostly concerned …
Accounting Principles
OPBT Rollforward Analysis Summary Fee Based Income Insurance Operating Income Beginning – Last Year One-off – Claims Experience Actual claim profits – Expected claim profits, from basic and UDR products Actual claim profits – Expected claim profits, from PPR products Expense Experience Actual expense profits – Expected expense profits Lapse and Persistency Experience Anything else that are difficult to …
Issued: Dec 1987 Superseded by: ASC Summary Scope: For universal life-type contracts that were not addressed by FASB Statement No. 60, Accounting and Reporting by Insurance Enterprises. For limited-payment long-duration insurance contracts and investment contracts and amends Statement 60 to change the reporting of realized gains and losses on investments. Applicability: {US-FAS97-6} Investment contracts, Long-duration contracts that do not …
Classification of Insurance Contracts
Insurance contracts are classified as short-duration or long-duration contracts.
Long-duration contracts: insurance contracts that are expected to remain in force for an extended period include contracts, such as:
whole-life,
guaranteed renewable term life,
endowment, annuity, and
title insurance contracts.
Otherwise, short-duration contracts.
most property and liability insurance contracts.
Defined Terms cedant The policyholder under a reinsurance contract. deposit component A contractual component that is not accounted for as a derivative under IAS 39 and would be within the scope of IAS 39 if it were a separate instrument. direct insurance contract An insurance contract that is not a reinsurance contract. discretionary participation feature A contractual right to receive, …
Product Classification Definition of Insurance Contract An insurance contract is a contract under which the insurer accepts significant insurance risk from the policyholder by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder. Definition of Insurance Risk Insurance risk is risk, other than financial risk, transferred from the policyholder to the …
Please note that the information contained in this post is based on my own research and understanding of the topic. While I have made every effort to ensure its accuracy, I cannot guarantee that it is completely error-free. If you notice any errors or omissions, please let me know so that I can correct them. Applicability FAS 60 …
Coding & Programming
Formula Expression XLOOKUP () or XLOOKUPBYNAME () Purpose to apply a mapping rule table by searching any table in the database looking for a matching record based on up to 10 key values, and returns the value of the specified field from the lookup table if a match is found or a defined default value otherwise.. Benefits use a table …
Calculation Steps timeline title RiskIntegrity version 10 under IFRS17 for GMM & VFA BOP section Period start OPENING_CURRENT: Opening Balance at Current DR CHANGE_IN_ESTIMATES _FS_SOP: Changes in Estimates that relate to Future Service – Period Start CHANGE_IN_ESTIMATES _FINANCIAL_RISK_SOP : Changes in Estimates linked to Financial Risk – Period Start CHANGE_IN_ESTIMATES _ISR_SOP : Changes in Estimates that adjust the Insurance Service …
File Management CopyFolder Function: CopyFolder (Source As String, Target As String) As Integer Copies contents of a source folder including subdirectories to the target folder. If target folder exists then it will be deleted before copy operation is performed. Returns True(-1) if successful or False(0) if failed. Example: DeleteFolder Function: DeleteFolder (FolderName As String) As Integer Deletes a directory with …
Types of Tables Tables are used at many levels in AXIS for many different: uses, structures, and shapes Table Hierarchy Characteristics Cell Tables Used only by cells, or by sub-objects linked to cells Support policy level calculations at the cell level Projection Tables Used by higher level objects, such as sub-funds, funds and offices Column-specific shape Rows are financial years …
Background There are times you are interested in summing up the results across various dimensions with specified conditions or indicators to exclude some results from the ARRAY_SUM function. There is an incident that I need to separate medical health UCOI cash flows from total medical UCOI cash flows, because there are different loss ratios for these two types of UCOI …
What is calculation looping? Calculation looping is a process whereby parts of the calculation are repeated several times. In many ways it is similar to the rebasing facility. However, calculation looping differs from rebasing in the following ways: With calculation looping the parts that are repeated are repeated for the whole of the period of calculation. With rebasing only the …