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["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",1,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":1},null,null,null,null,null,null,null,null,null,"|"]
["Points:",2,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":2},"points",null,null,null,null,null,null,null,null,"|"]
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[null,"a.","(1 point)",null,null,null,null,null,null,null,null,"|","Source:","Baer.Intro",null,null,null,null,null,null,null,null,null,"|"]
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[null,null,"Identify 4 areas of Canadian legislation (federal or provincial) that promote the",null,null,null,null,null,null,null,null,"|","(1 point)","a.","This is a standard question that has been asked many times. [Hint: CIRCA-F]. Any 4 of:",null,null,null,null,null,null,null,null,"|"]
[null,null,"financial soundness of insurance companies.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"CREATION: oversee creation of (domestic) & licensing (foreign) of insurers",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"INVESTMENTS: restrictions on types of investments that are permitted (to reduce risk)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"RATING: authorization of rating bureaus for info-sharing",null,null,null,null,null,null,null,null,"|"]
[null,null,"Define the principle of 'indemnity'.",null,null,null,null,null,null,null,null,"|",null,null,"COMPLIANCE: give Govt depts authority to enforce compliance with legislation",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"ADEQUACY: create boards to oversee and ensure adequacy of rates",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"FILE F/S: require regular filing of Financial Statements",null,null,null,null,null,null,null,null,"|"]
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[null,null,"Is a life insurance policy an 'indemnity' policy? Explain.",null,null,null,null,null,null,null,null,"|","(0.5 points)","b.","- after covered loss, return insured to former financial position (before loss), and neither",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  penalize nor reward",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"(This is different from a contract of indemnity, which is: a contract where the amount",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"recoverable is measured by the insured's pecuniary loss.)",null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|","(0.5 points)","c.","- no, because a loss of life cannot be indemnified",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- life insurance is a contract that pays a certain sum upon death (irrespective of pecuniary",null,null,null,null,null,null,null,null,"|"]
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{"sheet":"2","index":2,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",2,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":2},null,null,null,null,null,null,null,null,null,"|"]
["Points:",1,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":1},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(0.25 points)",null,null,null,null,null,null,null,null,"|","Source:","KPMG.RegOv",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Describe the 'prior approval' rate regulatory approach.",null,null,null,null,null,null,null,null,"|","(0.25 points)","a.","prior approval:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- insurer approves (Rates, Rate Changes, Risk Classification) before use",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.5 points)","b.","use & file",null,null,null,null,null,null,null,null,"|"]
[null,null,"Describe the 'use & file' rate regulatory approach.",null,null,null,null,null,null,null,null,"|",null,null,"- insurer uses (Rates, Rate Changes, Risk Classification) then files with regulators",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- regulators can retroactively change rates within a certain period",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.25 points)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.25 points)","c.","open competition",null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify the rate regulatory approach used in Nunavut & Yukon.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"3","index":3,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",3,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":3},null,null,null,null,null,null,null,null,null,"|"]
["Points:",1.75,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":1.75},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(0.75 points)",null,null,null,null,null,null,null,null,"|","Source:","AAA.CrdSc",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify 3 uses of credit scores by insurers.",null,null,null,null,null,null,null,null,"|","(0.75 points)","a.","- as an U/W criterion",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- as a rating variable",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"- for assignment to tiers (and/or RSPs or FARM)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Provide 1 argument in favour of using credit scores and 1 argument against.",null,null,null,null,null,null,null,null,"|","(0.5 points)","b.","for (1 of these):",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - credit scores are statistically significant",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"    - credit scores won't change aggregate premium",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"against (1 of these):",null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify a concern a regulator may have about an insurer's use of credit scores in an",null,null,null,null,null,null,null,null,"|",null,null,"    - credit scores are unfairly discriminatory (poor families, recent immigrants)",null,null,null,null,null,null,null,null,"|"]
[null,null,"economic downturn, and identify a response an actuary might provide that addresses",null,null,null,null,null,null,null,null,"|",null,null,"    - credit scores may violate privacy",null,null,null,null,null,null,null,null,"|"]
[null,null,"the concern.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.5 points)","c.","potential concern (1 of these):",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - unwarranted increase in aggregate premium",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - distributional shift in individual premiums that doesn't reflect true cost differences",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"actuary's response (1 of these):",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - apply an off-balance factor to leave aggregate premium unchanged",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - stop using credit scores OR redo classification analysis once data has stabilized",null,null,null,null,null,null,null,null,"|"]
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["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",4,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":4},null,null,null,null,null,null,null,null,null,"|"]
["Points:",2,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":2},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(0.5 points)",null,null,null,null,null,null,null,null,"|","Source:","Marshall.Benefits",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify the 2 components of auto insurance benefits in Ontario.",null,null,null,null,null,null,null,null,"|","(0.5 points)","a.","- no-fault or accident benefits",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- tort or bodily injury",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.5 points)","b.","Any 1 of: [Hint: CLEV]",null,null,null,null,null,null,null,null,"|"]
[null,null,"According to the Marshall reading, \"Fair Benefits Fairly Delivered\", the benefits",null,null,null,null,null,null,null,null,"|",null,null,"  Cost control at the expense of care",null,null,null,null,null,null,null,null,"|"]
[null,null,"in Ontario auto insurance are not delivered fairly. Briefly describe 1 reason for this.",null,null,null,null,null,null,null,null,"|",null,null,"    - insurers emphasize control at the expense of care, but victims don't recover so final",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"      cost is higher not lower",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(1 point)",null,null,null,null,null,null,null,null,"|",null,null,"  Lawyers",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - lawyers' contingency fees are a percent of the settlement, so lawyers seek higher",null,null,null,null,null,null,null,null,"|"]
[null,null,"Ontario has a 5-point Action Plan to address the unfair delivery of benefits in Ontario.",null,null,null,null,null,null,null,null,"|",null,null,"      settlements not better care for victims",null,null,null,null,null,null,null,null,"|"]
[null,null,"Briefly describe 2 points in this plan.",null,null,null,null,null,null,null,null,"|",null,null,"  Entitlements",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - victims seek to maximize entitlements versus addressing own care needs",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Volume",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - providers are paid on volume of treatment, not results",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(1.0 point)","c.","Any 2 of:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  structural flaws",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - fix structural flaws by appointing an arms-length regulator with powers to enact",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"      policies & procedures",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"catastrophic injuries",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - change compensation system for catastrophic injuries because lawyers are taking too",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"      big a chunk",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  care not cash",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - focus on timely, appropriate medical care, not cash payouts",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"lawyers",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - make contingency fees transparent",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"smart regulation",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - allow insurers more regulatory freedom to compete on price & service",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"5","index":5,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",5,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":5},null,null,null,null,null,null,null,null,null,"|"]
["Points:",2.25,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":2.25},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"In each of the following scenarios, explain a likely outcome for the insurance company and cite",null,null,null,null,null,null,null,null,null,"|","Source:","Land.Cases",null,null,null,null,null,null,null,null,null,"|"]
[null,"any relevant precendents used to support the conclusion drawn.",null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.75 points)","a.","likely outcome:",null,"- insurer has no duty to defend",null,null,null,null,null,null,"|"]
[null,"a.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,"precedent:",null,"- Precision Plating v Axa Pacific Insurance",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"explanation:",null,"- the neighbour's claims were for contamination, not fire, and therefore",null,null,null,null,null,null,"|"]
[null,null,"The insured, a farmer, suffers a lightning strike to his property causing a tree to fall onto",null,null,null,null,null,null,null,null,"|",null,null,null,null,"  not covered by the farmer's policy",null,null,null,null,null,null,"|"]
[null,null,"a storage shed containing barrels of undiluted pesticides. The barrels are damaged and",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"pesticide spills onto a neighbouring property, although the neighbour's property was not",null,null,null,null,null,null,null,null,"|","(0.75 points)","b.","likely outcome:",null,"- insurer has no duty to defend",null,null,null,null,null,null,"|"]
[null,null,"directly damaged by the fire. Assuming the farmer's insurance policy covers fire,",null,null,null,null,null,null,null,null,"|",null,null,"precedent:",null,"- Sansalone v Wawanesa",null,null,null,null,null,null,"|"]
[null,null,"lightning, windstorm, etc…, does his insurer have a duty to defend his neighbour's claim of",null,null,null,null,null,null,null,null,"|",null,null,"explanation:",null,"- the driver's actions were intentional and injury was natural and",null,null,null,null,null,null,"|"]
[null,null,"contamination from the pesticides?",null,null,null,null,null,null,null,null,"|",null,null,null,null,"  probable so there was INTENT to cause injury",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"- intentional injury is excluded by the policy",null,null,null,null,null,null,"|"]
[null,"b.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.75 points)","c.","likely outcome:",null,"- insurer has no duty to defend",null,null,null,null,null,null,"|"]
[null,null,"A male limousine driver in Victoria, BC, is accused of sexually abusing a female passenger",null,null,null,null,null,null,null,null,"|",null,null,"precedent:",null,"- Nichols v American Home Assurance",null,null,null,null,null,null,"|"]
[null,null,"during a birthday party. The driver mistakenly believed consent had been given and wants",null,null,null,null,null,null,null,null,"|",null,null,"explanation:",null,"- since indemnification for fraud isn't covered by a professional",null,null,null,null,null,null,"|"]
[null,null,"the limousine company's insurer to defend him against the passenger's claim of abuse.",null,null,null,null,null,null,null,null,"|",null,null,null,null,"  liability policy, there is no duty to defend",null,null,null,null,null,null,"|"]
[null,null,"Is the insurer obligated to defend him?",null,null,null,null,null,null,null,null,"|",null,null,null,null,"- duty to defend is TRIGGERED by duty to indemnify, and there is no",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"  duty to indemnify",null,null,null,null,null,null,"|"]
[null,"c.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"A banker was accused of fraud in a money-laundering scheme, and wants",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"her professional liability insurer to defend her in court. Is her insurer obligated to ",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"defend her?",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"6","index":6,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",6,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":6},null,null,null,null,null,null,null,null,null,"|"]
["Points:",1.75,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":1.75},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(0.25 points)",null,null,null,null,null,null,null,null,"|","Source:","Harris.Tort",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Define 'joint and several liability'.",null,null,null,null,null,null,null,null,"|","(0.25 points)","a.","plaintiff may recover any or all damages from any or all the defendants",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.75 points)",null,null,null,null,null,null,null,null,"|","(0.75 points)","b.","Hint: ERF",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Eliminate joint and several liability",null,null,null,null,null,null,null,null,"|"]
[null,null,"Describe a proposed tort reform for joint and several liability",null,null,null,null,null,null,null,null,"|",null,null,"  Replace with proportionate liability",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  create a Fund for guilty parties who can't pay",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.25 points)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.25 points)","c.","evidence of plaintiff's collateral source need not be entered at trial",null,null,null,null,null,null,null,null,"|"]
[null,null,"Define the 'collateral source rule'.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.5 points)","d.","- eliminate the rule so that collateral sources can be taken into account when",null,null,null,null,null,null,null,null,"|"]
[null,"d.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"  determining award",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- advantage is that elimination reduces the likelihood of over-compensation",null,null,null,null,null,null,null,null,"|"]
[null,null,"Briefly describe a proposed tort reform for the collateral source rule, and state 1",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"advantage for the reform.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
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["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",7,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":7},null,null,null,null,null,null,null,null,null,"|"]
["Points:",2.5,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":2.5},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"An agricultural producer insures the production of corn under a plan with the",null,null,null,null,null,null,null,null,null,"|","Source:","Chev.Agric",null,null,null,null,null,null,null,null,null,"|"]
[null,"following details:",null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.75 points)","a.","agricultural insurance:",null,null,"- protects against production loss",null,null,null,null,null,"|"]
[null,null,"area of crop:",null,"40 hectares",null,null,null,null,null,null,"|",null,null,"agricultural stability:",null,null,"- protects against margin decline",null,null,null,null,null,"|"]
[null,null,"probable yield:",null,"14,000 kg/ha",null,null,null,null,null,null,"|",null,null,"agricultural recovery:",null,null,"- protects against disaster",null,null,null,null,null,"|"]
[null,null,"coverage level:",null,0.75,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"insured price:",null,"$0.24/kg",null,null,null,null,null,null,"|","(0.5 points)","b.","A = Area",null,null,"PG = Production Guarantee",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"P = Probable Yield",null,null,"AP = Actual Production",null,null,null,null,null,"|"]
[null,"a.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,"C = Coverage Level",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Growing Forward 2 is a comprehensive federal-provincial-territorial framework for Canada's",null,null,null,null,null,null,null,null,"|",null,null,"PG",null,null,"Indemnity",null,null,null,null,null,"|"]
[null,null,"agricultural sector. It consists of 6 Business Risk Management Programmes. Briefly describe",null,null,null,null,null,null,null,null,"|",null,null,"  = A x P x C",null,null,"  = max(0, PG - AP) x (insured price)",null,null,null,null,null,"|"]
[null,null,"3 Business Risk Management Programmes that could protect this producer against crop",null,null,null,null,null,null,null,null,"|",null,null,"  = 40 x 14,000 x 75%",null,null,"  = max(0, 420000 - 350000) x 0.24",null,null,null,null,null,"|"]
[null,null,"losses or a drop in the price of the crop.",null,null,null,null,null,null,null,null,"|",null,null,"  = 420,000",null,null,"  = 16,800",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|","(0.5 points)","c.","i","to reflect current production capability",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"ii","Any 1 of:",null,null,null,null,null,null,null,"|"]
[null,null,"If the actual production of corn in a particular year is 350,000 kg, calculate the idemnity",null,null,null,null,null,null,null,null,"|",null,null,null,"  - change in farming or management practices",null,null,null,null,null,null,null,"|"]
[null,null,"paid to the producer.",null,null,null,null,null,null,null,null,"|",null,null,null,"  - change in insurance programme design",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"  - change in data source or data collection technique",null,null,null,null,null,null,null,"|"]
[null,"c.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,null,"  - maturity of perennials (yield would vary of their life cycle)",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"  - quality variation of crop from year-to-year (possibly due to insured perils)",null,null,null,null,null,null,null,"|"]
[null,null,"To calculate probable yield for insurance purposes, we normally use an average of",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"historical yields. Sometimes, however, historical yields need to be adjusted.",null,null,null,null,null,null,null,null,"|","(0.75 points)","d.","i","a load in rates to recover deficits and maintain surplus",null,null,null,null,null,null,null,"|"]
[null,null,"i","What is the general purpose of such a historical adjustment?",null,null,null,null,null,null,null,"|",null,null,"ii","FOR ALL base & adverse scenarios with: ",null,null,null,null,null,null,null,"|"]
[null,null,"ii","Identify a specific reason for a historical adjustment.",null,null,null,null,null,null,null,"|",null,null,null,"  initial deficit = 6th yr, 95th percentile",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"MUST RECOVER DEFICIT:",null,null,null,null,null,null,null,"|"]
[null,"d.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,null,"  - in 15 years on average",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"  - in 25 years with 80% probability",null,null,null,null,null,null,null,"|"]
[null,null,"It is important for agricultural insurance to be self-sustainable.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"i","Define the term 'self-sustainability load'.",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"ii","What is the statistical definition of 'self-sustainability'?",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"8","index":8,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",8,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":8},null,null,null,null,null,null,null,null,null,"|"]
["Points:",3.25,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":3.25},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(0.75 points)",null,null,null,null,null,null,null,null,"|","Source:","FA.Dutil",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Briefly describe the origin, role, and goal of Facility Association.",null,null,null,null,null,null,null,null,"|","(0.75 points)","a.","origin:","- created by the insurance industry as an unincorporated non-profit of all",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"  auto insurers",null,null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"role:","- administers residual market mechanisms: FARM, RSPs, UAF",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"goal:","- ensure (auto insurance availability) for (all owners & licensed drivers)",null,null,null,null,null,null,null,"|"]
[null,null,"Briefly describe 2 functions of the Facility Association Board of Directors.",null,null,null,null,null,null,null,null,"|",null,null,null,"  unable (to obtain coverage through the voluntary market)",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"c.","(1 point)",null,null,null,null,null,null,null,null,"|","(0.5 points)","b.","Any 2 of:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  rate changes:",null,"- approve rate changes and filings",null,null,null,null,null,null,"|"]
[null,null,"Compare and contrast FARM and RSPs with respect to:",null,null,null,null,null,null,null,null,"|",null,null,"  expenses:",null,"- authorize expenses",null,null,null,null,null,null,"|"]
[null,null,"i","rates",null,null,null,null,null,null,null,"|",null,null,"  standards:",null,"- establish standards for servicing carriers and RSP users",null,null,null,null,null,null,"|"]
[null,null,"ii","customer knowledge",null,null,null,null,null,null,null,"|",null,null,"  committees:",null,"- appoint committees and subcommittees",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"d.","(1 point)",null,null,null,null,null,null,null,null,"|","(1 point)","c.","rates:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  FARM:","- uses rates set by FA",null,null,null,null,null,null,null,"|"]
[null,null,"Given the folowing information, calculate the company's loss ratio on their share",null,null,null,null,null,null,null,null,"|",null,null,"  RSPs:","- uses rates of ceding company",null,null,null,null,null,null,null,"|"]
[null,null,"of the pool. Assume a provincial expense allowance (PEA) of 25%.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"customer knowledge:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,"company","province",null,null,"|",null,null,"  FARM:","- yes, customer knows they've been placed with FA",null,null,null,null,null,null,null,"|"]
[null,null,"direct earned exposures not ceded to the RSP",null,null,null,null,1000,20000,null,null,"|",null,null,"  RSPs:","- customer does NOT know they've been ceded to a RSP",null,null,null,null,null,null,null,"|"]
[null,null,"direct earned premium ceded to the RSP",null,null,null,null,48000,600000,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"total incurred losses ceded to the RSP",null,null,null,null,"n/a",950000,null,null,"|","(1 point)","d.","First calculate the participation ratio PR:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = (company ceded exposures) / (province ceded exposures)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = 1,000 / 20,000",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = 5%",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Now, the company's share of the losses is",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = (province ceded losses) x PR",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = 950,000 x 5%",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = 47,500",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"And the company's share of the premium is",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = (province ceded premiums) x PR + (company ceded premium) x PEA",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = 600,000 x 5% + 48,000 x 25%",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = 42,000",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Putting it all together, the loss ratio is",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = (company's share of losses) / (company's share of premium)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = 47,500 / 42,000",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = 113.1%",null,null,null,null,null,null,null,null,"|"]
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["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",9,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":9},null,null,null,null,null,null,null,null,null,"|"]
["Points:",1.5,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":1.5},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(0.5 points)",null,null,null,null,null,null,null,null,"|","Source:","Morn.Pension",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"How are Canadian employment insurance benefits funded?",null,null,null,null,null,null,null,null,"|","(0.5 points)","a.","employer and employee share the cost 50/50",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.75 points)",null,null,null,null,null,null,null,null,"|","(0.75 points)","b.","premiums:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- tax deductible for employer",null,null,null,null,null,null,null,null,"|"]
[null,null,"Describe the tax treatment of employment insurance premiums for:",null,null,null,null,null,null,null,null,"|",null,null,"- employee receives a tax credit",null,null,null,null,null,null,null,null,"|"]
[null,null,"i","employer",null,null,null,null,null,null,null,"|",null,null,"- 50% of premium is tax deductible for a self-employed individual",null,null,null,null,null,null,null,null,"|"]
[null,null,"ii","employee",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"iii","self-employed individual",null,null,null,null,null,null,null,"|","(0.25 points)","c.","benefits:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- taxable",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.25 points)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Describe the tax treatment of employment insurance benefits.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
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["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",10,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":10},null,null,null,null,null,null,null,null,null,"|"]
["Points:",1,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":1},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(0.5 points)",null,null,null,null,null,null,null,null,"|","Source:","ICBC.Affordable",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"The Insurance Corporation of British Columbia has recently become concerned about",null,null,null,null,null,null,null,null,"|","(0.5 points)","a.","Any 2 of:",null,null,null,null,null,null,null,null,"|"]
[null,null,"availability and affordability of auto insurance. Identify 2 issues of concern. (You do",null,null,null,null,null,null,null,null,"|",null,null,"  - increasing frequency of accidents",null,null,null,null,null,null,null,null,"|"]
[null,null,"not have to state the correpsonding target outcome.)",null,null,null,null,null,null,null,null,"|",null,null,"  - claims-per-accident is increasing",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - severity of minor injury claims is increasing (especially for pain & suffering)",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"  - proportion of costs due to minor injuries ranges from 30% to 60% of total BI claims",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - premiums don't cover claims costs",null,null,null,null,null,null,null,null,"|"]
[null,null,"According to \"ICBC Affordable and effective auto insurance – A new road forward for",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"British Columbia\", idenitify 2 guiding principles of an effective auto insurance system.",null,null,null,null,null,null,null,null,"|","(0.5 points)",null,"Any 2 of:","[Hint: FASES]",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Fair, Affordable, Sustainable, Efficient, Simple",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"11","index":11,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",11,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":11},null,null,null,null,null,null,null,null,null,"|"]
["Points:",3.75,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":3.75},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(0.75 points)",null,null,null,null,null,null,null,null,"|","Source:","IBC.Flood",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify 3 reasons that coverage for overland flooding has generally not",null,null,null,null,null,null,null,null,"|","(0.75 points)","a.","Hint: adverse-under-maps",null,null,null,null,null,null,null,null,"|"]
[null,null,"been offered to residential customers in Canada.",null,null,null,null,null,null,null,null,"|",null,null," adverse:","- adverse selection (if offered, only people who definitely need it would",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"  buy it, and it would be too expensive)",null,null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null," under:","- government under-investment in risk planning and mitigation",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null," maps:","- lack of effective flood hazard maps",null,null,null,null,null,null,null,"|"]
[null,null,"Identify 2 areas of government under-investment in risk planning and mitigation.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.5 points)","b.","Any 2 of: [Hint: BAIL me out!]",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(1 point)",null,null,null,null,null,null,null,null,"|",null,null,"  Building codes that are obsolete",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Asset management that is poor",null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify 4 preconditions for good flood risk management.",null,null,null,null,null,null,null,null,"|",null,null,"  Infrastructure is lacking (levies, sewers,...)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Land use planning is inadequate",null,null,null,null,null,null,null,null,"|"]
[null,"d.","(1.5 points)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(1 point)","c.","I was a hard-ass here! I asked you for all 4! (Sometimes the CAS does that.)",null,null,null,null,null,null,null,null,"|"]
[null,null,"Suppose you're given the following information regarding flood risks and potential",null,null,null,null,null,null,null,null,"|",null,null,"  maps:",null,"- need good flood maps for planning and risk management",null,null,null,null,null,null,"|"]
[null,null,"risk mitigation strategies:",null,null,null,null,null,null,null,null,"|",null,null,"  infrastructure:",null,"- need good infrastructure (levies, sewers,…)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  awareness:",null,"- need policyholders to be aware of risks and risk management",null,null,null,null,null,null,"|"]
[null,null,"Let",null,null,null,null,null,null,null,null,"|",null,null,"  incentives:",null,"- need incentives to encourage individual risk mitigation (government",null,null,null,null,null,null,"|"]
[null,null,"  t = time horizon in years",null,null,null,"C1 = cost of infrastructure (millions)",null,null,null,null,"|",null,null,null,null,"  could share burden of disaster relief with policyholders)",null,null,null,null,null,null,"|"]
[null,null,"  f = frequency of flood",null,null,null,"C2 = cost to society (millions)",null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"  s = severity of flood",null,null,null,"(Assume premium charged = expected losses)",null,null,null,null,"|","(1.5 points)","d.","Part (i) is not too hard: (each unknown is worth 0.25 points)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  A",null,null,"  C",null,null,null,null,null,"|"]
[null,null,"# properties",null,null,null,60000,null,null,null,null,"|",null,null,"    = 1/250 x 1 year",null,null,"    = (60,000 x 20,000 x 0.4%) / 1,000,000 + 125",null,null,null,null,null,"|"]
[null,null,"property value",null,null,null,200000,null,null,null,null,"|",null,null,"    = 0.4%",null,null,"    = 129.8",null,null,null,null,null,"|"]
[null,null,"flood damage as a % of property value",null,null,null,0.1,null,null,null,null,"|",null,null,"  B",null,null,"  D",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    = 1/250 x 10 years",null,null,"    = (60,000 x 20,000 x 4%) / 1,000,000 + 125",null,null,null,null,null,"|"]
[null,null,"risk management option",null,null,null,"cost","flood return period",null,null,null,"|",null,null,"    = 4%",null,null,"    = 173",null,null,null,null,null,"|"]
[null,null,"1) no infrastructure investment",null,null,null,0,50,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"2) build a floodway",null,null,null,125000000,250,null,null,null,"|",null,null,"Part (ii) requires you to notice that C2 is linear with respect to t. You then have to find",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"the linear equations for C2 for each option. (Grade 10 algebra)",null,null,null,null,null,null,null,null,"|"]
[null,null,"In the following table:",null,null,"C2 = [(#homes) x (s) x (f)]/1,000,000 + C1 ",null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  for option 1:  C2 = 24t",null,null,null,null,null,null,null,null,"|"]
[null,null,"option","t","# homes","s","f","C1","C2",null,null,"|",null,null,"  for option 2:  C2 = 4.8t + 125",null,null,null,null,null,null,null,null,"|"]
[null,null,1,1,60000,20000,{"$f":"1/H33*D39","v":0.02},0,{"$f":"E39*F39*G39/1000000+G33/1000000","v":24},null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,1,10,60000,20000,{"$f":"1/50*D40","v":0.2},0,{"$f":"E40*F40*G40/1000000+G33/1000000","v":240},null,null,"|",null,null,"Set these equations for C2 equal and solve for t to obtain t = 6.51 years",null,null,null,null,null,null,null,null,"|"]
[null,null,2,1,60000,20000,"A",125,"C",null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,2,10,60000,20000,"B",125,"D",null,null,"|",null,null,"This problem illustrates the contrast between short-term and long-term management.",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"If the time horizon is just a few years, then option 1 (the do-nothing, stick your head up",null,null,null,null,null,null,null,null,"|"]
[null,null,"Calculate:",null,null,null,null,null,null,null,null,"|",null,null,"butt option) is cheaper, but by year 7, option 2 is already cheaper. And the lifespan of",null,null,null,null,null,null,null,null,"|"]
[null,null,"i","A,B,C,D",null,null,null,null,null,null,null,"|",null,null,"a floodway is probably a few decades, so the initial investment pays off very well.",null,null,null,null,null,null,null,null,"|"]
[null,null,"ii","the value of t where option 1 starts being more expensive to society than option 2",null,null,null,null,null,null,null,"|",null,null,"Granted, I just made these numbers up, but my overall point is valid!",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,2,1,60000,20000,"A",125,"C",null,null,"|",null,null,"Part (ii) requires you to notice that C2 is linear with respect to t. You then have to find",null,null,null,null,null,null,null,null,"|"]
[null,null,2,10,60000,20000,"B",125,"D",null,null,"|",null,null,"the linear equations for C2 for each option. (Grade 10 algebra)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  for option 1:  C2 = 48t",null,null,"<-- wrong answer b/c had wrong f-values for option",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  for option 2:  C2 = 4.8t + 125",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Set these equations for C2 equal and solve for t to obtain t = 2.89 years",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]

{"sheet":"12","index":12,"n_rows":95,"n_cols":34,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",12,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":12},null,null,null,null,null,null,null,null,null,"|"]
["Points:",2.25,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":2.25},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"A Canadian P&C company holds the following 3 bonds. Assume the company is an",null,null,null,null,null,null,null,null,"|","Source:","CIA.Accting",null,null,null,null,null,null,null,null,null,"|"]
[null,null,"income tax exempt corporation and that it has no other investments. (Amounts in 000s.)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.75 points)","a.","STM bond of class HTM:",null,null,null,"* This is problem is just like 2016.Spring #26a",null,null,null,null,"|"]
[null,null,"AV = Amortized Value",null,null,null,"* Values given are year-end values",null,null,null,null,"|",null,null,"  - use AV 2017 value of 2,900",null,null,null,null,null,null,null,null,"|"]
[null,null,"MV = Market Value / Fair Value",null,null,null,null,null,null,null,null,"|",null,null,"TTC bond of class AFS:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - use MV 2017 value of 4000",null,null,null,null,null,null,null,null,"|"]
[null,null,"Transit",null,"AV","MV","Coupon","AV","MV",null,null,"|",null,null,"GRT bond of class HFT:",null,null,null,null,null,null,null,null,"|",null,null,"AV","MV","Coupon","AV","MV"]
[null,null,"Bond","Class",2016,2016,"in 2017",2017,2017,null,null,"|",null,null,"  - use MV 2017 value of 1150",null,null,null,null,null,null,null,null,"|","Bond","Class",2016,2017,"in 2017",2016,2017,null,"NI","OCI"]
[null,null,"STM","HTM",3000,3500,40,2900,3400,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|","STM","HTM",3000,3500,40,2900,3400,null,{"$f":"AD13-AA13+AC13","v":-60},0]
[null,null,"TTC","AFS",4000,3900,75,4200,4000,null,null,"|","(1 point)","b.","NI(HTM)",null,null,"NI(AFS)",null,null,"NI(HFT)",null,null,"|","TTC","AFS",4000,3900,75,4200,4000,null,{"$f":"AD14-AA14+AC14","v":275},{"$f":"(AE14-AD14)-(AB14-AA14)","v":-100}]
[null,null,"GRT","HFT",1050,1100,25,1075,1150,null,null,"|",null,null,"  = chg(AV) + coupons",null,null,"  = chg(AV) + coupons",null,null,"  = chg(MV) + coupons",null,null,"|","GRT","HFT",1050,1100,25,1075,1150,null,{"$f":"AE15-AB15+AC15","v":75},0]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = (2900 - 3000) + 40",null,null,"  = (4200 - 4000) + 75",null,null,"  = (1150 - 1100) + 25",null,null,"|",null,null,null,null,null,null,null,null,{"$f":"SUM(AG13:AG15)","v":290},{"$f":"SUM(AH13:AH15)","v":-100}]
[null,"a.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,"  = -60",null,null,"  = 275",null,null,"  = 75",null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Determine the value of each bond to be shown in the 2017 year-end financial statements.",null,null,null,null,null,null,null,null,"|",null,null,"Total NI = 290",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"b.","(1 point)",null,null,null,null,null,null,null,null,"|",null,null,"OCI(HTM) = 0, always",null,null,"OCI(AFS)",null,null,"OCI(HFT) = 0, always",null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,"  = chg(MV - AV) year-over-year",null,null,null,null,null,"|"]
[null,null,"Calculate the impact of holding these investments on net income and other comprehensive",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,"  = (4000 - 4200) - (3900 - 4000)",null,null,null,null,null,"|"]
[null,null,"income in 2017.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,"  = -100",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"Total OCI = -100",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Assume the market rate increases on Jan 1, 2018. What effect does an AFS bond have on net",null,null,null,null,null,null,null,null,"|",null,null,"* This is problem is just like 2016.Spring #26b. (Be sure to also review 2016.Fall #13.)",null,null,null,null,null,null,null,null,"|"]
[null,null,"income, other comprehensive income, and equity?",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.5 point)","c.","market rate up",null,"-->","asset value down",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"-->","net income not affected",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,"other comprehensive income down",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,"equity down",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"market rate up",null,"-->","liability value down",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"-->","net income up",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,"other comprehensive income not affected",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,"equity up",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"So the effect on assets is:",null,null,"(NI, OCI, Equity) = (no effect :  down      : down)",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"So the effect on liabilities is:",null,null,"(NI, OCI, Equity) = (up             : no effect : up)",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"The \"sum\" of assets & liabilities is on (NI, OCI, Equity) is: (up : down : indeterminate)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]

{"sheet":"13","index":13,"n_rows":96,"n_cols":24,"rows_kept":96,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",13,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":13},null,null,null,null,null,null,null,null,null,"|"]
["Points:",7,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":7},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(2 points)",null,null,null,null,null,null,null,null,"|","Source:","OSFI.MCT",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Given the following information, calculate the MCT capital available.",null,null,null,null,null,null,null,null,"|","(2 points)","a.","capital available gross of deductions:",null,null,null,{"$f":"SUM(H9:H16)","v":67600},"  (sum entries in first table)",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"deduction for unregistered reinsurance:",null,null,null,10000,"  (see full solution in external PDF)",null,null,null,"|"]
[null,null,null,"qualifying category A common shares",null,null,null,24000,null,null,null,"|",null,null,"deduction for excess B & C capital:",null,null,null,2923,"  (see full solution in external PDF)",null,null,null,"|"]
[null,null,null,"contributed surplus",null,null,null,3000,null,null,null,"|",null,null,"MCT net capital available",null,null,null,{"$f":"S7-S8-S9","v":54677},null,null,null,null,"|"]
[null,null,null,"Retained Earnings",null,null,null,5500,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"reserves",null,null,null,5000,null,null,null,"|","(4.5 points)","b.","capital required for insurance risk:",null,null,null,36457,"  (sum the components)",null,null,null,"|"]
[null,null,null,"AOCI",null,null,null,6500,null,null,null,"|",null,null,"  component: unpaid claims",null,null,null,15670,"  (see full solution in external PDF)",null,null,null,"|"]
[null,null,null,"qualifying category B instruments",null,null,null,16500,null,null,null,"|",null,null,"  component: premium liabilities",null,null,null,13887,"  (see full solution in external PDF)",null,null,null,"|"]
[null,null,null,"qualifying category C instruments",null,null,null,6500,null,null,null,"|",null,null,"  component: unregistered reinsurance",null,null,null,3900,"  (given)",null,null,null,"|"]
[null,null,null,"non-controlling interests",null,null,null,600,null,null,null,"|",null,null,"  component: catastrophes",null,null,null,3000,"  (given)",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"You'll also need some information on reinsurance ceded to unregistered reinsurers:",null,null,null,null,null,null,null,null,"|",null,null,"capital required for market risk:",null,null,null,9000,"  (sum the components) [Hint: Mr. IFER]",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  component: interest rate risk",null,null,null,3500,"  (given)",null,null,null,"|"]
[null,null,null,"UEP ceded:","($) UnEarned Premiums ceded to assuming reinsurer",null,null,null,null,null,null,"|",null,null,"  component: foreign exchange",null,null,null,500,"  (given)",null,null,null,"|"]
[null,null,null,"O/S Recov:","($) OutStanding losses Recoverable from assuming reinsurer",null,null,null,null,null,null,"|",null,null,"  component: equity",null,null,null,4000,"  (given)",null,null,null,"|"]
[null,null,null,"Reins Recv:","($) Reinsurance Receivable",null,null,null,null,null,null,"|",null,null,"  component: real estate",null,null,null,1000,"  (given)",null,null,null,"|"]
[null,null,null,"Reins Pay:","($) Reinsurance Payable",null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"NOD:","($) Non-Owned Deposits (RSA + Other) & includes FUNDS to secure pmt",null,null,null,null,null,null,"|",null,null,"capital required for credit risk:",null,null,null,4530,"  (given)",null,null,null,"|"]
[null,null,null,null,"from assuming insurer (the FUNDS inclusion is new for 2018)",null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"LOC:","($) Letters Of Credit",null,null,null,null,null,null,"|",null,null,"capital required for operational risk:",null,null,null,11027,"  (see full solution in external PDF)",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"UEP","O/S","Reins","Reins",null,null,null,null,"|",null,null,"MCT minimum capital required:",null,null,null,37206,null,null,null,null,"|"]
[null,null,null,"ceded","Recov","Recv","Pay","NOD","LOC",null,null,"|",null,null,"  diversification credit:",null,null,null,5205,null,null,null,null,"|"]
[null,null,null,18000,8000,3000,6000,8000,5000,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.5 points)","c.","MCT ratio:",null,"= CapAvail / minCapReq",null,null,null,null,null,null,"|"]
[null,"b.","(4.5 points)",null,null,null,null,null,null,null,null,"|",null,null,null,null,"= 54,677 / 37,206",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"= 147%",null,null,null,null,null,null,"|"]
[null,null,"Given the following information, calculate the MCT minimum capital required.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  This is below the supervisery target of 150%. (They would now be under increased",null,null,null,null,null,null,null,null,"|"]
[null,null,null,"Line of","net",null,null,"* net unpaid is discounted but excludes",null,null,null,"|",null,null,"  scrutiny by OSFI.)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,"Business","unpaid *","margin",null,"   PfADs",null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"Line 1",45000,0.16,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"Line 2",77000,0.11,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"Line of","prem",null,"DWP","AWP","CWP",null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"Business","liabs","margin","(12 mths)","(12 mths)","(12 mths)",null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"Line 1",20000,0.19,80000,20000,9000,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"Line 2",58000,0.15,121000,23000,29000,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Question continues on next page…",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["Question:","13 (continued)",null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"These 2 amounts relate to components of insurance risk:",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"capital required for unregistered reinsurers:",null,null,null,null,3900,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"capital required for catastrophes:",null,null,null,null,3000,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"The capital required for interest rate risk is:",null,null,null,null,3500,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"The capital required for foreign exchange risk is:",null,null,null,null,500,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"The capital required for equity risk is:",null,null,null,null,4000,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"The capital required for real estate risk is:",null,null,null,null,1000,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"The capital required for credit risk is:",null,null,null,null,4530,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Here is some more information that you'll need:",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"AWP(ig):","($) AWP (last 12 mths) from intra-group pooling",null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"CWP(ig):","($) CWP (last 12 mths) from intra-group pooling",null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"DWP","AWP","CWP","growth","AWP(ig):","CWP(ig):",null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,201000,43000,38000,0.21,0,0,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,"risk factor",null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"DWP over last 12 months",null,null,2.5000000000000001E-2,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"AWP over last 12 months",null,null,1.7500000000000002E-2,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"CWP over last 12 months",null,null,2.5000000000000001E-2,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"AWP(ig) over last 12 months",null,null,7.4999999999999997E-3,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"CWP(ig) over last 12 months",null,null,7.4999999999999997E-3,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"premium growth above 20%",null,null,2.5000000000000001E-2,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"capital factor *",null,null,8.5000000000000006E-2,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"* capital factor applies to total capital required BEFORE operational risk margin",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"   and diversification credit.",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.5 point)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Calculate the MCT ratio and state whether it is above or below the supervisery target.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]

{"sheet":"14","index":14,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",14,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":14},null,null,null,null,null,null,null,null,null,"|"]
["Points:",1.25,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":1.25},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(1.25 points)",null,null,null,null,null,null,null,null,"|","Source:","CCIR.ARinstr",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Calculate the excess (deficiency) ratio for AY 2016 and state whether it's an",null,null,null,null,null,null,null,null,"|","(1.25 points)","a.","investment income for 2017",null,null,null,"investment income for 2018",null,null,null,null,"|"]
[null,null,"excess or a deficiency.",null,null,null,null,null,null,null,null,"|",null,null,"  = 3.10% x avg(129000, 100600)",null,null,null,"  = 2.80% x avg(100600, 91500)",null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null," = 3.10% x 114,800",null,null,null," = 2.80% x 96,050",null,null,null,null,"|"]
[null,null,"Incremental Paid Loss for Calendar Year",null,null,null,null,"Discounted UCAE at end of Cal. Yr.",null,null,null,"|",null,null,"  = 3,559",null,null,null,"  = 2,689",null,null,null,null,"|"]
[null,null,"AY",2016,2017,2018,null,"AY",2016,2017,2018,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,2016,102000,28600,7700,null,2016,129000,100600,91500,"|",null,null,"excess (deficiency) ratio",null,null,null,null,null,null,null,null,"|"]
[null,null,2017,null,81000,21100,null,2017,null,128000,81900,"|",null,null,"  = (129,000 - 36,300 - 91,500 + 3,559 + 2,689) / 129,000",null,null,null,null,null,null,null,null,"|"]
[null,null,2018,null,null,103000,null,2018,null,null,149000,"|",null,null,"  = 5.77%",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Investment Yield for 2017:",null,null,3.1E-2,null,null,null,null,null,"|",null,null,"Since it is positive, it is an excess. (They sometimes take off points if you don't say this.)",null,null,null,null,null,null,null,null,"|"]
[null,null,"Investment Yield for 2018:",null,null,2.8000000000000001E-2,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]

{"sheet":"15","index":15,"n_rows":95,"n_cols":25,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",15,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":15},null,null,null,null,null,null,null,null,null,"|"]
["Points:",2.75,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":2.75},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"Suppose you're given the following information",null,null,null,null,null,null,null,null,null,"|","Source:","MSA.Ratios",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,"for part (b)",null,"|"]
[null,null,null,null,null,"current","prior",null,null,null,null,"|","(0.75 points)","a.","ROE= ( NI.preTax - TotTax ) / Eq",null,null,null,null,null,"= 7.45%",">",5.3999999999999999E-2,"|",{"$f":"(F14-F15)/F17","v":7.4468085106382975E-2}]
[null,null,"balance sheet item",null,null,"year","year",null,null,null,null,"|",null,null,"ROR= ( U/W.Inc - CapGains + InvInc + IncFrmSubs ) / GWP",null,null,null,null,null,"= 6.30%",">",6.2E-2,"|",{"$f":"(F10-F12+F13+F11)/F9","v":6.2962962962962957E-2}]
[null,null,"GWP",null,null,135000,133770,null,null,null,null,"|",null,null,"ROA= ( NI.preTax - TotTax ) / (2-yr avg of assets)",null,null,null,null,null,"= 2.48%","<",2.5999999999999999E-2,"|",{"$f":"(F14-F15)/AVERAGE(F16:G16)","v":2.4822695035460994E-2}]
[null,null,"U/W Income",null,null,4050,4700,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Income from Subs",null,null,150,175,null,null,null,null,"|","(1 point)","b.","ROE and ROR are within the acceptable range, but ROA is not. Monitor the level of the",null,null,null,null,null,null,null,null,"|"]
[null,null,"Realized Gains",null,null,600,600,null,null,null,null,"|",null,null,"assets going forward. The MCT ratio is approaching the supervisory target level of 150%,",null,null,null,null,null,null,null,null,"|"]
[null,null,"Total Investment Income",null,null,4900,6000,null,null,null,null,"|",null,null,"so this should be monitored too.",null,null,null,null,null,null,null,null,"|"]
[null,null,"NI (Net Income) preTax",null,null,{"$f":"F10+F11+F13","v":9100},{"$f":"G10+G11+G13","v":10875},null,null,null,null,"|",null,null,"The financial health of the company is moderate.",null,null,null,null,null,null,null,null,"|"]
[null,null,"Total Tax",null,null,5600,5800,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Total Assets",null,null,140000,142000,null,null,null,null,"|","(1 point)","c.","corrected equity",null,null,null,null,null,null,null,null,"|"]
[null,null,"Equity",null,null,47000,50000,null,null,null,null,"|",null,null,"  = (prior year equity) + (NI preTax) - (Total Tax)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = 50,000 + 9,100 - 5,600",null,null,null,null,null,null,null,null,"|",{"$f":"G17+F14-F15","v":53500}]
[null,"a.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,"  = 53,500",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Calculate ROE, ROR, ROA (Return on Equity, Return on Revenue, Return on Assets).",null,null,null,null,null,null,null,null,"|",null,null,"revised ROE",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = (9,100 - 5,600) / 53,500",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(1 point)",null,null,null,null,null,null,null,null,"|",null,null,"  = 6.54%",null,null,null,null,null,null,null,null,"|",{"$f":"(F14-F15)/Y18","v":6.5420560747663545E-2}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  > 5.4%",null,null,null,null,null,null,null,null,"|"]
[null,null,"Using part (a), and given that the MCT ratio for this company is 155%, comment on the",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"financial health of the company.",null,null,null,null,null,null,null,null,"|",null,null,"The revised ROE is lower but still within the acceptable range. It would not materially",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"change my evaluation of the company.",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(1 point)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"The auditor discovered an error in the above table regarding the equity for the current year.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"i","Assuming the other values in the table are correct, recalculate the current year's",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"equity. (Assume no dividends were paid to shareholders, and no equity",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"investments or contributions were made to the company.)",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"ii","Recalculate ROE using the revised equity. Does this change your evaluation of",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"the company's financial health?",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]

{"sheet":"16","index":16,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",16,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":16},null,null,null,null,null,null,null,null,null,"|"]
["Points:",2.25,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":2.25},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(2.25 points)",null,null,null,null,null,null,null,null,"|","Source:","CCIR.ARinstr",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Given the following information, calculate the TOTAL NET COMMISSIONS. Note that I've",null,null,null,null,null,null,null,null,"|","(2.25 points)","a.","The key is knowing the layout of the exhibit and the formulas to complete the columns. It is",null,null,null,null,null,null,null,null,"|"]
[null,null,"used abbreviations in the table so the table would fit in the width of the page.",null,null,null,null,null,null,null,null,"|",null,null,"exactly like 2016.Spring #18. I found the answer in the examiner's report very confusing.",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"It's much easier if you put everything into a table like in Exhibit 80.10. You can see the layout",null,null,null,null,null,null,null,null,"|"]
[null,null,"DFcomm:","  Deferred Commissions",null,null,null,"@ start:","at start of year",null,null,"|",null,null,"of this net commissions exhibit in the sample quarterly statement.",null,null,null,null,null,null,null,null,"|"]
[null,null,"UEcomm:","  Unearned Commissions",null,null,null,"@ end:","at end of year",null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"There is a summary box to this exhibit that isn't given in the statement of the problem. You",null,null,null,null,null,null,null,null,"|"]
[null,null,"(02)","(03)","(04)","(05)","(06)","(07)","(08)","(09)","(10)","|",null,null,"have to memorize this. The only number you don't have is the commission expense.",null,null,null,null,null,null,null,null,"|"]
[null,null,"DFcomm","UEcomm","commissions in respect of WP",null,null,null,"DFcomm","UEcomm","Net","|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"LOB","@ start","@ start","Direct","Assm'd","Ceded","Net","@ end","@ end","Comm","|",null,null,"summary of commissions",null,null,null,null,null,null,null,null,"|"]
[null,1,1400,null,1000,100,400,null,1600,null,null,"|",null,null,"  gross",null,null,null,null,null,null,null,null,"|"]
[null,2,1600,null,1500,null,400,1200,1900,null,null,"|",null,null,"    commission expense ",null,null,null,{"$f":"O46+Q46+R46-U46","v":2200},"  = (02) + (04) + (05) - (08) [use totals row]",null,null,null,"|"]
[null,"Tot",{"$f":"SUM(C16:C17)","v":3000},null,{"$f":"SUM(E16:E17)","v":2500},null,{"$f":"SUM(G16:G17)","v":800},null,{"$f":"SUM(I16:I17)","v":3500},null,null,"|",null,null,"    contingent commission",null,null,null,{"$f":"K20","v":600},"  <-- given",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    other non-deferrable commission",null,null,null,{"$f":"K22","v":300},"  <-- given",null,null,null,"|"]
[null,null,null,null,null,null,"gross contingent commissions",null,null,null,600,"|",null,null,"  total gross",null,null,null,{"$f":"SUM(S17:S19)","v":3100},"  = sum of gross commissions",null,null,null,"|"]
[null,null,null,null,null,null,"ceded contingent commissions",null,null,null,150,"|",null,null,"  ceded",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,"gross other non-deferrable commissions",null,null,null,300,"|",null,null,"    commission income",null,null,null,{"$f":"K24","v":1200},"  <-- given",null,null,null,"|"]
[null,null,null,null,null,null,"ceded other non-deferrable commissions",null,null,null,50,"|",null,null,"    contingent commission",null,null,null,{"$f":"K21","v":150},"  <-- given",null,null,null,"|"]
[null,null,null,null,null,null,"ceded commission income (LOB1 + LOB2)",null,null,null,1200,"|",null,null,"    other non-deferrable commission",null,null,null,{"$f":"K23","v":50},"  <-- given",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  total ceded",null,null,null,{"$f":"SUM(S22:S24)","v":1400},"  = sum of ceded commissions",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","final answer ---->",null,"TOTAL NET COMMISSIONS",null,null,null,{"$f":"S20-S25","v":1700},"  = (total gross) - (total ceded)",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"So, we have to get the total for column (05). We need the corresponding value for LOB 2.",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"This is easy. We just use the standard formula:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"Direct + Assumed - Ceded = Net",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Rearrange this as follows:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"Assumed = Net - Direct + Ceded",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"= 1,200 - 1,500 + 400",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"= 100",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Substitute this into the table below and calculate the sum of column (05). C'est très facile!",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"(02)","(03)","(04)","(05)","(06)","(07)","(08)","(09)","(10)","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"DFcomm","UEcomm","commissions in respect of WP",null,null,null,"DFcomm","UEcomm","Net","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"LOB","@ start","@ start","Direct","Assm'd","Ceded","Net","@ end","@ start","Comm","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,1,{"$f":"C16","v":1400},null,{"$f":"E16","v":1000},{"$f":"F16","v":100},{"$f":"G16","v":400},null,{"$f":"I16","v":1600},null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,2,{"$f":"C17","v":1600},null,1500,{"$f":"T45+S45-Q45","v":100},400,{"$f":"H17","v":1200},1900,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"Tot",{"$f":"SUM(O44:O45)","v":3000},null,{"$f":"SUM(Q44:Q45)","v":2500},{"$f":"SUM(R44:R45)","v":200},{"$f":"SUM(S44:S45)","v":800},null,{"$f":"SUM(U44:U45)","v":3500},null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|",null,null,"Now we calculate the commission expense using the green highlighted values:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"commission expense "," = (02) + (04) + (05) - (08)",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null," = 3,000 + 2,500 + 200 - 3,500",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null," = 2,200",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","----","----","----","----","----","----","----","----","----","----","----","|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"17","index":17,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",17,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":17},null,null,null,null,null,null,null,null,null,"|"]
["Points:",2.25,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":2.25},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(1 point)",null,null,null,null,null,null,null,null,"|","Source:","OSFI.Eqk",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Calculate the earthquake reserve component using the model method with phase-in. (EPR is",null,null,null,null,null,null,null,null,"|","(1 point)","a.","ERX_1 (Earthquake Risk Exposure) without phase-in",null,null,null,null,null,null,null,null,"|"]
[null,null,"the earthquake premium reserve.)",null,null,null,null,null,null,null,null,"|",null,null,"  = ( (East Canada PML500)^1.5 + (West Canada PML500)^1.5 ) ^ (1/1.5)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = (40,000^1.5 + 160,000^1.5) ^ 1/1.5",null,null,null,null,null,null,null,null,"|"]
[null,null,"Year",2018,null,null,null,null,null,null,null,"|",null,null,"  = 173,070",null,null,null,null,null,null,null,null,"|"]
[null,null,"deductible",20000,null,null,null,null,null,null,null,"|",null,null,"ERX_2 (Earthquake Risk Exposure) with phase-in",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = ERX1 x (year - 2014)/8 + max( [East Can PML420], [West Can PML420] ) x (2022 - year)/8",null,null,null,null,null,null,null,null,"|"]
[null,null,"EastCan.PML.500",null,40000,null,"EastCan.PML.420",null,25000,null,null,"|",null,null,"  = 173,070 x (4/8) + 125,000 x (4/8)",null,null,null,null,null,null,null,null,"|"]
[null,null,"WestCan.PML.500",null,160000,null,"WestCan.PML.420",null,125000,null,null,"|",null,null,"  = 149,035",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"EPR",null,29600,null,"EastCan.PTIV",null,46800,null,null,"|",null,null,"ERC (Earthquake Reserve Component)",null,null,null,null,null,null,null,null,"|"]
[null,null,"Financial Resources",null,55000,null,"WestCan.PTIV",null,196800,null,null,"|",null,null,"  = ERX_2 - (Financial Resources)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = 149,035 - 55,000",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"  = 94,035",null,"  <== final answer",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify and briefly describe 2 principles of earthquake risk management.",null,null,null,null,null,null,null,null,"|","(0.5 points)","b.","Any 2 of:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"risk management",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,"  - earthquake exposure risk management policies are subject to oversight by Board of",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    Directors and implemented by Senior Management",null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify and briefly describe 3 sound earthquake modeling practices.",null,null,null,null,null,null,null,null,"|",null,null,"data management",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - data required is MORE than for traditional ratemaking",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - must address data Integrity, Verification, Limitations (IVL)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"models",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - understand (assumptions, methods, limitations) of earthquake models",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"PML (Probable Maximum Loss)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - PML = Total Expected Ultimate Cost",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - includes considerations for data quality, non-modeled exposure, model uncertainty",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    multi-region exposure",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"financial resources & contingency plan",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - Financial Resources: quantification of how financial resources cover PML",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - Contingency Plan: how to continue efficient business operations after disaster",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.75 point)","c.","Any 3 of:","[Hint: DAQKD-UP]",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Docs:",null,"- document use of model within risk management program",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Alternative:",null,"- explain why a particular model is used versus alternatives",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Qualified:",null,"- qualified staff needed to run in-house models regularly",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Knowledge:",null,"- AML (require KNOWLEDGE of Assumptions, Methods, Limits of Model)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Data:",null,"- must show that GRANULARITY & QUALITY of data is appropriate",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Uncertainty:",null,"- understand how uncertainty affects: (capital adequacy, reinsurance)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  PML:",null,"- if PML1 <> PML2: explain (differences, subsequent model adjustments)",null,null,null,null,null,null,"|"]
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["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",18,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":18},null,null,null,null,null,null,null,null,null,"|"]
["Points:",3,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":3},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"For each of the following scenarios, evaluate whether risk transfer has occurred and briefly",null,null,null,null,null,null,null,null,null,"|","Source:","Reinsurance",null,null,null,null,null,null,null,null,null,"|"]
[null,"explain your answer. Your explanation may be either qualitative or quantitative as approprate.",null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.75 points)","a.","transfer or risk:",null,"- yes",null,null,null,null,null,null,"|"]
[null,"a.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,"type of method:",null,"- qualitative",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"method:",null,"- it is self-evident",null,null,null,null,null,null,"|"]
[null,null,"An individual purchases an annual auto insurance policy for $2,000 with no deductible and a",null,null,null,null,null,null,null,null,"|",null,null,null,null,"    - although it appears underpriced, it is a standard auto policy",null,null,null,null,null,null,"|"]
[null,null,"limit of $500,000. There is a 20% probability of loss within the year and an expected",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"severity of $25,000.",null,null,null,null,null,null,null,null,"|","(0.75 points)","b.","transfer of risk:",null,"- yes",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"type of method:",null,"- qualitative",null,null,null,null,null,null,"|"]
[null,"b.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,"method:",null,"- apply the 'substantially all' rule",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"    - the insurer can't suffer a loss, but substantially all of the risk is being",null,null,null,null,null,null,"|"]
[null,null,"A risk manager purchases an annual 100% quota-share policy for $750,000. The portfolio",null,null,null,null,null,null,null,null,"|",null,null,null,null,"      transferred",null,null,null,null,null,null,"|"]
[null,null,"contains 800 policies. The individual loss distribution is given in the table below:",null,null,null,null,null,null,null,null,"|",null,null,null,null,"    - this may be a situation where the risk manager wants to withdraw",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"      immediately from the market",null,null,null,null,null,null,"|"]
[null,null,null,"probability of loss",null,"severity of loss",null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,0.95,null,0,null,null,null,null,null,"|","(0.75 points)","c.","transfer of risk:",null,"- no",null,null,null,null,null,null,"|"]
[null,null,null,0.05,null,12000,null,null,null,null,null,"|",null,null,"type of method:",null,"- quantitative",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"method:",null,"- calculate the expected loss for the insurer",null,null,null,null,null,null,"|"]
[null,"c.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,null,null,"    - a loss of 5m doesn't hit the 10m threshold so insurer loss = 0",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"    - a loss of 15m passes the 10m threshold, leaving 5m for the insurer",null,null,null,null,null,null,"|"]
[null,null,"A risk manager purchases an aggregate excess-of-loss policy with the following terms:",null,null,null,null,null,null,null,null,"|",null,null,null,null,"    - but the deductible is 3m and the premium is 2m, so again the loss",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"      for the insurer is 0",null,null,null,null,null,null,"|"]
[null,null,null,"    coverage:",null,null,"20m excess of 10m",null,null,null,null,"|",null,null,null,null,"- since the insurer loss = 0 in all scenarios, there has been no transfer",null,null,null,null,null,null,"|"]
[null,null,null,"    aggregate limit:",null,null,"20m",null,null,null,null,"|",null,null,null,null,"  of risk",null,null,null,null,null,null,"|"]
[null,null,null,"    aggregate deducible:",null,null,"2m",null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"    premium:",null,null,"3m",null,null,null,null,"|","(0.75 points)","d.","transfer of risk:",null,"- no",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"type of method:",null,"- quantitative",null,null,null,null,null,null,"|"]
[null,null,"The loss distribution for the portfolio is as follows:",null,null,null,null,null,null,null,null,"|",null,null,"method:",null,"- ERD (Expected Reinsurer Deficit)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"    - frequency of loss = 6%",null,null,null,null,null,null,"|"]
[null,null,null,"probability of loss",null,"severity of loss",null,null,null,null,null,"|",null,null,null,null,"    - severity of loss as a % of premium = 150/1000 = 15%",null,null,null,null,null,null,"|"]
[null,null,null,0.8,null,0,null,null,null,null,null,"|",null,null,null,null,"    - ERD = frequency x severity = 6% x 15% = 0.9% < 1%",null,null,null,null,null,null,"|"]
[null,null,null,0.1,null,"5m",null,null,null,null,null,"|",null,null,null,null,"- this test requires ERD > 1% for transfer of risk",null,null,null,null,null,null,"|"]
[null,null,null,0.1,null,"15m",null,null,null,null,null,"|",null,null,null,null,"- therefore there is NO transfer of risk",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"d.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"A risk manager purchases a policy with the following terms:",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"premium:",null,1000,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"probability of loss:",null,0.06,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"expected severity:",null,150,"(net of premium)",null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"19","index":19,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",19,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":19},null,null,null,null,null,null,null,null,null,"|"]
["Points:",3.5,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":3.5},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(1 point)",null,null,null,null,null,null,null,null,"|","Source:","CIA.DCAT",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Given the following information about Company A and Company B, explain whether",null,null,null,null,null,null,null,null,"|","(1 point)","a.","Requirements for good financial condition:",null,null,null,null,null,null,null,null,"|"]
[null,null,"the appointed actuary can conclude whether each company is in good financial condition.",null,null,null,null,null,null,null,null,"|",null,null,"  [1] MCT ratio > 150% (for base scenario, for all years)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  [2] Capital > 0 (for all years)",null,null,null,null,null,null,null,null,"|"]
[null,null,"Company A",null,"Metric",2019,2020,2021,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Base Scenario",null,"MCT Ratio",1.5,1.75,2,null,null,null,"|",null,null,"Company A: cannot conclude good financial condition",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,"Capital (000s)",10000,15000,20000,null,null,null,"|",null,null,"  - condition [1] is satisfied",null,null,null,null,null,null,null,null,"|"]
[null,null,"Adverse Scenario",null,"MCT Ratio",1.2,1.55,1.6,null,null,null,"|",null,null,"  - condition [2] is not satisfied because capital for adverse scenario in 2019 is -5,000",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,"Capital (000s)",-5000,10000,15000,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Company B: good financial condition",null,null,null,null,null,null,null,null,"|"]
[null,null,"Company B",null,"Metric",2019,2020,2021,null,null,null,"|",null,null,"  - condition [1] is satisfied",null,null,null,null,null,null,null,null,"|"]
[null,null,"Base Scenario",null,"MCT Ratio",2,1.75,1.5,null,null,null,"|",null,null,"  - condition [2] is satisfied because capital > 0 for base & adverse scenario for all years",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,"Capital (000s)",2000,1000,300,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Adverse Scenario",null,"MCT Ratio",1.3,1.2,0.9,null,null,null,"|","(0.5 points)","b.","I would invest in Company A. Even though the appointed actuary cannot technically",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,"Capital (000s)",500,200,1E-3,null,null,null,"|",null,null,"conclude that Company A is in good condition, its MCT ratio and capital are trending",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"upwards. The negative capital for the adverse scenario in 2019 is the only weak area in",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"a company with an otherwise positive outlook.",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"If you were given the choice of investing in either Company A or Company B, based",null,null,null,null,null,null,null,null,"|",null,null,"The MCT ratio and capital for Company B is trending downward. They were very close to",null,null,null,null,null,null,null,null,"|"]
[null,null,"only on the information given above, what would you do? Briefly explain your answer.",null,null,null,null,null,null,null,null,"|",null,null,"being considered in unsatisfactory financial condition due to the capital for the adverse",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"scenario in 2021 being so close to 0.",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(1 point)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"The moral of this story: This simple test of whether a company is in good financial",null,null,null,null,null,null,null,null,"|"]
[null,null,"Suppose the adverse scenario in Company A is an increase in frequency and severity",null,null,null,null,null,null,null,null,"|",null,null,"condition is only a starting point. The concept is simplified so that it can be solved in",null,null,null,null,null,null,null,null,"|"]
[null,null,"of losses due to a hurricane. Identify 2 possible ripple effects and 2 possible management",null,null,null,null,null,null,null,null,"|",null,null,"an exam setting.",null,null,null,null,null,null,null,null,"|"]
[null,null,"actions.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(1 point)","c.","There are lots of valid answers. Here are the ones I chose:",null,null,null,null,null,null,null,null,"|"]
[null,"d.","(1 point)",null,null,null,null,null,null,null,null,"|",null,null,"ripple effects:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- post-event inflation (shortage of labour and building materials for repair)",null,null,null,null,null,null,null,null,"|"]
[null,null,"Define the following terms:",null,null,null,null,null,null,null,null,"|",null,null,"- loss of reinsurance (reinsurers might raise rates or terminate coverage)",null,null,null,null,null,null,null,null,"|"]
[null,null,"i","plausible adverse scenario",null,null,null,null,null,null,null,"|",null,null,"management actions:",null,null,null,null,null,null,null,null,"|"]
[null,null,"ii","reverse stress testing",null,null,null,null,null,null,null,"|",null,null,"- raise rates to recover losses in a future experience period",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- review reinsurance requirements and options",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(1 point)","d.","plausible adverse scenario:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- (set of assumptions) for an (undesirable but reasonably possible event) relating to",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  (insurer's financial condition)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- statistically, the scenario should lie between the 95th and 99th percentile on the loss",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  distribution (the CAS seems to require this as part of the definition)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"reverse stress testing:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- HOW FAR must risk factors change TO DRIVE the insurer's surplus negative during forecast",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  period THEN determine whether such change is plausible",null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
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["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]

{"sheet":"20","index":20,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",20,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":20},null,null,null,null,null,null,null,null,null,"|"]
["Points:",3.5,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":3.5},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(1.5 points)",null,null,null,null,null,null,null,null,"|","Source:","CIA.MfAD",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Calculate the APV (Actuarial Present Value) of the unpaid loss.",null,null,null,null,null,null,null,null,"|","(1.5 points)","a.","net unpaid at 6.75%",null,null,57796,"    ---------------------------------->",null,null,{"$f":"R7","v":57796},null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"net unpaid at 7.5%",null,null,57466,"x",0.1,"---->",{"$f":"R8*T8","v":5746.6},null,"|"]
[null,null,"net unpaid at 12 months",null,null,61000,null,"MfAD(inv)",null,"75 bps",null,"|",null,null,"ceded unpaid at 7.5%",null,null,1884,"x",0.12,"---->",{"$f":"R9*T9","v":226.07999999999998},null,"|"]
[null,null,"ceded unpaid at 12 months",null,null,2000,null,"MfAD(claims)",null,0.1,null,"|",null,null,null,null,null,null,null,null,"APV = ",{"$f":"SUM(V7:V9)","v":63768.68},null,"|"]
[null,null,"discount rate",null,null,7.4999999999999997E-2,null,"MfAD(re)",null,0.12,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.75 points)","b.","i","[2.5%, 20%]",null,null,null,null,null,null,null,"|"]
[null,null,"Age","Cumulative Paid Loss %",null,null,null,null,null,null,null,"|",null,null,"ii","[0, 15%]",null,null,null,null,null,null,null,"|"]
[null,null,12,0.4,null,null,null,null,null,null,null,"|",null,null,"iii","[25bps, 200bps]",null,"(bps = basis points)",null,null,null,null,null,"|"]
[null,null,24,0.8,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,36,1,null,null,null,null,null,null,null,"|","(1.25 points)","c.","E < D < B < C < A",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,"E:","margin = 0 because all claims are settled and there is no risk",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"  (number of claims is not relevant)",null,null,null,null,null,null,null,"|"]
[null,null,"Identify the standard ranges for margins for adverse development for:",null,null,null,null,null,null,null,null,"|",null,null,"D:","auto physical damage is short-tailed, company has good operations",null,null,null,null,null,null,null,"|"]
[null,null,"i","claims development",null,null,null,null,null,null,null,"|",null,null,null,"  (number of claims = 5000, and this will be important in the next 2 steps)",null,null,null,null,null,null,null,"|"]
[null,null,"ii","reinsurance ceded",null,null,null,null,null,null,null,"|",null,null,"B:","auto liability is longer-tailed, company has good operations",null,null,null,null,null,null,null,"|"]
[null,null,"iii","investment return rate",null,null,null,null,null,null,null,"|",null,null,null,"  (number of claims = 5000, same as D, but different line of business)",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"C:","key fact is number of claims = 2500, otherwise same as B",null,null,null,null,null,null,null,"|"]
[null,"c.","(1.25 points)",null,null,null,null,null,null,null,null,"|",null,null,null,"  (fewer claims = greater risk of deviation)",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"A:","catastrophe events have the greatest uncertainty",null,null,null,null,null,null,null,"|"]
[null,null,"Can you rank the following reserve analysis situations from 'lowest to highest' in terms",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"of the claims development '% risk margin' each would require on their point estimates?",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"A","1 severe hurricane event (1 month old)",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"B","5,000 auto liability claims (AY 17 at 12/31/17), company has good operations",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"C","2,500 auto liability claims (AY 17 at 12/3117), company has good operations",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"D","5,000 auto physical damage claims (AY 17 at 12/3117), company has good opns",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"E","1,000 auto physical damage claims (20 year-old accident year), all claims settled",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]

{"sheet":"21","index":21,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",21,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":21},null,null,null,null,null,null,null,null,null,"|"]
["Points:",1.75,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":1.75},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(0.75 points)",null,null,null,null,null,null,null,null,"|","Source:","BCAR.Cdn",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify and briefly describe 3 categories of risk considered in A.M. Best BCAR.",null,null,null,null,null,null,null,null,"|","(0.75 points)","a.","Hint: ICU","(Remember Alice the Actuary and her epic snowboarding fail! OUCH!)",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Investment risk:",null,"Fixed income securities, Equities, Interest rates [Hint: FEI]",null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"  Credit risk:",null,"counterparty default risk",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  U/W risk:",null,"excessive growth, loss reserves, mix shifts",null,null,null,null,null,null,"|"]
[null,null,"Briefly describe 1 difference between the Canadian and American BCAR calculation.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.5 points)","b.","Any 1 of:",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"  interest rate risk component:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - Canada considers market-value decline of an insurer's fixed-income portfolio due to",null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify a conceptual difference between MCT and BCAR regarding the time horizon.",null,null,null,null,null,null,null,null,"|",null,null,"      rising interest rates",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  U/W risk component:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - makes adjustments for reported suprlus (Ex: eliminates intangible assets)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.5 points)","c.","BCAR:","- capital must support current & future premium risk",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"MCT:","- focuses more on current year's risk",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Note:","DCAT usually projects for 3 years, so if you combine MCT with DCAT, you get a ",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"longer time horizon (not part of answer, just a side note.)",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"22","index":22,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",22,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":22},null,null,null,null,null,null,null,null,null,"|"]
["Points:",2,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":2},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(0.75 points)",null,null,null,null,null,null,null,null,"|","Source:","CIA.Disclosure, CIA.Runoff, CIA.DIscnt",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify 3 considerations in determining concentration risk of an insurer.",null,null,null,null,null,null,null,null,"|","(0.75 points)","a.","Any 3 of:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  diversification:",null,"- by line of business (more lines is better)",null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"  diversification:",null,"- geographically (greater diversification is better)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  U/W limit:",null,"- lower is better",null,null,null,null,null,null,"|"]
[null,null,"Briefly describe the 2 approaches which account for the time value of money when",null,null,null,null,null,null,null,null,"|",null,null,"  reinsurance:",null,"- more sources of reinsurance is better",null,null,null,null,null,null,"|"]
[null,null,"evaluating the runoff of claims liabilities.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.5 points)","b.","- discount the paid & unpaid amounts at time t back to time t - 1",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,"- subtract investment income earned during calendar year t on supporting assets and",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  liabilities",null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify 3 considerations in determining the interest rate used to discount policy liabilities.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.75 points)","c.","Any 3 of: [Hint: MARY-(IE)-CapG]",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Methods for asset valuation and reporting investment income",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Allocation of assets and investment income by LOB",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Return on assets at balance sheet date",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Yield on assets acquired after balance sheet date",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Investment Expenses and losses from default",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  CapG: capital gains/losses on assets sold after balance sheet date",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Notes:","a.","from wiki article CIA.Disclosure",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"b.","from wiki article CIA.Runoff and 2016.Fall #26d",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"c.","from wiki article CIA.Discnt and BattleHack #1: Top Questions",null,null,null,null,null,null,null,null,"|"]
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{"sheet":"23","index":23,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",23,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":23},null,null,null,null,null,null,null,null,null,"|"]
["Points:",3,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":3},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(0.5 points)",null,null,null,null,null,null,null,null,"|","Source:","Feld.RtAgs",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Rating agencies are supposed to provide reliable financial strength ratings to insurers.",null,null,null,null,null,null,null,null,"|","(0.5 points)","a.","shortcomings:",null,null,null,null,null,null,null,null,"|"]
[null,null,"Examples of well known rating agencies are A.M. Best, Moody's, and Standard & Poor's.",null,null,null,null,null,null,null,null,"|",null,null,"  - there is a conflict of interest because rating agencies are paid by the companies they rate",null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify 2 shortcomings of rating agencies.",null,null,null,null,null,null,null,null,"|",null,null,"  - rating agencies have a history of unreliability (they have given high ratings to companies",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"     that subsequently went bankrupt)",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.5 points)","b.","interactive rating:",null,null,null,null,null,null,null,null,"|"]
[null,null,"Rating agencies often use a rating method called 'interactive rating'. Define this term.",null,null,null,null,null,null,null,null,"|",null,null,"  - an independent assessment of an insurer's ability to pay claims BASED ON a",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    comprehensive qualitative & quantitative analysis",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(1.25 points)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(1.25 points)","c.","the 5 steps: [Hint: RM-PDP]",null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify the 5 steps in the interactive rating methodology.",null,null,null,null,null,null,null,null,"|",null,null,"  Research - by rating analysts (insurer submits proprietary info)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Meeting - between rating analysts and insurer's senior management for presentations",null,null,null,null,null,null,null,null,"|"]
[null,"d.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,"  Proposal - the rating analyst leader proposes a rating (insurer may submit further info)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Decision - by ratings committee",null,null,null,null,null,null,null,null,"|"]
[null,null,"Interactive ratings can be intrusive, time-consuming, and expensive. Identify 3 reasons",null,null,null,null,null,null,null,null,"|",null,null,"  Publication - to public & fee-paying subscribers",null,null,null,null,null,null,null,null,"|"]
[null,null,"that insurers participate in them anyway.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.75 points)","d.","reasons for participating in interactive rating: [Hint: USE]",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Unrated insurers: agents are wary of unrated insurers",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Solvency assessment: 3rd parties such as regulators or investors may rely on a rating",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    agency assessment",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Efficiency: agents, U/W, regulators don't have the expertise to evaluate the financial",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    strength of an insurer",null,null,null,null,null,null,null,null,"|"]
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{"sheet":"24","index":24,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",24,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":24},null,null,null,null,null,null,null,null,null,"|"]
["Points:",2,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":2},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(1.5 points)",null,null,null,null,null,null,null,null,"|","Source:","OSFI.ORSA",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Describe 3 key elements of ORSA.",null,null,null,null,null,null,null,null,"|","(1.5 points)","a.","Any 3 of:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"risk identification and assessment:",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"  - identify & assess the materiality of foreseeable & emerging risks",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"relate risk to capital:",null,null,null,null,null,null,null,null,"|"]
[null,null,"Comment on the following statement:",null,null,null,null,null,null,null,null,"|",null,null,"  - set internal capital using stress-testing techniques",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - must withstand a specified loss without falling below supervisory capital requirements",null,null,null,null,null,null,null,null,"|"]
[null,null,"  All federally regulated companies must implement the same ORSA process.",null,null,null,null,null,null,null,null,"|",null,null,"responsibilities of Board of Directors:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - review reasonableness & appropriateness of risk profile & capital requirements in the",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    context of board approved risk appetite & risk tolerance",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"monitoring & reporting of risks:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - annual reports to Board of Directors & Senior Management on risk profile & capital",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    assessment",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"internal controls & objective review",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - review for accuracy, integrity, reasonableness",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - objective reviewer: internal or external auditor OR skilled professional not involved in",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    the ORSA process",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"NOTE: The answers given in the examiner's report for 2015.Fall #23 are very long. I think",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"shorter answers could still receive full credit because each element is only worth 0.5 points.",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.5 points)","b.","Yes and no:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - key elements are the same (see part a)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - but specifics differ by company depending on risk profile and NSC of operations.",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    (NSC stands for Nature/Scale/Complexity)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"25","index":25,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",25,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":25},null,null,null,null,null,null,null,null,null,"|"]
["Points:",4,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":4},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(1.5 points)",null,null,null,null,null,null,null,null,"|","Source:","CIA.Models",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"According to the CIA paper on modeling, define the following terms:",null,null,null,null,null,null,null,null,"|","(1.5 points)","a.","i","model:",null,null,null,null,null,null,null,"|"]
[null,null,"i","model",null,null,null,null,null,null,null,"|",null,null,null,"- a practical representation of relationships among entities using FEMS concepts\n",null,null,null,null,null,null,null,"|"]
[null,null,"ii","model elements",null,null,null,null,null,null,null,"|",null,null,null,"  (Note: FEMS stands for Financial/Economic/Mathematical/Statistical)",null,null,null,null,null,null,null,"|"]
[null,null,"iii","model risk",null,null,null,null,null,null,null,"|",null,null,"ii","model elements:",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"- all models require 3 elements: [Hint: SIR]",null,null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,null,"  - model Specification",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"  - model Implementation",null,null,null,null,null,null,null,"|"]
[null,null,"Model risk is measured across 2 dimensions. Identify these dimensions.",null,null,null,null,null,null,null,null,"|",null,null,null,"  - model Run",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"  (Note: for 0.5 points, you don't have to explain Specification or Implementation)",null,null,null,null,null,null,null,"|"]
[null,"c.","(2 points)",null,null,null,null,null,null,null,null,"|",null,null,"iii","model risk",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"- the risk that the user will draw inappropriate conclusions due to shortcomings",null,null,null,null,null,null,null,"|"]
[null,null,"Given the following information, use the 2-dimensional model risk rating system to",null,null,null,null,null,null,null,null,"|",null,null,null,"  of the model or its use",null,null,null,null,null,null,null,"|"]
[null,null,"evaluate the overall model risk.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.5 points)","b.","severity of failure, likelihood of failure",null,null,null,null,null,null,null,null,"|"]
[null,null,"task:","forecast capital requirements",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"method:","used an established Excel model of moderate complexity with only minor updates",null,null,null,null,null,null,null,"|","(2 points)","c.","For severity of failure, consider: [Hint: FIF]",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Financial significance: high (so risk is high)",null,null,null,null,null,null,null,null,"|"]
[null,null,"model risk considerations:",null,null,null,null,null,null,null,null,"|",null,null,"  Importance of Model: no info provided",null,null,null,null,null,null,null,null,"|"]
[null,null,"  - capital requirements are significant",null,null,null,null,null,null,null,null,"|",null,null,"  Frequency of use: high (so risk is high)",null,null,null,null,null,null,null,null,"|"]
[null,null,"  - model is used frequently",null,null,null,null,null,null,null,null,"|",null,null,"Conclusion: severity risk is HIGH",null,null,null,null,null,null,null,null,"|"]
[null,null,"  - there is excellent documentation for the model",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"  - the 2 best actuarial analysts in the company are running the model",null,null,null,null,null,null,null,null,"|",null,null,"For likelihood of failure, consider",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  complexity:",null,"- moderate (so risk is moderate)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  expertise of user:",null,"- high (so risk is low)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  docs:",null,"- excellent (so risk is low)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  testing:",null,"- thorough, since it's an established model (so risk is low)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Conclusion: likelihood of failure is LOW",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Overall conclusion: risk of model failure is MODERATE",null,null,null,null,null,null,null,null,"|"]
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["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",26,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":26},null,null,null,null,null,null,null,null,null,"|"]
["Points:",2.25,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":2.25},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(0.5 points)",null,null,null,null,null,null,null,null,"|","Source:","CIA.Mat",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"State the definition of materiality.",null,null,null,null,null,null,null,null,"|","(0.5 points)","a.","An omission / under-statement / over-statement is material…",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  ...if the actuary expects it to materially affect the user's decision-making or",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(1 point)",null,null,null,null,null,null,null,null,"|",null,null,"      reasonable expectations",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Based on company characteristics, which company would you expect to have a more",null,null,null,null,null,null,null,null,"|","(1 point)","b.","Scenario 1:",null,null,null,null,null,null,null,null,"|"]
[null,null,"rigorous materiality level in each of these scenarios (more rigorous means lower.)",null,null,null,null,null,null,null,null,"|",null,null,"  Company B should have a more rigorous materiality level. It has a smaller surplus, so",null,null,null,null,null,null,null,null,"|"]
[null,null,"Briefly explain.",null,null,null,null,null,null,null,null,"|",null,null,"  smaller swings in surplus would have a proportionately greater impact on Company B's",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  decision-making.",null,null,null,null,null,null,null,null,"|"]
[null,null,"  Scenario 1:",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"    Company A has a surplus of 100 million",null,null,null,null,null,null,null,null,"|",null,null,"Scenario 2:",null,null,null,null,null,null,null,null,"|"]
[null,null,"    Company B has a surplus of 20 million",null,null,null,null,null,null,null,null,"|",null,null,"  Company D should have a more rigorous materiality level. It is a much newer company,",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  with less historical data and less established management. Operations should be monitored",null,null,null,null,null,null,null,null,"|"]
[null,null,"  Scenario 2:",null,null,null,null,null,null,null,null,"|",null,null,"  more closely for any signs of trouble. Smaller swings in financial metrics would have a",null,null,null,null,null,null,null,null,"|"]
[null,null,"    Company C started operation in 1920",null,null,null,null,null,null,null,null,"|",null,null,"  proportionately greater impact on Company D's decision-making.",null,null,null,null,null,null,null,null,"|"]
[null,null,"    Company D started operation in 2010",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Note:",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,"  This question was a \"Bloom's Taxonomy\" way of asking about the 6 company",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  characteristics that should be considered in setting the materiality level.",null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify considerations regarding the disclosure of materiality in actuarial",null,null,null,null,null,null,null,null,"|",null,null,"  Remember (F-STARS)? Here we used the 2 S's: Size, Stage in life cycle.",null,null,null,null,null,null,null,null,"|"]
[null,null,"communications.",null,null,null,null,null,null,null,null,"|",null,null,"  If you don't remember, review the materiality wiki article CIA.Mat.",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.75 points)","c.","I told you in the wiki article on materiality that if I were creating the exam, I would ask this",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"question. Did you listen to me??!!! [Hint: SIC]",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Sophistication of the user",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Importance of the concept of materiality to the user",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Complexity of the information (KISS - Keep it Simple Stupid)",null,null,null,null,null,null,null,null,"|"]
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{"sheet":"27","index":27,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",27,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":27},null,null,null,null,null,null,null,null,null,"|"]
["Points:",1.75,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":1.75},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(0.25 points)",null,null,null,null,null,null,null,null,"|","Source:","CIA.Subseq",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Define the term 'subsequent event'.",null,null,null,null,null,null,null,null,"|","(0.25 points)","a.","subsequent event:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  -  an event the AA becomes aware of after the calculation date but before \nthe report date",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(1.5 points)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(1.5 points)","b.","i","- actuary became aware after the CalcDt but before the RptDt, therefore this",null,null,null,null,null,null,null,"|"]
[null,null,"The Appointed Actuary of a property and casualty insurance company is valuing policy\n",null,null,null,null,null,null,null,null,"|",null,null,null,"  is a subsequent event and we're on the middle branch",null,null,null,null,null,null,null,"|"]
[null,null,"liabilities as at December 31, 2017. The report date is February 22, 2018. For each of\n",null,null,null,null,null,null,null,null,"|",null,null,null,"- Error: no",null,null,null,null,null,null,null,"|"]
[null,null,"the following scenarios, briefly discuss the actions that the Appointed Actuary should\n take.",null,null,null,null,null,null,null,null,"|",null,null,null,"- When did event occur: after CalcDt",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"- Different (did the event make the entity different?): yes, after CalcDt",null,null,null,null,null,null,null,"|"]
[null,null,"i","A severe winter storm occurred on Jan 15, 2017.",null,null,null,null,null,null,null,"|",null,null,null,"- Purpose: report on entity as it was",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"--> inform only (assuming the event is material)",null,null,null,null,null,null,null,"|"]
[null,null,"ii","On Feb 1, the IT department notified the actuary regarding a significant volume",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"of claims missing from the 2017 claims database.",null,null,null,null,null,null,null,"|",null,null,"ii","- actuary became aware after the CalcDt but before the RptDt, therefore this",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"  is a subsequent event and we're on the middle branch",null,null,null,null,null,null,null,"|"]
[null,null,"iii","In this part, suppose the company is a reinsurer. A case reserve increase by the",null,null,null,null,null,null,null,"|",null,null,null,"- Error: yes",null,null,null,null,null,null,null,"|"]
[null,null,null,"ceding insurer was not reported to the appointed actuary at the reinsurer",null,null,null,null,null,null,null,"|",null,null,null,"--> reflect in report (assuming the event was material)",null,null,null,null,null,null,null,"|"]
[null,null,null,"until Feb 5.",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"iii","- actuary became aware after the CalcDt but before the RptDt, therefore this",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"  is a subsequent event and we're on the middle branch",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"- Error: no",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"- When did event occur: before CalcDt",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"--> reflect in report (assuming the event was material)",null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"28","index":28,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 1 (2018.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 1 (2018.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",28,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":28},null,null,null,null,null,null,null,null,null,"|"]
["Points:",2.75,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":2.75},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(1 point)",null,null,null,null,null,null,null,null,"|","Source:","OSFI.AA",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Briefly describe 4 qualifications that OSFI expects an appointed actuary to possess.",null,null,null,null,null,null,null,null,"|","(1 point)","a.","OSFI's expectations:",null,null,"See 2016.Spring #2a",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- must be FCIA with 3 years of Canadian experience in past 6 years (including 1 year of",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(1 point)",null,null,null,null,null,null,null,null,"|",null,null,"  valuation)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- must have experience with CIA's SOPs (also insurance legislation & regulation)",null,null,null,null,null,null,null,null,"|"]
[null,null,"Briefly describe 4 roles or duties of the Appointed Actuary (AA).",null,null,null,null,null,null,null,null,"|",null,null,"- must maintain professional development requirements",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- must have NO adverse findings with CIA disciplinary tribunal",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(1 point)","b.","roles & duties: Any 4:",null,null,"See 2016.Fall #34c",null,null,null,null,null,"|"]
[null,null,"Identify 3 objectives of a peer reviewer.",null,null,null,null,null,null,null,null,"|",null,null,"- perform valuation of policy liabilties at year-end using accepted actuarial practice",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- produce AA report",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- produce annual financial position report to Board of Directors",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- produce financial condition report when directed by OSFI, possibly using DCAT",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- produce MAE report (Material Adverse Event) for items requiring rectification ",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- produce policyholder report on whether policyholders are treated fairly regarding",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  dividends, bonuses, other benefits",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- final opinion/memo on financial statement items requiring significant calcs or judgment",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(0.75 point)",null,"Hint: AAC",null,null,"See 2016.Fall #27f",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Assist OSFI in assessing insurer safety & soundness",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Assist AA by providing independent advice and a source for professional development",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Confidence: increase confidence in the AA with management, public, regulators",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
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