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["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",1]
["Points:",2.5,"points"]
[]
[null,"a.","(1 point)"]
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[null,null," Identify 4 areas where the federal government has exclusive authority."]
[]
[null,"b.","(0.5 points)"]
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[null,null," Identify 2 areas where the provincial government has exclusive authority."]
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[null,"c.","(0.5 points)"]
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[null,null,"Identify 2 matters under provincial insurance regulation."]
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[null,"d.","(0.5 points)"]
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[null,null,"Identify 1 item under each matter listed in part (c)."]
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["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"2","index":2,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",2]
["Points:",1,"points"]
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[null,"Explain whether the following situations are permitted according to Ontario regulations."]
[]
[null,"a.","(0.25 points)"]
[]
[null,null,"An insured purchased a new car. Their auto insurance premium increased."]
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[null,"b.","(0.25 points)"]
[]
[null,null,"An insured was fired from their job. Their auto insurance decreased."]
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[null,"c.","(0.25 points)"]
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[null,null,"An insurer used data from a Usage-Based Insurance program to investigate a"]
[null,null,"suspicious claim."]
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[null,"d.","(0.25 points)"]
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[null,null,"An insurer used data from a Usage-Based Insurance program to deny a"]
[null,null,"suspicious claim that appears very likely to be fraudulent."]
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["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"3","index":3,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",3]
["Points:",1.75,"points"]
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[null,"a.","(0.75 points)"]
[]
[null,null,"Identify 3 pieces of information that must be made available to the TNC and"]
[null,null,"insurance providers after an accident where a a ride-sharing vehicle is involved."]
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[null,"b.","(0.5 points)"]
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[null,null,"Describe a similarity between UBI and ride-sharing services."]
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[null,"c.","(0.5 points)"]
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[null,null,"Describe a difference between UBI and ride-sharing services."]
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["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"4","index":4,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",4]
["Points:",3,"points"]
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[null,"a.","(0.5 points)"]
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[null,null,"Define the term \"insurance contract\" according to IFRS 17."]
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[null,"b.","(1.5 points)"]
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[null,null,"Briefly describe the 3 building blocks of the measurement of insurance contract"]
[null,null,"liabilities under IFRS 17."]
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[null,"c.","(1 point)"]
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[null,null,"Identify 2 differences between IFRS 17 and current CIA practice regarding"]
[null,null,"measurement of liabilities."]
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["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"5","index":5,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",5]
["Points:",1.5,"points"]
[]
[null,"In each of the following scenarios, explain a likely outcome for the insurance company and cite"]
[null,"any relevant precedents used to support the conclusion drawn."]
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[null,"a.","(0.75 points)"]
[]
[null,null,"An insured was driving his vehicle in BC when a group of car thieves shot and seriously injured"]
[null,null,"him while attempting to take his vehicle. His auto policy states that he is entitled to no-fault"]
[null,null,"benefits for an injury \"that arises out of the ownership, use or operation of a vehicle.\" The"]
[null,null,"insured argues that the insurance company should provide coverage as the injuries were"]
[null,null,"causally connected to the use of the motor vehicle."]
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[]
[null,"b.","(0.75 points)"]
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[null,null,"A man was injured in a head-on collision on an icy road on Markham Ontario. He claimed"]
[null,null,"the city was liable for failing to maintain the roadway in good condition during a winter"]
[null,null,"storm. The city claimed they had ploughed and salted the road in accordance with accepted"]
[null,null,"city standards. They had cleared the snow & ice but it had reformed quickly due to the"]
[null,null,"severity of the storm. The plaintiff sought 6 million dollars in damages."]
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["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"6","index":6,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",6]
["Points:",2.5,"points"]
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[null,"a.","(0.5 points)"]
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[null,null,"Describe the Trilogy ruling."]
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[null,"b.","(0.5 points)"]
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[null,null,"Describe 2 reasons for the cap on general (non-pecuniary) damages."]
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[null,"c.","(1 point)"]
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[null,null,"Describe 3 exceptions to the cap on non-pecuniary damages and the Supreme Court's"]
[null,null,"reason for the exceptions."]
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[null,"d.","(0.5 points)"]
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[null,null,"Describe the effect of the cap on equity between major and minor injuries."]
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["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"7","index":7,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",7]
["Points:",2.5,"points"]
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[null,"An agricultural producer insures the production of corn under a plan with the"]
[null,"following details:"]
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[null,null,"area of crop:",null,"35 hectares"]
[null,null,"probable yield:",null,"15,000 kg/ha"]
[null,null,"coverage level:",null,0.8]
[null,null,"insured price:",null,"$0.26/kg"]
[]
[null,"a.","(0.75 points)"]
[]
[null,null,"Growing Forward 2 is a comprehensive federal-provincial-territorial framework for Canada's"]
[null,null,"agricultural sector. It consists of 6 Business Risk Management Programmes. Briefly describe"]
[null,null,"3 Business Risk Management Programmes that could protect this producer against crop"]
[null,null,"losses or a drop in the price of the crop."]
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[null,"b.","(0.5 points)"]
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[null,null,"If the actual production of corn in a particular year is 330,000 kg, calculate the indemnity"]
[null,null,"paid to the producer."]
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[null,"c.","(0.5 points)"]
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[null,null,"To calculate probable yield for insurance purposes, we normally use an average of"]
[null,null,"historical yields. Sometimes, however, historical yields need to be adjusted."]
[null,null,"i","What is the general purpose of such a historical adjustment?"]
[null,null,"ii","Identify a specific reason for a historical adjustment."]
[]
[null,"d.","(0.75 points)"]
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[null,null,"It is important for agricultural insurance to be self-sustainable."]
[null,null,"i","Define the term 'self-sustainability load'."]
[null,null,"ii","What is the statistical definition of 'self-sustainability'?"]
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["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"8","index":8,"n_rows":95,"n_cols":32,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",8]
["Points:",3.5,"points"]
[]
[null,"a.","(1.25 points)"]
[]
[null,null,"Identify 5 minimum requirements for RSP transfer eligibility."]
[]
[null,"b.","(0.25 points)"]
[]
[null,null,"In Ontario, why is only 85% of each risk transferred covered by the RSP."]
[]
[null,"c.","(1 point)"]
[]
[null,null,"Compare and contrast FARM and RSPs with respect to:"]
[null,null,"i","admission"]
[null,null,"ii","participation ratio"]
[]
[null,"d.","(1 point)"]
[]
[null,null,"Given the following information, calculate the company's loss ratio on their share"]
[null,null,"of the pool. Assume a provincial expense allowance (PEA) of: ",null,null,null,null,null,0.27]
[]
[null,null,null,null,null,null,null,"company","province"]
[null,null,"direct earned exposures not ceded to the RSP",null,null,null,null,2000,25000]
[null,null,"direct earned premium ceded to the RSP",null,null,null,null,40000,750000]
[null,null,"total incurred losses ceded to the RSP",null,null,null,null,"n/a",1200000]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"/",25000]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"x",0.08]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"x",0.08,"+",40000,"x",0.27]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"/",70800]
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["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"9","index":9,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",9]
["Points:",2,"points"]
[]
[null,"a.","(0.5 points)"]
[]
[null,null,"Briefly describe how terrorism has changed in recent years."]
[]
[null,"b.","(0.75 points)"]
[]
[null,null,"Briefly describe how terrorism is defined in Canada."]
[]
[null,"c.","(0.5 points)"]
[]
[null,null,"Identify 2 considerations in assessing terrorism risk for a business."]
[]
[null,"d.","(0.25 points)"]
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[null,null,"How is terrorism priced in Canada?"]
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["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"10","index":10,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",10]
["Points:",1,"points"]
[]
[null,"a.","(1 point)"]
[]
[null,null,"According to \"ICBC Affordable and effective auto insurance – A new road forward for"]
[null,null,"British Columbia\", identify 4 guiding principles of an effective auto insurance system."]
[]
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["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"11","index":11,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",11]
["Points:",2.75,"points"]
[]
[null,"a.","(0.5 points)"]
[]
[null,null,"Identify 2 reasons that coverage for overland flooding has generally not"]
[null,null,"been offered to residential customers in Canada."]
[]
[null,"b.","(0.75 points)"]
[]
[null,null,"Identify 3 areas of government under-investment in risk planning and mitigation."]
[]
[null,"c.","(0.5 points)"]
[]
[null,null,"Even when private flood insurance is widely available, what useful role can the"]
[null,null,"government still provide in ensuring the availability & affordability of flood insurance."]
[]
[null,"d.","(1 point)"]
[]
[null,null,"Briefly describe the U.K. approach to flood insurance. Your answer should cover 4 separate"]
[null,null,"points."]
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["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"12","index":12,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",12]
["Points:",4,"points"]
[]
[null,"a.","(3 points)"]
[]
[null,null,"Determine the final A.M. Best rating for the following insurer."]
[]
[null,null,null,null,null,null,"Required Capital Amounts"]
[null,null,"asset risk",null,null,null,"VaR 95","VaR 99","VaR 99.5","VaR 99.6"]
[null,null,"(B1)","Fixed income securities risk",null,null,190,245.66773829177166,265.64340950560427,270.03475540881044]
[null,null,"(B2)","Equity securities risk",null,null,113,146.10765487879053,157.98792249543837,160.59961769050309]
[null,null,"(B3)","Interest rate risk",null,null,116,149.98661916760796,162.18229211921104,164.86332435485269]
[null,null,"(B4)","Credit risk",null,null,110,142.22869058997307,153.79355287166564,156.33591102615341]
[null,null,"U/W risk"]
[null,null,"(B5)","Reserve risk",null,null,700,1048.878010743372,1187.0494714954079,1230.9283486397503]
[null,null,"(B6)","Premium risk",null,null,650,973.95815283313118,1102.2602235314503,1143.0048951654824]
[null,null,"other risk"]
[null,null,"(B7)","Business risk",null,null,49,49,49,49]
[null,null,"(B8)","Catastrophe risk",null,null,100,124.19354838709677,185.48387096774192,225.80645161290323]
[]
[]
[null,null,"Recap of Available Capital (AC)",null,null,null,"amount"]
[null,null,"Reported Capital (surplus)",null,null,null,2660]
[null,null,"Equity adjustments (lura)"]
[null,null,"    loss reserves",null,null,null,95]
[null,null,"    unearned premium",null,null,null,-190]
[null,null,"    reinsurance",null,null,null,19]
[null,null,"    assets",null,null,null,0]
[null,null,"Debt adjustments (sd)"]
[null,null,"    surplus notes",null,null,null,0]
[null,null,"    debt service requirements",null,null,null,0]
[null,null,"Other adjustments (fig)"]
[null,null,"    future operating losses",null,null,null,0]
[null,null,"    intangibles",null,null,null,66.5]
[null,null,"    goodwill",null,null,null,66.5]
[]
[null,"b.","(1 point)"]
[]
[null,null,"Identify 4 considerations other than BCAR score that impact balance sheet strength"]
[null,null,"assessment."]
[]
[]
[]
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[]
["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"13","index":13,"n_rows":86,"n_cols":13,"rows_kept":86,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",13]
["Points:",7,"points"]
[]
[null,"a.","(2 points)"]
[]
[null,null,"Given the following information, calculate the MCT capital available."]
[]
[null,null,null,"qualifying category A common shares",null,null,null,28500]
[null,null,null,"contributed surplus",null,null,null,2000]
[null,null,null,"Retained Earnings",null,null,null,6500]
[null,null,null,"reserves",null,null,null,2500]
[null,null,null,"AOCI",null,null,null,7000]
[null,null,null,"qualifying category B instruments",null,null,null,16500]
[null,null,null,"qualifying category C instruments",null,null,null,6000]
[null,null,null,"non-controlling interests",null,null,null,500]
[]
[null,null,"You'll also need some information on reinsurance ceded to unregistered reinsurers:"]
[]
[null,null,null,"UEP ceded:","($) UnEarned Premiums ceded to assuming reinsurer"]
[null,null,null,"O/S Recov:","($) OutStanding losses Recoverable from assuming reinsurer"]
[null,null,null,"Reins Recv:","($) Reinsurance Receivable"]
[null,null,null,"Reins Pay:","($) Reinsurance Payable"]
[null,null,null,"NOD:","($) Non-Owned Deposits (RSA + Other) & includes FUNDS to secure pmt"]
[null,null,null,null,"from assuming insurer (the FUNDS inclusion is new for 2018)"]
[null,null,null,"LOC:","($) Letters Of Credit"]
[]
[null,null,null,"UEP","O/S","Reins","Reins"]
[null,null,null,"ceded","Recov","Recv","Pay","NOD","LOC"]
[null,null,null,15000,5000,2000,9000,8000,6000]
[]
[null,"b.","(4.5 points)"]
[]
[null,null,"Given the following information, calculate the MCT minimum capital required."]
[]
[null,null,null,"Line of","net",null,null,"* net unpaid is discounted but excludes"]
[null,null,null,"Business","unpaid *","margin",null,"   PfADs"]
[null,null,null,"Line 1",49000,0.13]
[null,null,null,"Line 2",77000,0.1]
[]
[null,null,null,"Line of","prem",null,"DWP","AWP","CWP"]
[null,null,null,"Business","liabs","margin","(12 mths)","(12 mths)","(12 mths)"]
[null,null,null,"Line 1",15000,0.18,81000,20000,10000]
[null,null,null,"Line 2",60000,0.16,104000,23000,28000]
[]
[null,null,"Question continues on next page…"]
[]
["----","----","----","----","----","----","----","----","----","----","----","----","----"]
[]
["Exam:","BattleActs 6C Practice Exam 1 (2019.Fall)"]
["Question:","13 (continued)"]
[]
[null,null,"These 2 amounts relate to components of insurance risk:"]
[]
[null,null,null,"capital required for unregistered reinsurers:",null,null,null,null,2000]
[null,null,null,"capital required for catastrophes:",null,null,null,null,5000]
[]
[null,null,"The capital required for interest rate risk is:",null,null,null,null,3000]
[null,null,"The capital required for foreign exchange risk is:",null,null,null,null,1000]
[null,null,"The capital required for equity risk is:",null,null,null,null,4500]
[null,null,"The capital required for real estate risk is:",null,null,null,null,500]
[null,null,"The capital required for credit risk is:",null,null,null,null,4550]
[]
[null,null,"Here is some more information that you'll need:"]
[]
[null,null,null,"AWP(ig):","($) AWP (last 12 mths) from intra-group pooling"]
[null,null,null,"CWP(ig):","($) CWP (last 12 mths) from intra-group pooling"]
[]
[null,null,null,"DWP","AWP","CWP","growth","AWP(ig):","CWP(ig):"]
[null,null,null,185000,43000,38000,0.22,0,0]
[]
[null,null,null,null,null,null,"risk factor"]
[null,null,null,"DWP over last 12 months",null,null,2.5000000000000001E-2]
[null,null,null,"AWP over last 12 months",null,null,1.7500000000000002E-2]
[null,null,null,"CWP over last 12 months",null,null,2.5000000000000001E-2]
[null,null,null,"AWP(ig) over last 12 months",null,null,7.4999999999999997E-3]
[null,null,null,"CWP(ig) over last 12 months",null,null,7.4999999999999997E-3]
[null,null,null,"premium growth above 20%",null,null,2.5000000000000001E-2]
[null,null,null,"capital factor *",null,null,8.5000000000000006E-2]
[]
[null,null,null,"* capital factor applies to total capital required BEFORE operational risk margin"]
[null,null,null,"   and diversification credit."]
[]
[null,"c.","(0.5 point)"]
[]
[null,null,"Calculate the MCT ratio and state whether it is above or below the supervisory target."]

{"sheet":"14","index":14,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",14]
["Points:",2,"points"]
[]
[null,"a.","(1.25 points)"]
[]
[null,null,"Calculate the investment income attributable to insurance operations."]
[]
[null,null,"investment yield:",null,7.0000000000000007E-2]
[]
[null,null,null,"APV","APV","paid in"]
[null,null,"AY","yr-end 14","yr-end 15","CY 2015"]
[null,null,2012,3000,2000,800]
[null,null,2013,4000,3000,900]
[null,null,2014,4500,3500,1000]
[null,null,2015,null,4500,4000]
[]
[]
[null,null,null,"yr-end 14","yr-end 15"]
[null,null,"UPR",5000,6000,"  <== unearned premium reserve"]
[null,null,"PDR",600,400,"  <== premium deficiency reserve"]
[null,null,"UEcomm",1200,900,"  <== unearned commissions"]
[null,null,"PH Recv",300,100,"  <== policy holder receivables (agents & brokers)"]
[]
[]
[null,"b.","(0.75 points)"]
[]
[null,null,"Calculate the excess (deficiency) amount for CY 2015 (not the ratio)."]
[]
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[]
["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"15","index":15,"n_rows":95,"n_cols":27,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)",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:",15,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Points:",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,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,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"BALANCE SHEET",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,"current (1)","prior (0)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Cash",null,null,null,null,null,7800,5800,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Bonds and Debentures",null,null,null,null,null,58300,63500,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Common Shares",null,null,null,null,null,4500,3400,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Real Estate",null,null,null,null,null,19600,23900,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Agents and Brokers Receivables",null,null,null,null,null,700,1200,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Unearned Premiums Recoverable",null,null,null,null,null,17100,16900,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Unpaid Claims and Adjustment Expenses Recoverable",null,null,null,null,null,"?","?",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Total Assets",null,null,null,null,null,181100,163100,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Gross Unpaid Claims and Adjustment Expenses",null,null,null,null,null,63400,56600,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Equity",null,null,null,null,null,50300,42200,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"INCOME STATEMENT",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,"current (1)","prior (0)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Net Premiums Written",null,null,null,null,null,69000,79600,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Decrease in Net Unearned Premiums",null,null,null,null,null,1800,1600,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Net Claims and Adjustment Expenses",null,null,null,null,null,60400,48700,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Total Acquisition Expenses",null,null,null,null,null,7200,8100,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"General Expenses",null,null,null,null,null,4500,5100,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Investment Income",null,null,null,null,null,10000,6100,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Realized Gains",null,null,null,null,null,-1700,800,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Investment Expenses",null,null,null,null,null,800,600,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Income Taxes – Total",null,null,null,null,null,4000,4100,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"ALSO:",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Net Leverage Ratio (at end of current year):",null,null,null,null,null,2.2000000000000002,"n/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,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(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,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Calculate these quantities and assess the financial health of the company.",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"(i)","InvYld (Investment Yield)",null,null,"(iii)","ROA",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"(ii)","ROE",null,null,"(iv)","Net U/W Leverage Ratio",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,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 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,null,null,null,null,null,null,"|"]
[null,null,"Calculate the unpaid claims and adjustment expenses recoverable at the end",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"of the current 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,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,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":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",16]
["Points:",2.25,"points"]
[]
[null,"a.","(2.25 points)"]
[]
[null,null,"Given the following information, calculate the TOTAL NET COMMISSIONS. Note that I've"]
[null,null,"used abbreviations in the table so the table would fit in the width of the page."]
[]
[null,null,"DFcomm:","  Deferred Commissions",null,null,null,"@ start:","at start of year"]
[null,null,"UEcomm:","  Unearned Commissions",null,null,null,"@ end:","at end of year"]
[]
[null,null,"(02)","(03)","(04)","(05)","(06)","(07)","(08)","(09)","(10)"]
[null,null,"DFcomm","UEcomm","commissions in respect of WP",null,null,null,"DFcomm","UEcomm","Net"]
[null,"LOB","@ start","@ start","Direct","Assm'd","Ceded","Net","@ end","@ end","Comm"]
[null,1,1200,null,1100,150,500,null,2200]
[null,2,1700,null,1200,null,300,1000,1700]
[null,"Tot",2900,null,2300,null,800,null,3900]
[]
[null,null,null,null,null,null,"gross contingent commissions",null,null,null,800]
[null,null,null,null,null,null,"ceded contingent commissions",null,null,null,200]
[null,null,null,null,null,null,"gross other non-deferrable commissions",null,null,null,400]
[null,null,null,null,null,null,"ceded other non-deferrable commissions",null,null,null,75]
[null,null,null,null,null,null,"ceded commission income (LOB1 + LOB2)",null,null,null,1400]
[]
[null,null,"Note:"]
[null,null,"  ==> DEFERRED Commission refers to commissions paid for direct & assumed business"]
[null,null,"  ==> UNEARNED Commission refers to commission revenue from ceded business"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["original",null,"(02)","(03)","(04)","(05)","(06)","(07)","(08)","(09)","(10)"]
[null,null,"DFcomm","UEcomm","commissions in respect of WP",null,null,null,"DFcomm","UEcomm","Net"]
[null,"LOB","@ start","@ start","Direct","Assm'd","Ceded","Net","@ end","@ end","Comm"]
[null,1,1400,null,1000,100,400,null,1600]
[null,2,1600,null,1500,null,400,1200,1900]
[null,"Tot",3000,null,2500,null,800,null,3500]
[]
[null,null,null,null,null,null,"gross contingent commissions",null,null,null,600]
[null,null,null,null,null,null,"ceded contingent commissions",null,null,null,150]
[null,null,null,null,null,null,"gross other non-deferrable commissions",null,null,null,300]
[null,null,null,null,null,null,"ceded other non-deferrable commissions",null,null,null,50]
[null,null,null,null,null,null,"ceded commission income (LOB1 + LOB2)",null,null,null,1200]
[]
[]
["new",null,"(02)","(03)","(04)","(05)","(06)","(07)","(08)","(09)","(10)"]
[null,null,"DFcomm","UEcomm","commissions in respect of WP",null,null,null,"DFcomm","UEcomm","Net"]
[null,"LOB","@ start","@ start","Direct","Assm'd","Ceded","Net","@ end","@ end","Comm"]
[null,1,1200,null,1100,150,500,null,2200]
[null,2,1700,null,1200,null,300,1000,1700]
[null,"Tot",2900,null,2300,null,800,null,3900]
[]
[null,null,null,null,null,null,"gross contingent commissions",null,null,null,800]
[null,null,null,null,null,null,"ceded contingent commissions",null,null,null,200]
[null,null,null,null,null,null,"gross other non-deferrable commissions",null,null,null,400]
[null,null,null,null,null,null,"ceded other non-deferrable commissions",null,null,null,75]
[null,null,null,null,null,null,"ceded commission income (LOB1 + LOB2)",null,null,null,1400]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"17","index":17,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",17]
["Points:",2.5,"points"]
[]
[null,"a.","(1.25 points)"]
[]
[null,null,"Calculate the earthquake reserve using the model method with phase-in. (EPR is"]
[null,null,"the earthquake premium reserve.)"]
[]
[null,null,"Year",2020]
[null,null,"deductible",20000]
[]
[null,null,"EastCan.PML.500",null,60000,null,"EastCan.PML.420",null,30000]
[null,null,"WestCan.PML.500",null,240000,null,"WestCan.PML.420",null,120000]
[]
[null,null,"EPR (part of Fin. Res.)",null,29600,null,"EastCan.PTIV",null,46800]
[null,null,"Financial Resources",null,55000,null,"WestCan.PTIV",null,196800]
[]
[null,"b.","(0.75 points)"]
[]
[null,null,"Identify and briefly describe 3 principles of earthquake risk management."]
[]
[null,"c.","(0.5 points)"]
[]
[null,null,"Identify and briefly describe 2 sound earthquake modeling practices."]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
[]
[]
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[]
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[]
[]
[]
[]
["----","----","----","----","----","----","----","----","----","----","----"]
[]
[]
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[]
[]
[]
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[]
[]
[]
[]
[]
[]
["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"18","index":18,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",18]
["Points:",1.5,"points"]
[]
[null,"For each of the following scenarios, evaluate whether risk transfer has occurred and briefly"]
[null,"explain your answer. Your explanation may be either qualitative or quantitative as appropriate."]
[]
[null,"a.","(0.75 points)"]
[]
[null,null,"A risk manager purchases an annual 90% quota-share policy for $1,500,000. The portfolio"]
[null,null,"contains 150 policies. The individual loss distribution is given in the table below:"]
[]
[null,null,null,"probability of loss",null,"severity of loss"]
[null,null,null,0.93,null,0]
[null,null,null,7.0000000000000007E-2,null,1500]
[]
[null,"b.","(0.75 points)"]
[]
[null,null,"A risk manager purchases a policy with the following terms:"]
[]
[null,null,null,"premium:",null,1000]
[null,null,null,"probability of loss:",null,0.06]
[null,null,null,"expected severity:",null,150,"(net of premium)"]
[]
[]
[]
[]
[]
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[]
[]
[]
[]
["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"19","index":19,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",19]
["Points:",3,"points"]
[]
[null,"a.","(1 point)"]
[]
[null,null,"Given the following information about Company A and Company B, explain whether"]
[null,null,"the appointed actuary can conclude whether each company is in good financial condition."]
[]
[null,null,"Company A",null,"Metric",2019,2020,2021]
[null,null,"Base Scenario",null,"MCT Ratio",1.5,1.75,2]
[null,null,null,null,"Capital (000s)",10000,15000,20000]
[null,null,"Adverse Scenario",null,"MCT Ratio",1.2,1.5,1.55]
[null,null,null,null,"Capital (000s)",5000,10000,15000]
[]
[null,null,"Company B",null,"Metric",2019,2020,2021]
[null,null,"Base Scenario",null,"MCT Ratio",1.6,1.5,1.4]
[null,null,null,null,"Capital (000s)",2000,1000,300]
[null,null,"Adverse Scenario",null,"MCT Ratio",1.5,1.35,0.95]
[null,null,null,null,"Capital (000s)",10000,10000,10000]
[]
[null,"b.","(1 point)"]
[]
[null,null,"Define the following terms:"]
[null,null,"i","plausible adverse scenario"]
[null,null,"ii","reverse stress testing"]
[]
[null,"c.","(1 point)"]
[]
[null,null,"Suppose the adverse scenario in Company B is investment risk and results in a significant"]
[null,null,"decrease in the value of the company's portfolio. Identify 2 possible ripple effects and"]
[null,null,"2 possible management actions."]
[]
[]
[]
[]
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[]
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[]
[]
[]
[]
["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"20","index":20,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",20]
["Points:",1.25,"points"]
[]
[null,"a.","(0.5 points)"]
[]
[null,null,"Calculate the maximum allowable DPAE and the PDR (if any.)"]
[]
[null,null,"net UPR",72890,null,"discount rate",null,5.5E-2]
[null,null,"FutRe",5960,null,"MfAD(inv)",null,"75 bps"]
[null,null,"ELR",0.85,null,"MfAD(claims)",null,0.1]
[null,null,"ULAE",2320,null,"MfAD(re)",null,0.1]
[]
[null,null,"APV",58846,null,"gross (PV+LAE)",null,62590]
[null,null,null,null,null,"maintenance",null,3680]
[null,null,null,null,null,"UEComm",null,1130]
[]
[null,"b.","(0.5 points)"]
[]
[null,null,"Identify the purpose of DPAE and whether it is classified as an asset or a liability."]
[]
[null,"c.","(0.25 points)"]
[]
[null,null,"Identify 1 example of a DPAE."]
[]
[]
[]
[]
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[]
[]
[]
[]
[]
[]
["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"21","index":21,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",21]
["Points:",2.5,"points"]
[]
[null,"a.","(1 point)"]
[]
[null,null,"Identify the steps in a natural catastrophe stress test."]
[]
[null,"b.","(1 point)"]
[]
[null,null,"Identify the elements of strong cat risk management according to A.M. Best."]
[]
[null,"c.","(0.5 points)"]
[]
[null,null,"Identify a conceptual difference between MCT and BCAR regarding the time horizon."]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
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[]
[]
[]
[]
["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"22","index":22,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",22]
["Points:",2,"points"]
[]
[null,"a.","(0.5 points)"]
[]
[null,null,"Identify 2 considerations in determining concentration risk of an insurer."]
[]
[null,"b.","(0.5 points)"]
[]
[null,null,"Briefly describe the 2 approaches which account for the time value of money when"]
[null,null,"evaluating the runoff of claims liabilities."]
[]
[null,"c.","(1 point)"]
[]
[null,null,"Identify 4 considerations in determining the interest rate used to discount policy liabilities."]
[]
[]
[]
[]
[]
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[]
[]
[]
[]
[]
[]
["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"23","index":23,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",23]
["Points:",2.75,"points"]
[]
[null,"a.","(1.5 points)"]
[]
[null,null,"Solvency II is a principles-based insurance regulatory system for capital levels of"]
[null,null,"insurance companies in the European Union. Identify and briefly describe the 3 pillars"]
[null,null,"of Solvency II."]
[]
[null,"b.","(0.5 points)"]
[]
[null,null,"ENID (Events Not in Data) are often described as high-severity, low-probability events"]
[null,null,"not reflected in historical data."]
[]
[null,null,"According to the Institute & Faculty of Actuaries reading, \"Solvency II Technical Provisions"]
[null,null,"for General Insurers\", what is the proposed definition of ENID."]
[null,null,"(This definition is sometimes referred to as the purpose of ENID.)"]
[]
[null,"c.","(0.75 points)"]
[]
[null,null,"Identify 3 ways ENIDs may be identified."]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
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[]
[]
[]
[]
["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"24","index":24,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",24]
["Points:",2,"points"]
[]
[null,"a.","(1.5 points)"]
[]
[null,null,"Describe 3 key elements of ORSA."]
[]
[null,"b.","(0.5 points)"]
[]
[null,null,"Identify a way that ORSA is a better management tool than MCT."]
[]
[]
[]
[]
[]
[]
[]
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[]
[]
[]
["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"25","index":25,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",25]
["Points:",3.5,"points"]
[]
[null,"a.","(1.5 points)"]
[]
[null,null,"According to the CIA paper on modeling, identify and briefly describe the 3 elements"]
[null,null,"a model should contain."]
[]
[null,"b.","(1 point)"]
[]
[null,null,"Identify and briefly describe the 4 steps in validating a newly created model."]
[]
[null,"c.","(1 point)"]
[]
[null,null,"Given the following information, use the 2-dimensional model risk rating system to"]
[null,null,"evaluate the overall model risk."]
[]
[null,null,"task:","forecast capital requirements on a quarterly basis"]
[null,null,"method:","use a brand new untested model of high complexity"]
[]
[null,null,"model risk considerations:"]
[null,null,"  - capital requirements are significant"]
[null,null,"  - model is used frequently"]
[null,null,"  - there is no documentation for the model"]
[null,null,"  - a summer intern with no prior actuarial experience is running the model"]
[]
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["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"26","index":26,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",26]
["Points:",2,"points"]
[]
[null,"a.","(1.5 points)"]
[]
[null,null,"Identify and briefly describe 2 items that should be included in a Risk Appetite Framework."]
[]
[null,"b.","(0.5 points)"]
[]
[null,null,"Identify 2 elements of good corporate governance."]
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["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"27","index":27,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",27]
["Points:",1.75,"points"]
[]
[null,"a.","(0.25 points)"]
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[null,null,"Define the term 'subsequent event'."]
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[null,"b.","(1.5 points)"]
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[null,null,"The Appointed Actuary of a property and casualty insurance company is valuing policy\n"]
[null,null,"liabilities as at December 31, 2019. The report date is February 22, 2020. For each of\n"]
[null,null,"the following scenarios, briefly discuss the actions that the Appointed Actuary should\n take."]
[]
[null,null,"i","A insurance company's reinsurer became insolvent on Jan 15. The primary"]
[null,null,null,"insurer's actuary became aware on Jan 16."]
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[null,null,"ii","The stock market suffered a 10% drop in value on Jan 5. The actuary became"]
[null,null,null,"aware on the same day."]
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[null,null,"iii","A severe winter storm occurred on Jan 19. The actuary became aware"]
[null,null,null,"on Jan 21."]
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["----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"28","index":28,"n_rows":95,"n_cols":11,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)"]
["Question:",28]
["Points:",2.75,"points"]
[]
[null,"a.","(1 point)"]
[]
[null,null,"Identify 4 of the legal requirements surrounding the appointment of the Appointed Actuary."]
[null,null,"(Note that this is different from the qualifications required of the AA.)"]
[]
[null,"b.","(1 point)"]
[]
[null,null,"Briefly describe 4 roles or duties of the Appointed Actuary (AA)."]
[]
[null,"c.","(0.75 points)"]
[]
[null,null,"Identify 3 objectives of a peer review."]
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["----","----","----","----","----","----","----","----","----","----","----"]