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[null,"a.","(1 point)",null,null,null,null,null,null,null,null,"|","Source:","McD.Intro",null,null,null,null,null,null,null,null,null,"|"]
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[null,null," Identify 4 areas where the federal government has exclusive authority.",null,null,null,null,null,null,null,null,"|","(1 point)","a.","Any 4 of: (there may be others - I've only listed items from the wiki)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- regulation of trade & commerce",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"- taxation",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- banking",null,null,null,null,null,null,null,null,"|"]
[null,null," Identify 2 areas where the provincial government has exclusive authority.",null,null,null,null,null,null,null,null,"|",null,null,"- bankruptcy & insolvency",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- aliens & naturalization",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"- criminal law",null,null,null,null,null,null,null,null,"|"]
[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 2 matters under provincial insurance regulation.",null,null,null,null,null,null,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: (there may be others - I've only listed items from the wiki)",null,null,null,null,null,null,null,null,"|"]
[null,"d.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"- provincial taxes",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- civil property rights",null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify 1 item under each matter listed in part (c).",null,null,null,null,null,null,null,null,"|",null,null,"- hiring & supervising provincial employees",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- operating jails & hospitals",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.","- contract matters",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- transaction matters",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)","d.","For contract matters, any 1 of: (there may be others - I've only listed items from the wiki)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- policy contents",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- policy terms (includes effective date)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- premium payment",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- insurable interest",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- reinstatement",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- designation of beneficiaries",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,"For transaction matters, any 1 of:",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,"  Claims handling",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 2 (2019.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.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,"Explain whether the following situations are permitted according to Ontario regulations.",null,null,null,null,null,null,null,null,null,"|","Source:","FSCO.PPA, FSCO.UBI",null,null,null,null,null,null,null,null,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,"|","(0.25 points)","a.","Permitted.",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - premium can be based on the value of a car",null,null,null,null,null,null,null,null,"|"]
[null,null,"An insured purchased a new car. Their auto insurance premium increased.",null,null,null,null,null,null,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.","Permitted.",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.25 points)",null,null,null,null,null,null,null,null,"|",null,null,"  - the insurer cannot use employment status, but this situation could still be allowed if",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    the premium adjustment (decrease) is based on the insured driving fewer miles by not",null,null,null,null,null,null,null,null,"|"]
[null,null,"An insured was fired from their job. Their auto insurance decreased.",null,null,null,null,null,null,null,null,"|",null,null,"    having to drive to work",null,null,null,null,null,null,null,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.","(0.25 points)",null,null,null,null,null,null,null,null,"|","(0.25 points)","c.","Permitted. (based on new version of syllabus reading)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - the current version of the FSCO.UBI syllabus reading does permit investigation of claims",null,null,null,null,null,null,null,null,"|"]
[null,null,"An insurer used data from a Usage-Based Insurance program to investigate a",null,null,null,null,null,null,null,null,"|",null,null,"    based on UBI data (the previous version did not)",null,null,null,null,null,null,null,null,"|"]
[null,null,"suspicious claim.",null,null,null,null,null,null,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)","d.","Permitted. (based on new version of syllabus reading)",null,null,null,null,null,null,null,null,"|"]
[null,"d.","(0.25 points)",null,null,null,null,null,null,null,null,"|",null,null,"  - fraud prevention is permitted so if the insurer used UBI to determine a claim is",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    fraudulent, they should be permitted to deny the claim",null,null,null,null,null,null,null,null,"|"]
[null,null,"An insurer used data from a Usage-Based Insurance program to deny a",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"suspicious claim that appears very likely to be fraudulent.",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 2 (2019.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.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:","AB.TNC, FSCO.UBI",null,null,null,null,null,null,null,null,null,"|"]
[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 pieces of information that must be made available to the TNC and",null,null,null,null,null,null,null,null,"|","(0.75 points)","a.","accident information:",null,null,null,null,null,null,null,null,"|"]
[null,null,"insurance providers after an accident where a a ride-sharing vehicle is involved.",null,null,null,null,null,null,null,null,"|",null,null,"  - date/time of accident",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - circumstances of accident",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"electronic information:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - times when driver was logged in/out to the TNC app",null,null,null,null,null,null,null,null,"|"]
[null,null,"Describe a similarity between UBI and ride-sharing services.",null,null,null,null,null,null,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.","both require new technology",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"  - UBI requires a device to be installed in your car",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - ride-sharing a smart-phone to connect drivers & customers",null,null,null,null,null,null,null,null,"|"]
[null,null,"Describe a difference between UBI and ride-sharing services.",null,null,null,null,null,null,null,null,"|",null,null,"(there are probably also other valid answers)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,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.","- UBI affects a customer's premiums for traditional auto policies",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- ride-sharing is a new type of insurance policy to cover the use of personal vehicles to",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  carry paying customers",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,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":"4","index":4,"n_rows":95,"n_cols":24,"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,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",4,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":4},null,null,null,null,null,null,null,null,null,"|"]
["Points:",3,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$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:","IFRS 17",null,null,null,null,null,null,null,null,null,"|"]
[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 \"insurance contract\" according to IFRS 17.",null,null,null,null,null,null,null,null,"|","(0.5 points)","a.","You really should memorize this exactly as given:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  a contract under which 1 party (the issuer)…",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(1.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"  accepts significant insurance risk from another party (the policyholder)…",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  by agreeing to compensate the policyholder…",null,null,null,null,null,null,null,null,"|"]
[null,null,"Briefly describe the 3 building blocks of the measurement of insurance contract",null,null,null,null,null,null,null,null,"|",null,null,"  if a specified uncertain future event (the insured event) adversely affects the policyholder",null,null,null,null,null,null,null,null,"|"]
[null,null,"liabilities under IFRS 17.",null,null,null,null,null,null,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.","Hint: PV-risk-CSM",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(1 point)",null,null,null,null,null,null,null,null,"|",null,null,"1. Present Value of future cash flows",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - similar to PV(liabilities) (includes acquisition expenses and all premiums,",null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify 2 differences between IFRS 17 and current CIA practice regarding",null,null,null,null,null,null,null,null,"|",null,null,"      excludes financial risk)",null,null,null,null,null,null,null,null,"|"]
[null,null,"measurement of liabilities.",null,null,null,null,null,null,null,null,"|",null,null,"2. risk adjustment for non-financial risk",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - similar to PfADs for non-economic risk (claims development, reinsurance recovery)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"3. Contractual Service Margin (CSM)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    - represents unearned profit from a group of insurance contracts (so no front-ending",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"       of profits)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"      (new concept in IFRS 17 – current CIA standards do allow front-ending of profits)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,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.","Any 2 of:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"criteria:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  IFRS 17: allows PAA for short-term contracts without testing whether PAA reasonably",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    approximates GMA",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"CIA: allows (UEP – DAC) to be used only if it's a reasonable approximation to the explicit",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    valuation approach",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"DAC deferral:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  IFRS 17: entity may choose deferral or direct expense for short-term contracts",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  CIA: no deferral in explicit valuation, but deferral if (UEP – DAC) is held",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"DAC amount:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  IFRS 17: allows deferral of DAC that is directly attributable to the portfolio of insurance",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    contracts",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  CIA: allowable deferral is different",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Discounting of LRC:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  IFRS 17: entity may choose not to discount (if discounting is not significant)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  CIA: requires discounting",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Discounting of LRC:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  IFRS 17: ignore discounting and financial risk for LIC if:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"      - PAA is used for LRC",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"      - LIC cash flows are received ≤ 1 year within incurred date of claims",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  CIA: requires discounting",null,null,null,null,null,null,null,null,"|"]
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["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",5,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":5},null,null,null,null,null,null,null,null,null,"|"]
["Points:",1.5,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$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,"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 precedents 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 must provide coverage",null,null,null,null,null,null,"|"]
[null,"a.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,"precedent:",null,"- Amos v ICBC",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"explanation:",null,"PURPOSE TEST: was the car being used in a normal way? Yes.",null,null,null,null,null,null,"|"]
[null,null,"An insured was driving his vehicle in BC when a group of car thieves shot and seriously injured",null,null,null,null,null,null,null,null,"|",null,null,null,null,"CAUSALITY TEST: was there a link between the use of the car",null,null,null,null,null,null,"|"]
[null,null,"him while attempting to take his vehicle. His auto policy states that he is entitled to no-fault",null,null,null,null,null,null,null,null,"|",null,null,null,null,"      and the shooting? Yes.",null,null,null,null,null,null,"|"]
[null,null,"benefits for an injury \"that arises out of the ownership, use or operation of a vehicle.\" The",null,null,null,null,null,null,null,null,"|",null,null,null,null,"- Supreme Court agreed that purpose test and causality test had",null,null,null,null,null,null,"|"]
[null,null,"insured argues that the insurance company should provide coverage as the injuries were",null,null,null,null,null,null,null,null,"|",null,null,null,null,"  been satisfied",null,null,null,null,null,null,"|"]
[null,null,"causally connected to the use of the motor vehicle.",null,null,null,null,null,null,null,null,"|",null,null,null,null,"(Note that this may not be applicable in Ontario where the policy term",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"\"arising from\" is replaced by \"caused by\".)",null,null,null,null,null,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.","likely outcome:",null,"- city must pay 6 million in damages",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"precedent:",null,"- Belangar v Sudbury",null,null,null,null,null,null,"|"]
[null,null,"A man was injured in a head-on collision on an icy road on Markham Ontario. He claimed",null,null,null,null,null,null,null,null,"|",null,null,"explanation:",null,"- the city claimed they followed established procedures",null,null,null,null,null,null,"|"]
[null,null,"the city was liable for failing to maintain the roadway in good condition during a winter",null,null,null,null,null,null,null,null,"|",null,null,null,null,"- appeals court upheld award stating that \"standard of care\" had",null,null,null,null,null,null,"|"]
[null,null,"storm. The city claimed they had ploughed and salted the road in accordance with accepted",null,null,null,null,null,null,null,null,"|",null,null,null,null,"   been breached",null,null,null,null,null,null,"|"]
[null,null,"city standards. They had cleared the snow & ice but it had reformed quickly due to the",null,null,null,null,null,null,null,null,"|",null,null,null,null,"- city should ADAPT to conditions, not just blindly follow procedures",null,null,null,null,null,null,"|"]
[null,null,"severity of the storm. The plaintiff sought 6 million dollars in damages.",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 2 (2019.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",6,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":6},null,null,null,null,null,null,null,null,null,"|"]
["Points:",2.5,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$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,"a.","(0.5 points)",null,null,null,null,null,null,null,null,"|","Source:","Dav.NonPec",null,null,null,null,null,null,null,null,null,"|"]
[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 Trilogy ruling.",null,null,null,null,null,null,null,null,"|","(0.5 points)","a.","The Supreme Court of Canada established a $100,000 cap on non-pecuniary damages.",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"(later given an inflation-adjustment, and subject to certain exceptions)",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 2:",null,null,null,null,null,null,null,null,"|"]
[null,null,"Describe 2 reasons for the cap on general (non-pecuniary) damages.",null,null,null,null,null,null,null,null,"|",null,null,"  - limitless claims by the severely injured lead to extravagant awards",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - extravagant awards lead to social burdens that impact availability & affordability",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(1 point)",null,null,null,null,null,null,null,null,"|",null,null,"  - plaintiff would already be fully compensated for loss of income & future care",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - ensures predictability of awards (creates a good environment for insurers)",null,null,null,null,null,null,null,null,"|"]
[null,null,"Describe 3 exceptions to the cap on non-pecuniary damages and the Supreme Court's",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"reason for the exceptions.",null,null,null,null,null,null,null,null,"|","(1 point)","c.","exceptions:",null,"- sexual abuse (S.Y. v F.G.C.)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"- defamation (Hill v Church of Scientology, Young v Bella)",null,null,null,null,null,null,"|"]
[null,"d.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,null,null,"- negligence causing financial loss",null,null,null,null,null,null,"|"]
[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 effect of the cap on equity between major and minor injuries.",null,null,null,null,null,null,null,null,"|",null,null,"reason:","- no evidence that cost of insurance or social burden would be increased",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,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.","- minor injuries may be over-compensated",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- major injuries may be under-compensated (because past a certain point, there is no",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"   longer a distinction based on severity)",null,null,null,null,null,null,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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["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.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,"|","Chev.Agric"]
[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,"35 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,"15,000 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,0.8,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"insured price:",null,"$0.26/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,"  = 35 x 15,000 x 80%",null,null,"  = max(0, 420000 - 330000) x 0.26",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,"  = 23,400",null,null,null,null,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 330,000 kg, calculate the indemnity",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,"|"]
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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)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.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:",3.5,"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.","(1.25 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,"Identify 5 minimum requirements for RSP transfer eligibility.",null,null,null,null,null,null,null,null,"|","(1.25 points)","a.","- PPA only",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- insured can't be eligible for FARM",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.25 points)",null,null,null,null,null,null,null,null,"|",null,null,"- policy must satisfy statutory minimum coverage requirements",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- insurer must follow proper classification and rating, and provide documentation",null,null,null,null,null,null,null,null,"|"]
[null,null,"In Ontario, why is only 85% of each risk transferred covered by the RSP.",null,null,null,null,null,null,null,null,"|",null,null,"- insurer must use approved rates",null,null,null,null,null,null,null,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,"|","(0.25 points)","b.","insurer has incentive to:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - use effective U/W",null,null,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,"  - maintain adequate pricing",null,null,null,null,null,null,null,null,"|"]
[null,null,"i","admission",null,null,null,null,null,null,null,"|",null,null,"  - manage claims properly",null,null,null,null,null,null,null,null,"|"]
[null,null,"ii","participation 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,"|","(1 point)","c.","admission:",null,null,null,null,null,null,null,null,"|"]
[null,"d.","(1 point)",null,null,null,null,null,null,null,null,"|",null,null,"  FARM:","- only if agent/broker cannot place business with a voluntary company",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  RSPs:","- use U/W rules of ceding company",null,null,null,null,null,null,null,"|"]
[null,null,"Given the following information, calculate the company's loss ratio on their share",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"of the pool. Assume a provincial expense allowance (PEA) of: ",null,null,null,null,null,0.27,null,null,"|",null,null,"participation ratio:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  FARM:","- established separately by jurisdiction, class, AY",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,"company","province",null,null,"|",null,null,"  RSPs:","- established in proportion to direct earned exposures for:",null,null,null,null,null,null,null,"|"]
[null,null,"direct earned exposures not ceded to the RSP",null,null,null,null,2000,25000,null,null,"|",null,null,null,"  Total, Voluntary, PPA, Non-Fleet, 3rd Party Liability",null,null,null,null,null,null,null,"|"]
[null,null,"direct earned premium ceded to the RSP",null,null,null,null,40000,750000,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",1200000,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,"  = 2,000 / 25,000",null,null,null,null,null,null,null,null,"|","=",{"$f":"H25","v":2000},"/",{"$f":"I25","v":25000}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = 8%",null,null,null,null,null,null,null,null,"|","=",{"$f":"Z29/AB29","v":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,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,"  = 1.200,000 x 8%",null,null,null,null,null,null,null,null,"|","=",{"$f":"I27","v":1200000},"x",{"$f":"Z30","v":0.08}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = 96,000",null,null,null,null,null,null,null,null,"|","=",{"$f":"Z34*AB34","v":96000}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"And the company's share of the premium is",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = (province ceded premiums) x PR + (company ceded premium) x PEA",null,null,null,null,null,null,null,null,"|","=",{"$f":"I26","v":750000},"x",{"$f":"Z30","v":0.08},"+",{"$f":"H26","v":40000},"x",{"$f":"I22","v":0.27}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = 750,000 x 8% + 40,000 x 27%",null,null,null,null,null,null,null,null,"|","=",{"$f":"Z38*AB38+AD38*AF38","v":70800}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = 70,800",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,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,"|","=",{"$f":"Z35","v":96000},"/",{"$f":"Z39","v":70800}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = 96,000 / 70,800",null,null,null,null,null,null,null,null,"|","=",{"$f":"Z43/AB43","v":1.3559322033898304}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = 135.6%",null,"<== final answer to part (d)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,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":"9","index":9,"n_rows":95,"n_cols":24,"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,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",9,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":9},null,null,null,null,null,null,null,null,null,"|"]
["Points:",2,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$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:","IIC.Terrorism",null,null,null,null,null,null,null,null,null,"|"]
[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 how terrorism has changed in recent years.",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,null,null,null,null,null,null,null,null,null,"|",null,null,"organized attacks → lone actors",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,"bombings → armed attacks",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"state targets → civilian targets",null,null,null,null,null,null,null,null,"|"]
[null,null,"Briefly describe how terrorism is defined in Canada.",null,null,null,null,null,null,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)","b.","Hint: RIP",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"Terrorism is defined as an act committed for any of these purposes:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Religious",null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify 2 considerations in assessing terrorism risk for a business.",null,null,null,null,null,null,null,null,"|",null,null,"  Ideological",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Political",null,null,null,null,null,null,null,null,"|"]
[null,"d.","(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,"|","(0.5 points)","c.","Any 2 of:",null,null,null,null,null,null,null,null,"|"]
[null,null,"How is terrorism priced in Canada?",null,null,null,null,null,null,null,null,"|",null,null,"  - attractiveness of location as a terror target (# of employees, profile of business)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - accessibility of location (security, # of entry points)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - financial impact (risk to assets, business interruption)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - crisis management framework",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,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)","d.","- a percentage of property 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,"|"]
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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,"|"]
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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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[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,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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["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.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.","(1 point)",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,"According to \"ICBC Affordable and effective auto insurance – A new road forward for",null,null,null,null,null,null,null,null,"|","(1 point)","a.","Any 4 of:",null,null,null,null,null,null,null,null,"|"]
[null,null,"British Columbia\", identify 4 guiding principles of an effective auto insurance system.",null,null,null,null,null,null,null,null,"|",null,null,"  Fair, Affordable, Sustainable, Efficient, Simple",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 2 (2019.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",11,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":11},null,null,null,null,null,null,null,null,null,"|"]
["Points:",2.75,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$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.","(0.5 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 2 reasons that coverage for overland flooding has generally not",null,null,null,null,null,null,null,null,"|","(0.5 points)","a.","Any 2 of: [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.","(0.75 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 3 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,"|","(0.75 points)","b.","Any 3 of: [Hint: BAIL me out!]",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.5 points)",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,"Even when private flood insurance is widely available, what useful role can the",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,"government still provide in ensuring the availability & affordability of flood insurance.",null,null,null,null,null,null,null,null,"|",null,null,"  Land use planning is inadequate",null,null,null,null,null,null,null,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,"|","(0.5 points)","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,"  - private insurance may have coverage limits that are exceeded in a major disaster",null,null,null,null,null,null,null,null,"|"]
[null,null,"Briefly describe the U.K. approach to flood insurance. Your answer should cover 4 separate",null,null,null,null,null,null,null,null,"|",null,null,"    (so government pays the excess)",null,null,null,null,null,null,null,null,"|"]
[null,null,"points.",null,null,null,null,null,null,null,null,"|",null,null,"  - government may subsidize otherwise uninsurable risks through taxation",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - provide accurate flood maps",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - provide good infrastructure (levies, sewers)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - educate public on ways to mitigate and financially plan for flood losses",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - provide incentives for public to mitigate risks by limiting government compensation",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,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.","Any 4 of:","(regarding the U.K. flood insurance program)",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  model:",null,"- private",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  purchase:",null,"- voluntary",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  package:",null,"- bundled with homeowner's insurance",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  pricing:",null,"- risk-based",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  subsidies:",null,"- cross-subsidized among policyholders",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  government:",null,"- acts as an enabler through risk: mitigation, flood mapping, zoning",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,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,"|"]
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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,"|"]
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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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[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,"|"]
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{"sheet":"12","index":12,"n_rows":95,"n_cols":24,"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,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",12,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":12},null,null,null,null,null,null,null,null,null,"|"]
["Points:",4,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$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.","(3 points)",null,null,null,null,null,null,null,null,"|","Source:","BCAR.Cdn2018",null,null,null,null,null,null,null,null,null,"|"]
[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 final A.M. Best rating for the following insurer.",null,null,null,null,null,null,null,null,"|","(3 points)","a.","step 1:","calculate AC starting with Reported Capital (surplus) and making the indicated",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"adjustments",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,"Required Capital Amounts",null,null,null,null,"|",null,null,null,"add:","equity adjustments",null,null,null,null,null,null,"|"]
[null,null,"asset risk",null,null,null,"VaR 95","VaR 99","VaR 99.5","VaR 99.6",null,"|",null,null,null,"subtract:","intangibles & goodwill",null,null,null,null,null,null,"|"]
[null,null,"(B1)","Fixed income securities risk",null,null,190,245.66773829177166,265.64340950560427,270.03475540881044,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"(B2)","Equity securities risk",null,null,113,146.10765487879053,157.98792249543837,160.59961769050309,null,"|",null,null,"then","AC","=",{"$f":"G24","v":2660},"+",{"$f":"SUM(G26:G28)","v":-76},"-",{"$f":"SUM(G35:G36)","v":133},null,"|"]
[null,null,"(B3)","Interest rate risk",null,null,116,149.98661916760796,162.18229211921104,164.86332435485269,null,"|",null,null,null,null,"=",2451,null,null,null,null,null,"|"]
[null,null,"(B4)","Credit risk",null,null,110,142.22869058997307,153.79355287166564,156.33591102615341,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"U/W risk",null,null,null,null,null,null,null,null,"|",null,null,"step 2:","calculate NRC for each VaR level using the covariance adjustment formula",null,null,null,null,null,null,null,"|"]
[null,null,"(B5)","Reserve risk",null,null,700,1048.878010743372,1187.0494714954079,1230.9283486397503,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"(B6)","Premium risk",null,null,650,973.95815283313118,1102.2602235314503,1143.0048951654824,null,"|",null,null,"  NRC",null,null,null,null,null,null,null,null,"|"]
[null,null,"other risk",null,null,null,null,null,null,null,null,"|",null,null,"   =  (B7) + SQRT [ (B1)^2 + (B2)^2 + (B3)^2 + (0.5x(B4))^2 + (0.5x(B4) + (B5))^2 + (B6)^2 + (B8)^2 ]",null,null,null,null,null,null,null,null,"|"]
[null,null,"(B7)","Business risk",null,null,49,49,49,49,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"(B8)","Catastrophe risk",null,null,100,124.19354838709677,185.48387096774192,225.80645161290323,null,"|",null,null,null,null,null,"VaR 95","VaR 99","VaR 99.5","VaR 99.6",null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"NRC","=",{"$f":"G19+SQRT(G11^2+G12^2+G13^2+G17^2+G20^2+(0.5*G14)^2+(0.5*G14+G16)^2)","v":1082.3803752733065},{"$f":"H19+SQRT(H11^2+H12^2+H13^2+H17^2+H20^2+(0.5*H14)^2+(0.5*H14+H16)^2)","v":1574.6653365017817},{"$f":"I19+SQRT(I11^2+I12^2+I13^2+I17^2+I20^2+(0.5*I14)^2+(0.5*I14+I16)^2)","v":1773.7274564984732},{"$f":"J19+SQRT(J11^2+J12^2+J13^2+J17^2+J20^2+(0.5*J14)^2+(0.5*J14+J16)^2)","v":1838.743844472252},null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Recap of Available Capital (AC)",null,null,null,"amount",null,null,null,null,"|",null,null,"step 3:","calculate BCAR corresponding to each VaR level using the standard formula",null,null,null,null,null,null,null,"|"]
[null,null,"Reported Capital (surplus)",null,null,null,2660,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Equity adjustments (lura)",null,null,null,null,null,null,null,null,"|",null,null,null,"BCAR","=","(AC - NRC) / AC x 100",null,null,null,null,null,"|"]
[null,null,"    loss reserves",null,null,null,95,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"    unearned premium",null,null,null,-190,null,null,null,null,"|",null,null,null,null,null,"VaR 95","VaR 99","VaR 99.5","VaR 99.6",null,null,"|"]
[null,null,"    reinsurance",null,null,null,19,null,null,null,null,"|",null,null,null,"BCAR","=",{"$f":"($R13-R21)/$R13*100","v":55.839233974977297},{"$f":"($R13-S21)/$R13*100","v":35.754168237381407},{"$f":"($R13-T21)/$R13*100","v":27.632498714872572},{"$f":"($R13-U21)/$R13*100","v":24.979851306721663},null,null,"|"]
[null,null,"    assets",null,null,null,0,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Debt adjustments (sd)",null,null,null,null,null,null,null,null,"|",null,null,"step 4:","use the BCAR results at the different VaR levels to determine the A.M. Best financial",null,null,null,null,null,null,null,"|"]
[null,null,"    surplus notes",null,null,null,0,null,null,null,null,"|",null,null,null,"strength rating",null,null,null,null,null,null,null,"|"]
[null,null,"    debt service requirements",null,null,null,0,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Other adjustments (fig)",null,null,null,null,null,null,null,null,"|",null,null,null,"rating","=","very strong",null,"  <== final answer",null,null,null,"|"]
[null,null,"    future operating losses",null,null,null,0,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"    intangibles",null,null,null,66.5,null,null,null,null,"|","(1 point)","b.","Hint: Q2-SALAMI (Cured Salami - put meat on the bones of the basic BCAR numbers)",null,null,null,null,null,null,null,null,"|"]
[null,null,"    goodwill",null,null,null,66.5,null,null,null,null,"|",null,null,"Any 4",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Q2:  Quality of capital, Quality of reinsurance",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(1 point)",null,null,null,null,null,null,null,null,"|",null,null,"  Stress testing (how well does the company perform under stress)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Adequacy of reserves",null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify 4 considerations other than BCAR score that impact balance sheet strength",null,null,null,null,null,null,null,null,"|",null,null,"  Liquidity of Capital",null,null,null,null,null,null,null,null,"|"]
[null,null,"assessment.",null,null,null,null,null,null,null,null,"|",null,null,"  Actions of affiliates (affiliates could drag you down or pull you up)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Matching of assets & liabilities (this is desirable for paying your bills on time)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  Internal capital models (is there a good procedure for assessing capital needs)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","TIP:","Make sure you also look at the practice template for the calculation of B5. This is in BattleQuiz #4",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"of the BCAR.Cdn2018 wiki article.",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,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":193,"n_cols":26,"rows_kept":193,"cut":false,"hidden":false,"merged":[]}
["Exam:","BattleActs 6C Practice Exam 2 (2019.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.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,"|","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,"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,{"$f":"SUM(H9:H16)","v":69500},"  (sum entries in first table)",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"deduction for unregistered reinsurance:",null,null,null,0,"  (see full solution in external PDF)",null,null,null,"|"]
[null,null,null,"qualifying category A common shares",null,null,null,28500,null,null,null,"|",null,null,"deduction for excess B & C capital:",null,null,null,1625,"  (see full solution in external PDF)",null,null,null,"|"]
[null,null,null,"contributed surplus",null,null,null,2000,null,null,null,"|",null,null,"MCT net capital available",null,null,null,{"$f":"S7-S8-S9","v":67875},null,null,null,null,"|"]
[null,null,null,"Retained Earnings",null,null,null,6500,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"reserves",null,null,null,2500,null,null,null,"|","(4.5 points)","b.","capital required for insurance risk:",null,null,null,{"$f":"SUM(S13:S16)","v":35584},"  (sum the components)",null,null,null,"|"]
[null,null,null,"AOCI",null,null,null,7000,null,null,null,"|",null,null,"  component: unpaid claims",null,null,null,14070,"  (see full solution in external PDF)",null,null,null,"|"]
[null,null,null,"qualifying category B instruments",null,null,null,16500,null,null,null,"|",null,null,"  component: premium liabilities",null,null,null,14514,"  (see full solution in external PDF)",null,null,null,"|"]
[null,null,null,"qualifying category C instruments",null,null,null,6000,null,null,null,"|",null,null,"  component: unregistered reinsurance",null,null,null,{"$f":"I55","v":2000},"  (given)",null,null,null,"|"]
[null,null,null,"non-controlling interests",null,null,null,500,null,null,null,"|",null,null,"  component: catastrophes",null,null,null,{"$f":"I56","v":5000},"  (given)",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"You'll also need some information on reinsurance ceded to unregistered reinsurers:",null,null,null,null,null,null,null,null,"|",null,null,"capital required for market risk:",null,null,null,{"$f":"SUM(S19:S22)","v":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,{"$f":"H58","v":3000},"  (given)",null,null,null,"|"]
[null,null,null,"UEP ceded:","($) UnEarned Premiums ceded to assuming reinsurer",null,null,null,null,null,null,"|",null,null,"  component: foreign exchange",null,null,null,{"$f":"H59","v":1000},"  (given)",null,null,null,"|"]
[null,null,null,"O/S Recov:","($) OutStanding losses Recoverable from assuming reinsurer",null,null,null,null,null,null,"|",null,null,"  component: equity",null,null,null,{"$f":"H60","v":4500},"  (given)",null,null,null,"|"]
[null,null,null,"Reins Recv:","($) Reinsurance Receivable",null,null,null,null,null,null,"|",null,null,"  component: real estate",null,null,null,{"$f":"H61","v":500},"  (given)",null,null,null,"|"]
[null,null,null,"Reins Pay:","($) Reinsurance Payable",null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"NOD:","($) Non-Owned Deposits (RSA + Other) & includes FUNDS to secure pmt",null,null,null,null,null,null,"|",null,null,"capital required for credit risk:",null,null,null,{"$f":"H62","v":4550},"  (given)",null,null,null,"|",{"$f":"S18+S24","v":13550}," = A = C + M"]
[null,null,null,null,"from assuming insurer (the FUNDS inclusion is new for 2018)",null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"LOC:","($) Letters Of Credit",null,null,null,null,null,null,"|",null,null,"capital required for operational risk:",null,null,null,10597,"  (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,{"$f":"Y28","v":36367.580863798059},null,null,null,null,"|",{"$f":"(S12+S18+S24+S26-Y29)/1.5","v":36367.580863798059}," = MinCapReq"]
[null,null,null,"ceded","Recov","Recv","Pay","NOD","LOC",null,null,"|",null,null,"  diversification credit:",null,null,null,{"$f":"Y29","v":5179.6287043029151},null,null,null,null,"|",{"$f":"Y24+S12-SQRT(Y24^2+S12^2+2*0.5*Y24*S12)","v":5179.6287043029151}," = DC"]
[null,null,null,15000,5000,2000,9000,8000,6000,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,"= 67,875 / 36,368",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"= 187%",null,null,null,null,null,null,"|",{"$f":"S10/S28","v":1.8663600489183447}," = MCT"]
[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 ABOVE the supervisery target of 150%. (They would NOT 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",49000,0.13,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"Line 2",77000,0.1,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,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",15000,0.18,81000,20000,10000,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"Line 2",60000,0.16,104000,23000,28000,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[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,2000,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"capital required for catastrophes:",null,null,null,null,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,"|",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,3000,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,1000,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,4500,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,500,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,4550,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[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,185000,43000,38000,0.22,0,0,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 supervisory 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,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]
[]
["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":"B99","v":13},null,null,null,null,null,null,null,null,null,"|"]
["Points:",null,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B100","v":0},"points",null,null,null,null,null,null,null,null,"|"]
["ORIGINAL",null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(2 points)",null,null,null,null,null,null,null,null,"|","Source:",null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Given the following information, calculate the MCT capital available.",null,null,null,null,null,null,null,null,"|","(2 points)","a.","capital available gross of deductions:",null,null,null,{"$f":"SUM(H106:H113)","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,{"$f":"S104-S105-S106","v":54677},null,null,null,null,"|"]
[null,null,null,"Retained Earnings",null,null,null,5500,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"reserves",null,null,null,5000,null,null,null,"|","(4.5 points)","b.","capital required for insurance risk:",null,null,null,{"$f":"SUM(S110:S113)","v":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,{"$f":"I152","v":3900},"  (given)",null,null,null,"|"]
[null,null,null,"non-controlling interests",null,null,null,600,null,null,null,"|",null,null,"  component: catastrophes",null,null,null,{"$f":"I153","v":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,{"$f":"SUM(S116:S119)","v":9000},"  (sum the components) [Hint: Mr. IFER]",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  component: interest rate risk",null,null,null,{"$f":"H155","v":3500},"  (given)",null,null,null,"|"]
[null,null,null,"UEP ceded:","($) UnEarned Premiums ceded to assuming reinsurer",null,null,null,null,null,null,"|",null,null,"  component: foreign exchange",null,null,null,{"$f":"H156","v":500},"  (given)",null,null,null,"|"]
[null,null,null,"O/S Recov:","($) OutStanding losses Recoverable from assuming reinsurer",null,null,null,null,null,null,"|",null,null,"  component: equity",null,null,null,{"$f":"H157","v":4000},"  (given)",null,null,null,"|"]
[null,null,null,"Reins Recv:","($) Reinsurance Receivable",null,null,null,null,null,null,"|",null,null,"  component: real estate",null,null,null,{"$f":"H158","v":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,{"$f":"H159","v":4530},"  (given)",null,null,null,"|"]
[null,null,null,null,"from assuming insurer (the FUNDS inclusion is new for 2018)",null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"LOC:","($) 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,{"$f":"Y126","v":0},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":26,"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,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,null,null,"|"]
["Question:",14,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":14},null,null,null,null,null,null,null,null,null,null,null,"|"]
["Points:",2,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$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,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,null,null,"|"]
[null,null,"Calculate the investment income attributable to insurance operations.",null,null,null,null,null,null,null,null,"|","(1.25 points)","a.","investment income",null,"=","(yield rate)",null,"x","(money lying around)",null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",7.0000000000000007E-2,null,"x",19100,null,null,null,null,"|"]
[null,null,"investment yield:",null,7.0000000000000007E-2,null,null,null,null,null,null,"|",null,null,null,null,"=",1337.0000000000002,"  <== final answer to part (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,"APV","APV","paid in",null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"AY","yr-end 14","yr-end 15","CY 2015",null,null,null,null,null,"|",null,null,"money lying around",null,"=","+ items","-","- items",null,null,null,null,null,"|"]
[null,null,2012,3000,2000,800,null,null,null,null,null,"|",null,null,null,null,"=",19100,null,null,null,null,null,null,null,"|"]
[null,null,{"$f":"C13+1","v":2013},4000,3000,900,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,{"$f":"C14+1","v":2014},4500,3500,1000,null,null,null,null,null,"|",null,null,null,"+ items","average",null,"- items",null,null,null,"average",null,null,"|"]
[null,null,{"$f":"C15+1","v":2015},null,4500,4000,null,null,null,null,null,"|",null,null,null,"UCAE",12250,null,"DPAE",null,null,null,0,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"UPR",5500,null,"receivables: installment premiums",null,null,null,0,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"PDR",500,null,"receivables: PH + agents & brokers",null,null,null,200,null,null,"|"]
[null,null,null,"yr-end 14","yr-end 15",null,null,null,null,null,null,"|",null,null,null,"UEcomm",1050,null,null,null,null,null,null,null,null,"|"]
[null,null,"UPR",5000,6000,"  <== unearned premium reserve",null,null,null,null,null,"|",null,null,null,"total",19300,null,"total",null,null,null,200,null,null,"|"]
[null,null,"PDR",600,400,"  <== premium deficiency reserve",null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"UEcomm",1200,900,"  <== unearned commissions",null,null,null,null,null,"|",null,null,"The UCAE average of",null,12250,"is calculated as the average of (CY 2015) & (CY 2014) as follows:",null,null,null,null,null,null,null,"|"]
[null,null,"PH Recv",300,100,"  <== policy holder receivables (agents & brokers)",null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"CY 2014:","SUM(APV at Dec14) over all accident years",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",3000,"+",4000,"+",4500,null,null,null,"|"]
[null,"b.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",11500,null,null,null,null,null,null,null,"|"]
[null,null,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) amount for CY 2015 (not the ratio).",null,null,null,null,null,null,null,null,"|",null,null,null,"CY 2015:","SUM(APV at Dec15) over all accident years",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",2000,"+",3000,"+",3500,"+",4500,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",13000,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"UCAE average","=","average(",11500,",",13000,")",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",12250,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","----","----","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",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)","b.","We must apply the following formula for each AY for CY 15 and then SUM",null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"excess amount",null,"=","[ U(beg) - U(end) - Pd(All) + ii ]",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Let's first reorganize the given information into triangles to make it (hopefully) easier to understand.",null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"paid loss during CY",null,null,null,null,null,"discounted UCAE (including PfAD) at END of CY",null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"AY / CY","CY 12","CY 13","CY 14","CY 15",null,"AY / CY","CY 12","CY 13","CY 14","CY 15","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"AY 12",0,0,0,800,null,"AY 12",0,0,3000,2000,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"AY 13",null,0,0,900,null,"AY 13",null,0,4000,3000,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"AY 14",null,null,0,1000,null,"AY 14",null,null,4500,3500,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"AY 15",null,null,null,4000,null,"AY 15",null,null,null,4500,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Let's calculate (excess amount)AY12 in detail, then the other AYs are similar:",null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"(excess amount)AY12 ",null,"=",3000,"-",2000,"-",800,"+","ii","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,"=",3000,"-",2000,"-",800,"+",175.00000000000003,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,"=",375,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"where ii = investment income",null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"iiCY12",null,"=",7.0000000000000007E-2,"x","average(",3000,",",2000,")","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,"=",175.00000000000003,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"=",4000,"-",3000,"-",900,"+",245.00000000000003,"=",345,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"=",4500,"-",3500,"-",1000,"+",280,"=",280,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"=","  cannot be calculated for the most current AY / CY combination: set = 0 by defn",null,null,null,null,null,null,null,0,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,"final answer to part (b) ==>  ",null,null,"total AY12, AY13, AY14, AY15 = ",1000,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[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":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,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Question:",15,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":15},null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Points:",3.25,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$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,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,null,null,null,null,null,null,null,null,"|"]
[null,null,"BALANCE SHEET",null,null,null,null,null,null,null,null,"|","(0.75 points)","a.","InvYld","=",2,"x","NII","/      (","InvAss0","+","InvAss1","-","NII",")","|"]
[null,null,null,null,null,null,null,null,"current (1)","prior (0)",null,"|",null,null,null,"=",2,"x",7500,"/      (",96600,"+",90200,"-",7500,")","|"]
[null,null,"Cash",null,null,null,null,null,7800,5800,null,"|",null,null,"InvYld","=",8.3658672615727833E-2,"  <== final answer to (i) - use judgment to assess financial health (Looks pretty good!)",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,"Common Shares",null,null,null,null,null,4500,3400,null,"|",null,null,null,"NII","=","InvInc","+","Realized Gains/Losses",null,null,"-","InvExps",null,null,"|"]
[null,null,"Real Estate",null,null,null,null,null,19600,23900,null,"|",null,null,null,"NII","=",10000,"+",-1700,"-",800,null,null,null,null,"|"]
[null,null,"Agents and Brokers Receivables",null,null,null,null,null,700,1200,null,"|",null,null,null,null,"=",7500,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,"Unpaid Claims and Adjustment Expenses Recoverable",null,null,null,null,null,"?","?",null,"|",null,null,null,"InvAss","=","cash","+","bonds & debentures",null,"+","commons shares",null,"+","real estate","|"]
[null,null,"Total Assets",null,null,null,null,null,181100,163100,null,"|",null,null,null,"InvAss0","=",5800,"+",63500,"+",3400,"+",23900,"=",96600,"|"]
[null,null,"Gross Unpaid Claims and Adjustment Expenses",null,null,null,null,null,63400,56600,null,"|",null,null,null,"InvAss1","=",7800,"+",58300,"+",4500,"+",19600,"=",90200,"|"]
[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,"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,"current (1)","prior (0)",null,"|","(0.75 points)",null,"ROE","=","(","NI.preTax","-","Tot. Tax",")","/","equity",null,null,null,"|"]
[null,null,"Net Premiums Written",null,null,null,null,null,69000,79600,null,"|",null,null,null,"=","(",6200,"-",4000,")","/",50300,null,null,null,"|"]
[null,null,"Decrease in Net Unearned Premiums",null,null,null,null,null,1800,1600,null,"|",null,null,"ROE","=",4.37375745526839E-2,"  <== final answer to (ii) - compare to acceptable minimum of 5.4%",null,null,null,null,null,"BAD",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,"Total Acquisition Expenses",null,null,null,null,null,7200,8100,null,"|",null,null,null,"NI.pretax","=","NEP","-","net.CAE","-","TotAcq","-","GenExps","+","NII","|"]
[null,null,"General Expenses",null,null,null,null,null,4500,5100,null,"|",null,null,null,null,"=",70800,"-",60400,"-",7200,"-",4500,"+",7500,"|"]
[null,null,"Investment Income",null,null,null,null,null,10000,6100,null,"|",null,null,null,null,"=",6200,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,"Investment Expenses",null,null,null,null,null,800,600,null,"|",null,null,null,"NEP","=","NWP","-","change(UEP)",null,null,null,null,null,null,"|"]
[null,null,"Income Taxes – Total",null,null,null,null,null,4000,4100,null,"|",null,null,null,null,"=","NWP","-","[","current(UEP)",null,"-","prior(UEP)","]",null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",69000,"-","[",-1800,"]",null,null,null,null,"|"]
[null,null,"ALSO:",null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",70800,null,null,null,null,null,null,null,null,"|"]
[null,null,null,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,"a.","(2.75 points)",null,null,null,null,null,null,null,null,"|","(0.75 points)",null,"ROA","=","(","NI.preTax","-","Tot. Tax",")","/","( 2-yr average of assets)",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"=","(",6200,"-",4000,")","/","average  (",181100,",",163100,"|"]
[null,null,"Calculate these quantities and assess the financial health of the company.",null,null,null,null,null,null,null,null,"|",null,null,null,"=",1.2783265543288786E-2,"  <== final answer to (iii) - compare to acceptable minimum of 2.6%",null,null,null,null,null,"BAD",null,null,"|"]
[null,null,null,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,"(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,"|","(0.5 points)",null,"Net U/W Leverage Ratio",null,null,"=","NWP","/","equity",null,null,null,null,null,"|"]
[null,"b.","(0.5 point)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,"=",69000,"/",50300,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,"=",1.3717693836978131,"  <== final answer to (iv) - compare to acceptable MAXIMUM of 300%",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,"GOOD","|"]
[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,"|","(1 point)",null,"Calculation of UCAE:",null,"We're given the value for Net Leverage Ratio, so let's write down the formula and see where it leads…",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,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","=","(","NWP","+","Net.Liabs",")","/","equity",null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,2.2000000000000002,"=","(",69000,"+","Net.Liabs",")","/",50300,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"==>","Net.Labs","=",41660.000000000015,"  <== Net.Liabs was the only unknown so I decided to solve for it",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Ok, but where do we go from here? You need to relate the unknown, UCAE recoverable, to quantities we have. To do this, it helps to",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"recall that \"Net\" means \"Net of reinsurance\". Then we can relate \"Net\" and \"Total\" liabilities with this 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,null,null,null,"|",null,null,null,"Net.Liabs","=","Tot.Liabs","-","UCAE recoverable",null,"-","UEP recoverable",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,41660.000000000015,"=",130800,"-","UCAE recoverable",null,"-",17100,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"UCAE recoverable","=",72039.999999999985,"  <== final answer to UCAE recoverable",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,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 term \"Tot.Liabs\" used in the above calculation was calculated 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,null,null,null,"|",null,null,null,"Tot.Liabs","=","Tot.Assets","-","equity","=",181100,"-",50300,"=",130800,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,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":25,"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,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.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,1,1200,null,1100,150,500,null,2200,null,null,"|",null,null,"  gross",null,null,null,null,null,null,null,null,"|"]
[null,2,1700,null,1200,null,300,1000,1700,null,null,"|",null,null,"    commission expense ",null,null,null,{"$f":"O46+Q46+R46-U46","v":1550},"  = (02) + (04) + (05) - (08) [use totals row]",null,null,null,"|"]
[null,"Tot",{"$f":"SUM(C16:C17)","v":2900},null,{"$f":"SUM(E16:E17)","v":2300},null,{"$f":"SUM(G16:G17)","v":800},null,{"$f":"SUM(I16:I17)","v":3900},null,null,"|",null,null,"    contingent commission",null,null,null,{"$f":"K20","v":800},"  <-- given",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    other non-deferrable commission",null,null,null,{"$f":"K22","v":400},"  <-- given",null,null,null,"|"]
[null,null,null,null,null,null,"gross contingent commissions",null,null,null,800,"|",null,null,"  total gross",null,null,null,{"$f":"SUM(S17:S19)","v":2750},"  = sum of gross commissions",null,null,null,"|"]
[null,null,null,null,null,null,"ceded contingent commissions",null,null,null,200,"|",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,400,"|",null,null,"    commission income",null,null,null,{"$f":"K24","v":1400},"  <-- given",null,null,null,"|"]
[null,null,null,null,null,null,"ceded other non-deferrable commissions",null,null,null,75,"|",null,null,"    contingent commission",null,null,null,{"$f":"K21","v":200},"  <-- given",null,null,null,"|"]
[null,null,null,null,null,null,"ceded commission income (LOB1 + LOB2)",null,null,null,1400,"|",null,null,"    other non-deferrable commission",null,null,null,{"$f":"K23","v":75},"  <-- given",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  total ceded",null,null,null,{"$f":"SUM(S22:S24)","v":1675},"  = sum of ceded commissions",null,null,null,"|"]
[null,null,"Note:",null,null,null,null,null,null,null,null,"|","final answer ---->",null,"TOTAL NET COMMISSIONS",null,null,null,{"$f":"S20-S25","v":1075},"  = (total gross) - (total ceded)",null,null,null,"|"]
[null,null,"  ==> DEFERRED Commission refers to commissions paid for direct & assumed business",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"  ==> UNEARNED Commission refers to commission revenue from ceded business",null,null,null,null,null,null,null,null,"|",null,null,"So, we have to get the total for column (05). We need the corresponding value for LOB 2.",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"This is easy. We just use the standard formula:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"Direct + Assumed - Ceded = Net",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Rearrange this as follows:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"Assumed = Net - Direct + Ceded",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"= 1,000 - 1,200 + 300",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"= 100",null,null,null,null,null,null,"|",{"$f":"H17-E17+G17","v":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,"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,{"$f":"C16","v":1200},null,{"$f":"E16","v":1100},{"$f":"F16","v":150},{"$f":"G16","v":500},null,{"$f":"I16","v":2200},null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,2,{"$f":"C17","v":1700},null,1200,{"$f":"T45+S45-Q45","v":100},300,{"$f":"H17","v":1000},1700,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"Tot",{"$f":"SUM(O44:O45)","v":2900},null,{"$f":"SUM(Q44:Q45)","v":2300},{"$f":"SUM(R44:R45)","v":250},{"$f":"SUM(S44:S45)","v":800},null,{"$f":"SUM(U44:U45)","v":3900},null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|",null,null,"Now we calculate the commission expense using the green highlighted values:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["original",null,"(02)","(03)","(04)","(05)","(06)","(07)","(08)","(09)","(10)","|",null,null,null,null,"commission expense "," = (02) + (04) + (05) - (08)",null,null,null,null,null,"|"]
[null,null,"DFcomm","UEcomm","commissions in respect of WP",null,null,null,"DFcomm","UEcomm","Net","|",null,null,null,null,null," = 2.900 + 2,300 + 250 - 3,900",null,null,null,null,null,"|"]
[null,"LOB","@ start","@ start","Direct","Assm'd","Ceded","Net","@ end","@ end","Comm","|",null,null,null,null,null," = 1,550",null,null,null,null,null,"|",{"$f":"O46+Q46+R46-U46","v":1550}]
[null,1,1400,null,1000,100,400,null,1600,null,null,"|","----","----","----","----","----","----","----","----","----","----","----","|"]
[null,2,1600,null,1500,null,400,1200,1900,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"Tot",{"$f":"SUM(C53:C54)","v":3000},null,{"$f":"SUM(E53:E54)","v":2500},null,{"$f":"SUM(G53:G54)","v":800},null,{"$f":"SUM(I53:I54)","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,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,"gross contingent commissions",null,null,null,600,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,"ceded contingent commissions",null,null,null,150,"|",null,null,null,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,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,"ceded other non-deferrable commissions",null,null,null,50,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,"ceded commission income (LOB1 + LOB2)",null,null,null,1200,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["new",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,"LOB","@ start","@ start","Direct","Assm'd","Ceded","Net","@ end","@ end","Comm","|"]
[null,1,1200,null,1100,150,500,null,2200,null,null,"|"]
[null,2,1700,null,1200,null,300,1000,1700,null,null,"|"]
[null,"Tot",{"$f":"SUM(C67:C68)","v":2900},null,{"$f":"SUM(E67:E68)","v":2300},null,{"$f":"SUM(G67:G68)","v":800},null,{"$f":"SUM(I67:I68)","v":3900},null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[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,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,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":"17","index":17,"n_rows":95,"n_cols":24,"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,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",17,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":17},null,null,null,null,null,null,null,null,null,"|"]
["Points:",2.5,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$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,"a.","(1.25 points)",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 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,"  = (60,000^1.5 + 240,000^1.5) ^ 1/1.5",null,null,null,null,null,null,null,null,"|"]
[null,null,"Year",2020,null,null,null,null,null,null,null,"|",null,null,"  = 259,605",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,60000,null,"EastCan.PML.420",null,30000,null,null,"|",null,null,"  = 259,605 x (6/8) + 120,000 x (2/8)",null,null,null,null,null,null,null,null,"|"]
[null,null,"WestCan.PML.500",null,240000,null,"WestCan.PML.420",null,120000,null,null,"|",null,null,"  = 224,704",null,null,null,null,null,null,null,null,"|"]
[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 (part of Fin. Res.)",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,"  = 224,704 - 55,000",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,"  = 169,704",null,null,null,null,null,null,null,null,"|"]
[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 principles of earthquake risk management.",null,null,null,null,null,null,null,null,"|",null,null,"ER (Earthquake Reserve)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = (ERC + EPR) x 1.25",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"  = (169,704 + 29,600) x 1.25",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  = 249,130",null,"  <== final answer",null,null,null,null,null,null,"|"]
[null,null,"Identify and briefly describe 2 sound earthquake modeling practices.",null,null,null,null,null,null,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 3 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,null,null,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,null,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 2 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,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["----","----","----","----","----","----","----","----","----","----","----","|","----","----","----","----","----","----","----","----","----","----","----","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,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":"18","index":18,"n_rows":95,"n_cols":24,"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,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.Fall) - [ANSWER SHEET]",null,null,null,null,null,null,null,null,null,"|"]
["Question:",18,null,null,null,null,null,null,null,null,null,"|","Answer:",{"$f":"B2","v":18},null,null,null,null,null,null,null,null,null,"|"]
["Points:",1.5,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$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,"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 appropriate.",null,null,null,null,null,null,null,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 of 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,"- apply the 'substantially all' rule",null,null,null,null,null,null,"|"]
[null,null,"A risk manager purchases an annual 90% quota-share policy for $1,500,000. The portfolio",null,null,null,null,null,null,null,null,"|",null,null,null,null,"    - the insurer can suffer a loss, but it isn't large enough to pass the",null,null,null,null,null,null,"|"]
[null,null,"contains 150 policies. The individual loss distribution is given in the table below:",null,null,null,null,null,null,null,null,"|",null,null,null,null,"      ERD test (see below)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"    - but since the quota-share percentage is 90%, we can apply the",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,"      'substantially all' rule to conclude there is risk transfer",null,null,null,null,null,null,"|"]
[null,null,null,0.93,null,0,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,7.0000000000000007E-2,null,1500,null,null,null,null,null,"|",null,null,null,null,"      immediately from the 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,"b.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,null,"this shows that the ERD test fails ==> ","- ERD (Expected Reinsurer Deficit)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"(but it doesn't matter in this case)           ","    - frequency of loss = 7%",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,"    - severity of loss as a % of premium = 1,500/(1,500,000/150) = 15%",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"      ==> then apply quota-share %: 15% x 90% = 13.5%",null,null,null,null,null,null,"|"]
[null,null,null,"premium:",null,1000,null,null,null,null,null,"|",null,null,null,null,"    - ERD = frequency x severity = 7% x 13.5% = 0.945% < 1%",null,null,null,null,null,null,"|"]
[null,null,null,"probability of loss:",null,0.06,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,"expected severity:",null,150,"(net of premium)",null,null,null,null,"|",null,null,null,null,"- by the ERD test there would be 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,null,null,null,null,null,null,null,null,null,null,"|","(0.75 points)","b.","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,null,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,null,null,null,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,null,null,null,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,null,null,null,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,null,null,null,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,"|"]
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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 2 (2019.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.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,"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.","(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 base and all adverse scenarios 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: 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",1.2,1.5,1.55,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)",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: cannot conclude 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 not satisfied because MCT < 150% for 3rd year of base scenario",null,null,null,null,null,null,null,null,"|"]
[null,null,"Base Scenario",null,"MCT Ratio",1.6,1.5,1.4,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",1.5,1.35,0.95,null,null,null,"|","(1 point)","b.","plausible adverse scenario:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,"Capital (000s)",10000,10000,10000,null,null,null,"|",null,null,"- an adverse scenario that is credible AND has a non-trivial chance of occuring",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  (NOTE: adverse means an undesireable effect on an insurer's financial condition)",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(1 point)",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,"Define the following terms:",null,null,null,null,null,null,null,null,"|",null,null,"reverse stress testing:",null,null,null,null,null,null,null,null,"|"]
[null,null,"i","plausible adverse scenario",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,"ii","reverse stress testing",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,"|"]
[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,"|","(1 point)","c.","There are lots of valid answers. Here are the ones I chose:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"ripple effects:",null,null,null,null,null,null,null,null,"|"]
[null,null,"Suppose the adverse scenario in Company B is investment risk and results in a significant",null,null,null,null,null,null,null,null,"|",null,null,"- significant reduction in cash flow",null,null,null,null,null,null,null,null,"|"]
[null,null,"decrease in the value of the company's portfolio. Identify 2 possible ripple effects and",null,null,null,null,null,null,null,null,"|",null,null,"- forced sale or liquidation (to pay policyholder claims)",null,null,null,null,null,null,null,null,"|"]
[null,null,"2 possible management actions.",null,null,null,null,null,null,null,null,"|",null,null,"management actions:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- sell assets to raise cash",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- change investment strategy (rebalance portfolio from stocks to bonds to reduce 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,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,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 2 (2019.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.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:",1.25,"points",null,null,null,null,null,null,null,null,"|","Points:",{"$f":"B3","v":1.25},"points",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"a.","(0.5 points)",null,null,null,null,null,null,null,null,"|","Source:","CIA.PrLiabs",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Calculate the maximum allowable DPAE and the PDR (if any.)",null,null,null,null,null,null,null,null,"|","(0.5 points)","a.","This is the easy version of the DPAE problem. You should also practice the harder version",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"where you are not given APV but have to calculate it. There is a practice template for",null,null,null,null,null,null,null,null,"|"]
[null,null,"net UPR",72890,null,"discount rate",null,5.5E-2,null,null,null,"|",null,null,"both versions in the BattleQuizzes for CIA.PrLiabs.",null,null,null,null,null,null,null,null,"|"]
[null,null,"FutRe",5960,null,"MfAD(inv)",null,"75 bps",null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"ELR",0.85,null,"MfAD(claims)",null,0.1,null,null,null,"|",null,null,"DPAE","=","UPR","-","PolLiabs(UPR)",null,"+","UEComm",null,"|"]
[null,null,"ULAE",2320,null,"MfAD(re)",null,0.1,null,null,null,"|",null,null,null,"=",{"$f":"D9","v":72890},"-",{"$f":"Q18","v":68486},null,"+",{"$f":"H16","v":1130},null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"=",{"$f":"Q12-S12+V12","v":5534},"  <== final answer to part (a)",null,null,null,null,null,"|"]
[null,null,"APV",58846,null,"gross (PV+LAE)",null,62590,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,"maintenance",null,3680,null,null,null,"|",null,null,"PolLiabs(UPR)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,"UEComm",null,1130,null,null,null,"|",null,null,null,"=","APV","+","FutRe","+","maintenance",null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"=",{"$f":"D14","v":58846},"+",{"$f":"D10","v":5960},"+",{"$f":"H15","v":3680},null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,null,"=",{"$f":"Q17+S17+U17","v":68486},null,null,null,null,null,null,"|"]
[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 purpose of DPAE and whether it is classified as an asset or a liability.",null,null,null,null,null,null,null,null,"|","(0.5 points)","b.","DPAE is an asset. Its purpose is to recognize prepaid policy expenses over the policy term",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"provided such costs are recoverable from equity in the UPR. (This has the advantage of",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.25 points)",null,null,null,null,null,null,null,null,"|",null,null,"matching of revenue and expenses.)",null,null,null,null,null,null,null,null,"|"]
[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 1 example of a DPAE.",null,null,null,null,null,null,null,null,"|",null,null,"Not part of the question: Only 1 of DPAE and PDR can be non-zero. Also, PDR is a liability.",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,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.","Any 1 of:","(there are probably other examples also)",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- commissions",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- TLF (Taxes, Licenses, Fees)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- advertising",null,null,null,null,null,null,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":"21","index":21,"n_rows":95,"n_cols":24,"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,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.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:",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,"a.","(1 point)",null,null,null,null,null,null,null,null,"|","Source:","BCAR.Cat",null,null,null,null,null,null,null,null,null,"|"]
[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 steps in a natural catastrophe stress test.",null,null,null,null,null,null,null,null,"|","(1 point)","a.","surplus:",null,"- reduce reported surplus by PML (net post-tax 1-in-100 year event)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"reinsurance:",null,"- increase reinsurance recoverables by at least 40% of ceded PML",null,null,null,null,null,null,"|"]
[null,"b.","(1 point)",null,null,null,null,null,null,null,null,"|",null,null,"reserves:",null,"- increase reserves by 40% of net PML",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"optional:",null,"- adjust PMLs used in cat risk portion of standard BCAR score due to",null,null,null,null,null,null,"|"]
[null,null,"Identify the elements of strong cat risk management according to A.M. Best.",null,null,null,null,null,null,null,null,"|",null,null,null,null,"   changes in reinsurance structure after 1st cat event",null,null,null,null,null,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,"After completing these 4 steps, recalculate the BCAR score according to the",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"standard methodology.",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,null,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 the answer given in examiner's reports for 2018.Spring and prior.",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"(The syllabus changed for 2018.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,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(1 point)","b.","catastrophe modeling:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - parameter selection is critical & use more than 1 model",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"data quality:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - accurate property location & coding (type of building)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - accurate property value & insurance-to-value",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - conduct site reviews (so that information is up-to-date)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - safeguards to prevent manipulation by insured",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"aggregate loss exposure:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - use aggregate losses as a secondary test of model",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"monitoring (MML):",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - Measure, Monitor, Limit exposure on a continuous basis",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,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,"|"]
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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 2 (2019.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.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.","(0.5 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 2 considerations in determining concentration risk of an insurer.",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,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.","(1 point)",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 4 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,"|","(1 point)","c.","Any 4 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 2 (2019.Fall)",null,null,null,null,null,null,null,null,null,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.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:",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.","(1.5 points)",null,null,null,null,null,null,null,null,"|","Source:","Odo.FinReg, IFA.Solvency2",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Solvency II is a principles-based insurance regulatory system for capital levels of",null,null,null,null,null,null,null,null,"|","(1.5 points)","a.","3 pillars:","[Hint: QGT]",null,null,null,null,null,null,null,"|"]
[null,null,"insurance companies in the European Union. Identify and briefly describe the 3 pillars",null,null,null,null,null,null,null,null,"|",null,null,"Quantitative Pillar:",null,null,null,null,null,null,null,null,"|"]
[null,null,"of Solvency II.",null,null,null,null,null,null,null,null,"|",null,null,"  - sets SCR & MCR (Solvency Capital Requirement & Minimum Capital Requirement)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - SCR corresponds to 99.5% VaR (Value at Risk)",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"Governance Pillar:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - requires adequate governance for:",null,null,null,null,null,null,null,null,"|"]
[null,null,"ENID (Events Not in Data) are often described as high-severity, low-probability events",null,null,null,null,null,null,null,null,"|",null,null,null,"- internal audit",null,null,null,null,null,null,null,"|"]
[null,null,"not reflected in historical data.",null,null,null,null,null,null,null,null,"|",null,null,null,"- actuarial",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,"According to the Institute & Faculty of Actuaries reading, \"Solvency II Technical Provisions",null,null,null,null,null,null,null,null,"|",null,null,null,"- compliance",null,null,null,null,null,null,null,"|"]
[null,null,"for General Insurers\", what is the proposed definition of ENID.",null,null,null,null,null,null,null,null,"|",null,null,"Transparency",null,null,null,null,null,null,null,null,"|"]
[null,null,"(This definition is sometimes referred to as the purpose of ENID.)",null,null,null,null,null,null,null,null,"|",null,null,"  - supervisory reporting & public disclosure",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"    (increases market discipline because companies know their decisions are public)",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,"|","(0.5 points)","b.","- the balancing amount required to bring the best estimate of loss reserves before ENID",null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify 3 ways ENIDs may be identified.",null,null,null,null,null,null,null,null,"|",null,null,"  up to an amount allowing for all possible future outcomes",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,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:","consider…",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - future settlements of past events",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - potential future claims related to current exposures",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - catastrophes",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - court awards",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - legislative changes",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,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,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,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":"24","index":24,"n_rows":95,"n_cols":25,"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,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.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,"|","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,"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,"Identify a way that ORSA is a better management tool than MCT.",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,null,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.","Any 1 of:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - ORSA considers more risks than MCT and includes all material risks",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - ORSA considers dependencies and correlations between risks whereas MCT uses a",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"     simplified approach that only considers correlation between insurance and asset risk",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - ORSA includes assessment of internal controls to allow for better management",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - ORSA allows for the setting of an internal target to reflect an insurer’s risk appetite ",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - ORSA allows for a better qualitative assessment of risk (MCT is only quantitative)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - ORSA is tailored to a company’s own risk profile, whereas MCT is a",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"     formula-based\n approach that is not specific to the company",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - ORSA is more of a forward-looking measure",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - ORSA is used for mitigation (or prevention) of future problems",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",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,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - several of these also apply to BCAR versus 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,"|"]
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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,"|"]
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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,"|"]
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{"sheet":"25","index":25,"n_rows":95,"n_cols":25,"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,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.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:",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.Models",null,null,null,null,null,null,null,null,null,"|","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,"According to the CIA paper on modeling, identify and briefly describe the 3 elements",null,null,null,null,null,null,null,null,"|","(1.5 points)","a.","model elements:",null,null,null,null,null,null,null,null,"|"]
[null,null,"a model should contain.",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,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  model Specification",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(1 point)",null,null,null,null,null,null,null,null,"|",null,null,"       ==> a description of the parts of a model and their interactions (includes data,",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"                assumptions, methods, entities, events)",null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify and briefly describe the 4 steps in validating a newly created model.",null,null,null,null,null,null,null,null,"|",null,null,"  model Implementation",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"       ==> the systems that perform the calculations (computer programs, spreadsheets,...)",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(1 point)",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,"       ==> the inputs/outputs of the implementation",null,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,null,null,null,null,null,null,null,null,"|"]
[null,null,"evaluate the overall model risk.",null,null,null,null,null,null,null,null,"|","(2 points)","b.","validating a new model:",null,null,"(see BattleCard answers for more details if desired)",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  review specification:",null,null,null,null,null,null,null,null,"|"]
[null,null,"task:","forecast capital requirements on a quarterly basis",null,null,null,null,null,null,null,"|",null,null,"       ==> verify that DAMs are appropriate (Data, Methods, Assumptions)",null,null,null,null,null,null,null,null,"|"]
[null,null,"method:","use a brand new untested model of high complexity",null,null,null,null,null,null,null,"|",null,null,"  validate implementation:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"       ==> do backtesting with historical data",null,null,null,null,null,null,null,null,"|"]
[null,null,"model risk considerations:",null,null,null,null,null,null,null,null,"|",null,null,"  deal with limitations:",null,null,null,null,null,null,null,null,"|"]
[null,null,"  - capital requirements are significant",null,null,null,null,null,null,null,null,"|",null,null,"       ==> understand the range of uses for which the model was designed & tested",null,null,null,null,null,null,null,null,"|"]
[null,null,"  - model is used frequently",null,null,null,null,null,null,null,null,"|",null,null,"  keep documentation:",null,null,null,null,null,null,null,null,"|"]
[null,null,"  - there is no documentation for the model",null,null,null,null,null,null,null,null,"|",null,null,"       ==> how the model was chosen & tested (should also note limitations of model)",null,null,null,null,null,null,null,null,"|"]
[null,null,"  - a summer intern with no prior actuarial experience is running the model",null,null,null,null,null,null,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 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,null,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,null,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,null,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,null,null,null,null,null,null,null,null,null,"|",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 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,"- high (so risk is high)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  expertise of user:",null,"- low (so risk is high)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  docs:",null,"- none (so risk is high)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  testing:",null,"- none (so risk is high)",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Conclusion: likelihood of failure is HIGH",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",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 HIGH",null,null,null,null,null,null,null,null,"|"]
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{"sheet":"26","index":26,"n_rows":95,"n_cols":24,"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,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.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,"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.CorpGov",null,null,null,null,null,null,null,null,null,"|"]
[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 items that should be included in a Risk Appetite Framework.",null,null,null,null,null,null,null,null,"|","(1.5 points)","a.","Any 2 with 2 sub-points:",null,null,"(See 2015.Spring #4 for other answers)",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Risk Appetite Statement",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(0.5 points)",null,null,null,null,null,null,null,null,"|",null,null,"  - reflects aggregate level of risk",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - reflects type of risk",null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify 2 elements of good corporate governance.",null,null,null,null,null,null,null,null,"|",null,null,"Risk limit/Risk tolerance is the allocation of the FRFI’s risk appetite statement to",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - specific risk categories (IMCO: insurance, market, credit, operational)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - line of business",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Roles/Responsibilities of those implementing Risk Appetite Framework",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - Board of Directors",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - Senior Management",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,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.","elements of good corporate governance:",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - incentivize good corporate behaviour",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  - enable  monitoring of operations & performance",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,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":"27","index":27,"n_rows":95,"n_cols":24,"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,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.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, 2019. The report date is February 22, 2020. 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, before CalcDt",null,null,null,null,null,null,null,"|"]
[null,null,"i","A insurance company's reinsurer became insolvent on Jan 15. The primary",null,null,null,null,null,null,null,"|",null,null,null,"   (failure provided further evidence of deteriorating conditions with reinsurer)",null,null,null,null,null,null,null,"|"]
[null,null,null,"insurer's actuary became aware on Jan 16.",null,null,null,null,null,null,null,"|",null,null,null,"--> reflect (assuming the event is material)",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"ii","The stock market suffered a 10% drop in value on Jan 5. The actuary became",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,"aware on the same day.",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,"iii","A severe winter storm occurred on Jan 19. The actuary became aware",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,"on Jan 21.",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,null,null,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,null,null,null,null,null,null,null,null,null,"|",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: 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,null,null,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,"|"]
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{"sheet":"28","index":28,"n_rows":95,"n_cols":25,"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,"|","Exam:","BattleActs 6C Practice Exam 2 (2019.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,"|","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,"Identify 4 of the legal requirements surrounding the appointment of the Appointed Actuary.",null,null,null,null,null,null,null,null,"|","(1 point)","a.","legal requirements: Any 4 of…",null,null,null,null,null,null,null,null,"|"]
[null,null,"(Note that this is different from the qualifications required of the AA.)",null,null,null,null,null,null,null,null,"|",null,null,"- insurer must appoint an AA",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- insurer must notify OSFI of the appointment",null,null,null,null,null,null,null,null,"|"]
[null,"b.","(1 point)",null,null,null,null,null,null,null,null,"|",null,null,"- AA must be a FCIA",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- AA cannot be CEO/COO or anything similar without authorization from OSFI",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,"- AA cannot be CFO without audit committee permission",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- insurer must notify OSFI if the Board of Directors revokes AA's appointment",null,null,null,null,null,null,null,null,"|"]
[null,"c.","(0.75 points)",null,null,null,null,null,null,null,null,"|",null,null,"- outgoing AA must submit report to Board of Directors & OSFI on reasons for leaving",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"- incoming must review outgoing AA's report within 15 days (if report is available)",null,null,null,null,null,null,null,null,"|"]
[null,null,"Identify 3 objectives of a peer review.",null,null,null,null,null,null,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,null,null,null,null,null,null,null,null,null,"|",null,null,"- perform valuation of policy liabilities 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,"|"]
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