Staff-T1
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If you are referring to Fall 2015, Q15 then yes
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Errr are you asking me?
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a) would be correct. b) would probably not be correct cause how would you even create a fund for that. No one would willingly contribute to it
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yup
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1) That's correct. You find the 95th percentile for all scenarios and restart the simulation at the end of the 6th year. 2) When you run a simulation, you can have a range of deficits. A deficit scenario is one in which the fund balance is negative…
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Yes the given yield curve is at half-year periods. If it is not specifically mentioned, you can discount at mid year or year end though. Just state your assumptions
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Don't think there are any advantages or disadvantages to choose one over the other. It would purely be at the firm's discretion
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That's correct
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1) Yes 2) Yes there needs to be reserving experience in there. The peer reviewer should meet the same qualifications required of the AA
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yes that is right
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some acquisition costs like commissions vary based on the premium amounts
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No, it needs to be one year valuing canadian liabilities
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For this example, beginning of the period is time 0. An unwind is just basically calculating the PV at time 1 minus the PV at time 0.
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Yeah LRC should just be UEP - DAC
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Yeap -Before calculation date you can just make changes easily. If it is after report date, the report is already out and finalized so nothing can be done
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Sometime last year if I recall correctly
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I am pretty sure you don't need to memorise them. At worst, just make up a number and state your assumption if it is not provided. You would be docked 0.25 marks for doing so. It's up to you to gauge the risk-reward trade-off of memorising or not. F…
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Management in the context of ORSA is referring to senior management, yeah. regulatory basis usually refers to either the provincial regulator or OSFI. I am not sure why that would be a challenge re following OSFI vs CIA
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Yeah pretty much. And auto rate changes are rate fillings
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I have not actually seen the mechanics of a PAA eligibility test for the ARC in practice, nor do the papers go into any detail on it. For the purpose of the exam, it is probably safe to assume you won't be asked about this
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Page 3-4 of the Frei paper
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Probably a typo on the CAS sample solutions. The BattleCard is the right one
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Yeah you don't discount in that case
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Not sure how the first part relates to the second part of your question here, but a contract boundary differs from the policy term because there could be certain clauses that "force" renewal or limit the ability of the insurer to reprice the risk. F…
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It is the same
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The CIA source reading is wrong - PAA LRC is always UEP - DAC. Thought we changed most of them in the wiki but there are always stragglers @graham
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pretty much, although you don't need to know the details of the exact difference between the two
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Yes this is true - Risk transfer here is in the context of the Frei paper, not the agriculture paper
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You did it incorrectly. Numerator for the second formula should be 51,000+19200
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The capital charge is meant to reflect risk of default, illiquidity and/or market value declines in fixed income and equity. An interest rate increase which causes a decline in fixed income will cause the capital charge to rise. Or put another way, …