Staff-T1
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No it is not - They just flipped the signs so that outflows are now a negative and inflows are a positive
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1) if the FCF is positive at initial recognition then you have a loss component not a CSM 2) No it is not calculated using UEP - DAC and no you cannot measure the GMM LRC in this way. You need to calculate the FCF before time 0 and take the negat…
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Yup but it should be stated correctly in the exam
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In the syllabus section for CCIR - It says that verything in the Excel provided: the core, quarterly and annual return is covered which is basically the entire P&C return. Page 60.45 which is listed in the syllabus is also where the calculation…
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Yeah I have noted this a few times over the years to many people. Just use the first definition and ignore the second one
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Answered this in your previous question but yes just ignore part (d)
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Oversight from the CAS - I don't think they update their stuff too often. You can probably ignore part (d)
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To calculate the CSM at initial recognition, you first calculate the FCF. the CSM is just the negative value of that FCF. You're mixing up the two different methods here. LRC = FCF + CSM for GMA LRC excl LC = UEP - DAC for AA LRC under GMA …
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Section 4.2, RIsk adjustment paper. You should already be familiar with bootstrapping and MCMC from Mas-1 and/or Mas-2
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* The CSM calculation is provided by the CAS * You're attaching the negative sign which should be for inflows to losses and RA which is an outflow
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Yeah the wording needs to be rejigged. It should actually say that the absolute dollar difference should be less than 1% of annual insurance revenue of the group of contracts. I think your formulation wouldn't work cause I would read that as the …
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To calculate the loss component, you always need the GMA estimate of LRC even if you are measuring using the PAA
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Part (b) is not a quantitative onerous assessment. It's just asking whether you can make any conclusions on onerosity based on the given statements. Part (b) is more like concrete examples of part (a). No quantitative evaluation is being done here
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There is nothing much to add about appendix 4 as it is just the calculations that are described in other sections. And the CIA link in the Excel is probably an error as it links to the sample LRC calculations and not a RA file although I should prob…
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* This problem is not based on a simplified CoC approach? * Nope you never include them
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I was referring to the CCIR sections which states that the Excel files are covered which is the whole P&C annual return. Also, it is both page 60.35 and page 60.45 that relates to the XS and deficiency calculation so that's clearly listed in the…
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CIA.IFRS17-1
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Yeah that is a typo. I have fixed my earlier comment
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Every tab has the blue commentary which is the BA comments
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You'd probably eb able to do that yeah
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I don't think so, but we can consider doing something for that. I believe there are more than enough questions in the practice exam and sample ifrs17 questions for the LIC calculation
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I don't really understand you question because that is what is being done if you look at the explanation provided at the bottom of the Excel?
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No, the first slide is for ON specifically while the CIA.territories paper is more broadly speaking. In Alberta for example you can have different territories for different coverages and the territories don't have to be contiguous
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I would say you have to memorize the formulas in the screenshot. The simplified formulas are more of to help you understand what is it that is actually in the numerator and denominator
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Yes, ISE includes claims paid + other thing like the amortization of insurance acquisition cash which the gross claims ratio does not. But yes, in general both can be used to gauge favourable experience
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it is for a single exposure
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In Section 4.3.3.2: What we are trying to do here is adjust the capital available for assets or receivables that are uncollateralized. A+B+C is your receivables, while D+E+F+G is your collateral for those receivables. If your collateral is < Rec…
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The insurer usually mails a notice of renewal with some modifications to policies in other provinces around 60 days in advance of renewal. If no action is taken, then it renews under the new terms. For the Quebec auto insurance act, I believe polici…
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I think it's still fair game. The entire P&C annual return is covered and C1 (financial position) is where I would put this in
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Whether C or D are onerous or not is not really relevant here as you go through the testing steps