graham
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Your formula for NWP is correct. Then GWP = DWP + AWP. (Or at least, it should be. Just make sure to pay attention to how the information is provided in each individual problem in case the problem provides a slightly different interpretation.)
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Payment pattern: Another way of expressing this (incremental) payment pattern given in the question is: * 12 months: 20% * 24 months: 30% * 36 months: 50% Note that often the payment pattern is given in cumulative form, but here it is …
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Technically, these details shouldn't be asked on the exam anymore because section 5.2.2 has been removed from the syllabus and that's the section where that's covered. Unfortunately, not all the material on foreign exchange risk has been removed so …
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Yup, thx! It's corrected.
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There is an error in the examiner's report solution to 2019.Spring Q14. Take a look at footnote 6a below the BattleTable and see if that answers your question. Here's the link to the CIA.PrLiabs BattleTable: * [https://youtube.com/watch?v=5lxvB…
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Hi, For your first question: I'm assuming you're referring to this section in the wiki: * https://battleactsmain.ca/wiki6c/CIA.PrLiabs#Duration_of_Premium_Liabilities When I said the "same", I meant the idea of allocating the unpaid to f…
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Great!
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What you're seeing in the syllabus is the new version of the CIA reading on discounting. It's completely different from the old reading even though the abbreviation in the syllabus is the same. This new reading covers the IFRS 17 method for discount…
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Awesome!
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I edited the BattleCard. Take a quick look and see if it's clearer. Thx.
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Recall that the excess growth factor for a company is calculated relative to industry growth. If both the industry and the company are growing at the same pace, the increase may simply by due to population growth and that would be ok. But if the …
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If you're referring to Quiz 6, I would say yes. That quiz doesn't ask about details of any of the cases, but exam questions sometimes ask about cases involving catastrophic injuries for example. That means you would have to know which 2 cases relate…
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The explanation in the link I provided for the original poster (see above) explains it quite well, but there lots of legal details that aren't discussed. To fully understand this case you would have to do a lot more research. Anyway, the main ide…
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There's another long thread related to your question at the link below. You have to scroll up a little bit to see all the posts from September 1, 2021, but it is a very similar question to yours: * https://battleactsmain.ca/vanillaforum/discuss…
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Sorry, I was looking at Q7 on the the 2016.Spring exam rather than the 2016.Fall exam. The reform regarding lawyers' contingency fees is from a reading that is no longer on the syllabus. I've added a footnote to the BattleTable about this. Thanks.
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A fleet consists of commercial vehicles but there are extra requirements for something to be defined as a fleet. For example, there must be at least 5 vehicles under common ownership and available for hire. And fleets are indeed exempt from this …
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If joint and several liability is eliminated then certain aspects of the reform could decrease costs and other aspects might increase costs. So you're right, it's somewhat contradictory. What we hope is that the decrease in costs more than offset…
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It means that if OSFI gives authorization, such an appointment cannot exceed 6 months. (Approval is always required, even if the specified length of the appointment is less than 6 months.) I edited the BattleCard to make that clearer. Thanks.
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Yes, but it's the kind of thing you can probably guess even if you haven't memorized it. It's asking what data should be included in a rate filing that uses those variables.
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Another way of saying it is this: * A provincial insurer is capable of operating in another province but they don't automatically have the right to do so. They need permission from the other province. A non-insurance example of the use of t…
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Hi Tony, I'm not sure I understand your question here. The question just wanted to see if you understood what "joint & several liability" means. That would be the "J" in JCCV. You did not have to propose a new reform.
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Hi Tony, I hope you have a great long weekend too! Check this link to see if it answers your question: * https://battleactsmain.ca/wiki6c/2016.Fall_Q15_Redone The final answer with the new method is 975 (versus the old method, which give…
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For these BattleCards, I used the wording in the source text and the source text doesn't define the term "senior officer" versus "senior manager". For example, here is the sentence from the source text that card 34 is based on: * A senior offic…
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You're correct, it's a mistake. If the annual reinsurance contract was issued on Jan 1 then the ceded earned premium should be the same as the ceded written premium for the year. When I first read this paper, I also noticed other mistakes in the …
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A scenario that compromises viability is one that could cause the insurer to go bankrupt. An example is a hurricane. These are are scenarios that test whether the insurer can absorb significant losses. (An example of a scenario that would not com…
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Yup, that's it!
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Hi Wilson, A stochastic model means that predictions of losses are made using a probability distribution. A deterministic model means you just average the losses for the last 10 years (or something similar). A stochastic model is generally consid…
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Oh, I see. One thing to remember is that these are not mathematical definitions or theorems so in that sense there is no right or wrong. Instead, you can think of them as "useful" or "not useful" in providing information about the company. Here …
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Hi @KiwiBO, This formula is only an approximation to the true investment yield. To calculate the exact value, you would have to examine each investment separately and calculate some sort of weighted average across all your investments. But we'…
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Yes, the examiner's report solution is outdated as indicated in the BattleTable. (Problems highlighted in orange are outdated calculation problems.) But note that the internal target isn't always 180%. That varies based on company. If you look at th…