Actuarial management Study guides, Revision notes & Summaries

How many full-time public employees are covered by defined benefit plans? - Ninety-one percent How many full-time public employees are covered by defined contribution plans? - nine percent Prudent-Person Rule - Requires each retirement board member to perform his or her duties as a prudent person would when acting in a like capacity and in a similar situation. Defined Benefit Plan - Provides for a guaranteed benefit at retirement using a formula generally based on age, length of service and...

CPCE Study Guide 1945 Questions with Answers 2023 The Sensorimotor period is part of whose developmental stage theory? - CORRECT ANSWER Piaget Presenting stimuli in different sequences to reduce "order of presentation" influences in an experiment is called: - CORRECT ANSWER Counterbalancing The Eskimo word "piblokto" refers to "arctic hysteria," characterized by uncontrolled screaming and crying that is often accopanied by running through the snow naked. This is an example of what kin...

FLORIDA INSURANCE 2-14 EXAM TERMS QUESTIONS AND ANSWERS (100% SCORES) Insurance - CORRECT ANSWER-Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - CORRECT ANSWER-Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Annuities - CORRECT ANSWER-Provid...

Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...

ERISA - Answer- Employee Retirement Income Security Act 1974 SOC Reports - Answer- Service Organization Controls: for external vendors SOC 1 - Answer- Internal Controls & Financial reports; used by auditors SOC 2 - Answer- Security, availability, processing integrity, confidentiality and privacy controls;used by management, regulators, and others under an NDA SOC3 - Answer- Same as SOC2, but available for public use. Tribble V Edison - Answer- Landmark court case re fiduciary resp...

Buying life or health insurance is an example of which risk management technique? risk avoidance risk reduction risk retention risk transfer - risk transfer What is the mathematical concept of probability that helps insurers estimate the statistical likelihood of mortality or morbidity losses at any given age? law of large numbers underwriting principle law of probability actuarial principle - law of large numbers A person who refuses to engage is risky activities like rock climbing f...

In depth summary of each chapter for the ASSA Actuarial Risk Management subject (A311). I used these notes for study purposes and achieved 75%+ with exemption. Summaries written based on the ACTED study material.

A written summary of the key chapters of A311 / BUS4027W / Actuarial Risk Management. This is the high level information that should be memorised for the course.

WebCE Quizzes: General Insurance & Life Insurance with Complete Solutions WebCE Quizzes: General Insurance & Life Insurance with Complete Solutions WebCE Quizzes: General Insurance & Life Insurance with Complete Solutions Buying life or health insurance is an example of which risk management technique? risk avoidance risk reduction risk retention risk transfer - ANSWER-risk transfer What is the mathematical concept of probability that helps insurers estimate the s...

Buying life or health insurance is an example of which risk management technique? risk avoidance risk reduction risk retention risk transfer correct answersrisk transfer What is the mathematical concept of probability that helps insurers estimate the statistical likelihood of mortality or morbidity losses at any given age? law of large numbers underwriting principle law of probability actuarial principle correct answerslaw of large numbers A person who refuses to engage is risk...

Indiana Navigator Acronyms Latest Update 100% Correct ACA Affordable Care Act AGI Adjusted Gross Income AO Application Organization APTC Advance Premium Tax Credit AV Actuarial Value CAC Certified Application Counselor CDHP Consumer Driven Health Plan CHIP Children's Health Insurance CMO Care Management Organization CSR Cost-Sharing Reduction EHB Essential Health Benefits FFM Federally-Facilitated Marketplace FPL Federal Poverty Level HCBS Home and C...