IFoA –CAA Exam Questions with complete solutions ()

IFoA –CAA Exam Questions with complete solutions
(2024-2025)




Question j1

Identify jwhich jof jthe jfollowing jstatements jare jtrue.
I. jSkewness jmeasures jhow jpeaked ja jset jof jdata jis.
II. jSkewness jis ja jmeasure jof jasymmetry jof jthe jdistribution jof jthe jdata jabout jits jmean.
III. jFor ja jsymmetrically jdistributed jdata, jthe jmean jequals jthe jmedian jbut jnot jnecessarily jthe
jmode.
IV. jThe jvalue jof ja jmeasure jof jskewness jcan jbe jpositive, jzero jor jnegative.

 A. jI jand jII
 B. jII jand jIV
 C. jI jand jIII
 D. jII, jIII jand jIV




Answer j: jB

Next jQuestion
Question j2

An jinsurance jcompany jsells jpolicies jwhere, jfor jeach jpolicy, jthe jpolicyholder jpays jthe jfirst
50 jof jthe jcost jof jany jclaim. jA jclaim jreported jto jthe jinsurance jcompany jtakes jsome junknown
jvalue jx.
Identify jwhich jof jthe jmathematical jexpressions jbelow jrepresents jthe jcost jin jto jthe jinsurance
jcompany jof jthe jclaim.


 A. jx j- j50
 B. jx
 C. jmax(x, j50)
 D. jmax(x j- j50, j0)

,Answer j: jD

Next jQuestion
Question j3

When jdifferentiating jthe jproduct jof jtwo jfactors, ju jand jv, jthe jProduct jRule jcan jbe jused.
State jthe jProduct jRule.
A)




B)




C)



D)




 A. jOption jA
 B. jOption jB
 C. jOption jC
 D. jOption jD




Answer j: jD

Next jQuestion
Question j4

Define jthe jstandard jdeviation jof ja jfinite jdata jset.

 A. jThe jstandard jdeviation jis jthe jsum jof jthe jdifference jbetween jeach jdata jpoint jand jits
jexpected jvalue.
 B. jThe jstandard jdeviation jis jthe jproduct jof jthe jdifference jbetween jeach jdata jpoint jand
jits jexpected jvalue.

,  C. jThe jstandard jdeviation jis jthe jsquare jroot jof jthe jproduct jof jthe jsquared jdifference
jbetween jeach jdata jpoint jand jits jexpected jvalue.
 D. jThe jstandard jdeviation jis jthe jsquare jroot jof jthe javerage jof jthe jsquared jdifference
jbetween jeach jdata jpoint jand jits jexpected jvalue.




Answer j: jD

Next jQuestion
Question j5

A jrecurrence jrelation jis jgiven jby: jUn j= j2Un j- j1 j+ j3
If jU0 j= j0, jcalculate jU2 j=

 A. j3
 B. j9
 C. j13
 D. j21




Answer j: jB

Question j6




Assuming jthe jposition jof jthe jfirst jquartile jof jan jappropriately jordered jdataset jis jgiven jby



and jthe jposition jof jthe jthird jquartile jof jan jappropriately jordered jdataset jis jgiven jby




Calculate jthe jrange jand jinterquartile jrange jof jthe jabove jdataset.