255 (1 Viewer)

[ND]

Anyone got any predictions for types of questions for the exam? I know that Piet said that the exam would be straight forward, but he also said that there was multiple choice in the exam, which there isn't, so i don't think that he's setting it. They could rip our faces off if they want to.

I noticed that in the tables there is no 2Ax functions (i.e. WOL assurance at j=(1+i)^2-1), so we can't be asked to calculate variances (unless it's purely algebraic without numerical values).

 

[Mini]

old tutes have some past paper questions - mostly straightforward... 345 and 344 past papers on e-reserve (though i don't know how helpful that would be...)

there seems to be a lot of reserve questions - calculate pros/retro reserves - or those darned future loss random variable things. unfortunately.

Also, those tables are apparently screwed, they're fixing them as we speak.

i reckon they'll "rip our faces off". Seems to be their sole amusement.

good luck!

 

[toknblackguy]

what about theiele's lamer equation?
think that'll be put in there?

and a side note, i wouldn't count the variances out completeley
was reading over some tutorials and noticed they could give some sample data - think it was bilbies or something and ask you to calculate variance from that

 

[Mini]

in one of those revision lectures sue said it was useless asking u to derive theile's. but they might ask u to explain what it means... thats again in those revision solutions

 

[ND]

Yeh she said there wasn't much you could as on Thiele's. Another thing about the tables, they only have the annuity functions for the first year of select, like in the practice questions, so there might be something on that (pretty straight forward though).

I hope they don't ask us anything where we have to do heaps of manipulations with the sums and crap.

Have you guys notices in the acted notes it mentions "Question bank"? Do you know where this is? I don't think it's in the notes that we have.

 

[bong]

Who knows.. they might be nice?

Or pigs might sprout wings...

 

[toknblackguy]

guys i got a question
tute 8 q4

Q4. Exactly 10 years ago an insurer sold 100,000 15 year term insurances to a group of
lives all aged 25 at the time. Each policy has a sum insured of $30,000, to be paid at the
end of the year of death, for a level annual premium of $25.
All except 525 of these policies are still in-force today. Assuming the company holds net premium policy values calculate the mortality profit or loss to the company if 63 of the
in-force lives insured die in the coming year.

where ever would we use this piece of information? because we still need to calculate the without profit premium right? and then we use this premium to calculate the reserve

could it be that if they said the company hols gross premium policy values? or something to that effect that would indicate they retain their profits and dont give reversionary bonuses?

 

[ND]

Yep that's right, if the company were to hold gross policy values, then you'd use the $25, but since it holds net policy values, we calculate the net premium, and use that.

edit: be cautious of whether it says net or gross, cos in one of the tute questions it gives you expenses and everything, then asks for net values, so you have to calculate everything ignoring the expenses.

 

[RIZAL]

Lecture notes week 7 page 4:

where does the premium of 22.33 come from??? I thought the premium should be .00117*20000 = 23.4

is it just me or is there a lot of errors in these notes and tutes?

 

[ND]

Yeh it should be 23.4.

Do you guys have heaps of free room on your cheat sheets? I've put everything on that i need to (and more), and i've still got a whole page left. Any suggestions? I hate to go in with blank space, feels like i'm not getting the full value of the sheet.

 

[Mini]

guys i got a question
tute 8 q4

Q4. Exactly 10 years ago ....... for a level annual premium of $25.
All except 525 of these policies are still in-force today. Assuming the company holds net premium policy values calculate the mortality profit or loss to the company if 63 of the
in-force lives insured die in the coming year.

where ever would we use this piece of information? because we still need to calculate the without profit premium right? and then we use this premium to calculate the reserve

oh i dunno bout that... i'd say if the question gave u a premium, use that premium. don't go calculating another one.

note that there are updated tute 8 sols on webct - under the 12th november.

argh, the test is tomorrow, argh. thank god for that formula sheet, mine has the whole course on it, methinks.
although i look most at the part with those darned NFL calculations.

 

[RIZAL]

that 25 dollar premium is the 'office premium' which loads for expenses.

Mortality profit or loss is calculated on the original basis which involves the net premium (not the office premium).

i.e. they gave you that 25 dollar premium just to throw you off!

 

[Mini]

argh u'r right, and it came up in the exam. ah well, i'd lose maybe 2 marks for that?
paper was ok, surprisingly. maybe coz its the first time they offered this course

 

[CrashOveride]

255 is contingent payments right?

i'd kindly ask if you could keep anything relevant to the courses you've done so you can sell it to me next year ^^

 

[ND]

I'll sell you my STAT271 cheat sheets for $3.50. They're awesome.

 

[CrashOveride]

ND: Deal

 

[toknblackguy]

hahaha
thank you guys!
i wrote down the 2-way anova formulae and got some pity marks

edit
well it seems contrary to popular thought V does not help maintain concentration