CM1 is one of the most basic and important paper and is widely applicable in real life. It is a combination of CT1 & CT5 and now also includes excel …
6 Strategies for Overcoming Failures in Actuarial Science
As the new curriculum 2019 has been released, there are major debates over the changes in the structure of both the Actuarial Societies (IFOA vs IAI). There were many students …
Actuarial Failure. Can you tell me one successful person, who got successful without facing failure in life? If everyone fails, will that be considered as failure or step in learning. …
The first question occur to mind what is granualarity and how is it that important for a General Insurance business? Breaking down Granularity Granularity is subdivision. If the business is …
This is a short summary explaining Industry Loss Warranties (ILWs). ILW is explained in detailed in Actuarial SP7 subject (formerly ST7). Definition of ILW Industry loss warranties (ILWs) are a type of reinsurance contract where the basis of cover is not indemnity, i.e. repayment of actual losses suffered. Protection is based on the total loss arising from an event to the entire insurance industry rather than individual insured company’s own losses. Trigger Event for ILWs The original size of the industry loss is used as a trigger for eligibility to a recovery. …
What are Latent Claims? Latent Claims derive from the perils that were unforseen when the Insurer wrote the policy and is applied to claims that become known about some years …
The primary aim is to assess the profitability and financial strength of an Insurance company from its accounts. The key Actuarial terms and values to consider are: Underwriting ProfitUnderwriting Profit …
What is Ultimate Net Loss For Insurer, the loss is when a claim is received. However, that is not the only aspect to consider while calculation of loss reserves or …
SeveritySeverity refers to the amount you have received Insurance claim for. Average Severity would be the loss associated with an average Insurance claim. refers to the amount you have received Insurance claim …
What is Frequency Severity Method Frequency severity method is an actuarial method for determining the expected number of claims that an insurer will receive during a given time period and how …
Loss development factors or LDFs are used in insurance pricing and reserving to adjust claims to their projected ultimate level i.e to Ultimate Claims. Insurance claims, especially in long-tailed lines such as liability insurance …
Masters in Actuarial Science from abroad is always a question of high doubt and discussion. To help you solve your doubts we have already published an article on Masters in …
It’s a boring afternoon. You’re tired after exhausing actuarial class, and all you want to do is curl up with Netflix and a bowl of cereal. But you really should …