Actuarial Leadership
My corvette prefers to run on Daisy Cutter.
Laura
ASOP 25: Credibility Procedures
TRUE FALSE:
There is always a precise credibility procedure to use in every situation. An actuary should never deviate from prescribed guidance.
FALSE!
The actuary should use professional judgment when selecting, developing, or using a credibility procedure. The use of credibility procedures is not always a precise mathematical process.
For example, in some situations, an acceptable procedure for blending the subject experience with the relevant experience may be based on the actuary assigning full, partial, or zero credibility to the subject experience without using a rigorous mathematical model.
Let f(x,y)= x2+xy3
compute f(-3,-2)
33
This office is the King of Kuvare offices.
What is Baton Rouge?
In the US, the appointed actuary signs the actuarial opinion. Who is the equivalent actuary in Bermuda?
Who is the approved actuary?
I often play my saxophone in search for actuarial answers.
Who is Michael?
ASOP 17: Expert Testimony by Actuaries
TRUE FALSE:
If, after giving expert testimony, the actuary discovers that a material error was made, the actuary does not need to make appropriate disclosure of the error to the principal or the principal’s representative.
FALSE!
Discovery of Error—If, after giving expert testimony, the actuary discovers that a material error was made, the actuary should make appropriate disclosure of the error to the principal or the principal’s representative as soon as practical.
In a right triangle with legs of lengths 3 units and 4 units, what is the length of the hypotenuse?
What is 5 units?
This office is afraid of the number 13 which makes it difficult to find the office.
What is Cedar Rapids?
In the US, what part of the Valuation Manual provides guidance for the actuarial memorandum?
What is VM-30?
I have had the experience of being booed by 3,000 people.
Who is Rob?
ASOP 23: Data Quality
In regards to data used for analysis, it is the actuary's responsibility to do which of the following:
(a) Determine whether data or other information supplied by others are falsified or intentionally misleading
(b) Develop additional data compilations solely for the purpose of searching for questionable or inconsistent data
(c) Audit the data
(d) All of the above
(e) None of the above
(e) none of the above.
Limitation of the Actuary’s Responsibility ⎯ The actuary is not required to do any of the following:
a. determine whether data or other information supplied by others are falsified or intentionally misleading;
b. develop additional data compilations solely for the purpose of searching for questionable or inconsistent data; or
c. perform an audit the data.
However, an actuary should use professional judgments regarding the data as applicable, e.g. is the data is sufficient, is it of acceptable quality, does it require enhancements, has material defects, etc.
The antiderivative of 3x2.
∫3x2dx
What is x3
Many of Kuvare's actuaries learned their trade in this city but do not work there.
What is Des Moines?
The main principle of this testing method is to reflect the illiquidity premium embedded in the insurer’s asset yields in the discounting of liabilities.
What is the SBA?
I appeared on a game show and won a mini refrigerator and $100.
Who is Paz?
ASOP 41: Actuarial Communications
Which of the following are forms of actuarial communications?
(a) A presentation on medical expense trends
(b) An email noting final reserve values for the month
(c) A brief conversation in the hall with your CFO regarding the monthly premium forecast
(d) a and b only
(e) all of the above
(d) all of the above.
An actuarial communication is a written, electronic, or oral communication issued by an actuary with respect to actuarial services. Actuarial services include rendering of advice, recommendations, findings, or opinions based on actuarial considerations.
Write an equation of a line in slope intercept form that:
Has a slope of -1
Has a y intercept of -1
y=-x-1
KUS board meetings generally rotate throughout the year, but this office often gets skipped, much to the Laura's chagrin.
What is the Bermuda office?
The calculation of the BEL for Bermuda is comparable with this US reserving approach?
What is C3P1 and possibly VM-22 in the future?
Actuarial Science is my day job, but the ukulele is my jam.
Who is Emily?
ASOP 1: Introductory Actuarial Standard of Practice
When an actuary believes that multiple ASOPs have conflicting provisions when applied to a specific situation and none provide explicit guidance concerning which governs, how should the actuary proceed?
The actuary should apply professional judgment and may wish to contact the ABCD for confidential guidance on appropriate practice.
What is the 6th decimal of pi?
What is 2?
You have not lived life in Rosemont until you have visited this museum.
What is the Hummel museum?
What is the driver of regulatory changes for the BSCR (Bermuda) and AAT/AG53 (US)?
What is insurers increased use of private credit and structured securities?