Actuarial Societies
The actuarial society that focuses on life insurance, health insurance, retirement benefits, and finance
What is the Society of Actuaries (SOA)?
A theorem says that the sampling distribution of the mean will always be normally distributed, as long as the sample size is large enough
What is the Central Limit Theorem?
The preferred calculator for Exam FM
What is the BA-II Plus?
A written contract ratifying the legality of an insurance agreement
What is a policy?
The actuarial society that focuses on property and casualty insurance, such as auto, homeowners, and commercial liability insurance
What is the Casualty Actuarial Society (CAS)?
A statistical term that describes when the occurrence of one event does not affect the chances of the occurrence of the other event
What is independence?
The value of a current asset at a future date based on an assumed growth rate
What is future value?
The amount of money you pay before your insurance company starts paying for covered expenses
What is a deductible?
The two preliminary exams that count for both the SOA and the CAS exam tracks
What are Exam Probability (P) and Exam Financial Mathematics (FM)?
This is an expansion of Pr[A U B U C]
What is P[A] + P[B] + P[C] - P[AB] - P[AC] - P[BC] + P[ABC]?
a10]5% in words
What is a 10-year annuity immediate at 5% interest?
A formal request for reimbursement from an insurance company for a covered loss
What is a claim?
An actuary who has passed a set of initial professional exams and meets basic requirements to practice
What is an Associate Actuary?
What is Poisson distribution?
A contract providing income for a specified period of time, or duration of life for a person or persons
What is an annuity?
Money charged for the insurance coverage reflecting expectation of loss
What is a premium?
An actuary who has passed all of the professional exams and meets the higher level requirements to practice
What is a Fellow Actuary?
In a negative binomial distribution: Pr[N=k]
[(k+r-1) Choose k] times pr times (1-p)k
This is the P-Q formula for the present value of a varying annuity.
What is P*an]i + Q(an]i - nvn)/i
A business professional who analyzes probabilities of risk and risk management including calculation of premiums, dividends and other applicable insurance industry standards
What is an actuary?