1 − () A bit of an aside: I find Coaching Actuaries did a better job with IFM than STAM. (1)= (a+b)=[(1 a)(1 p0)], where p is the value for the corresponding member of the (a;b;0) class. SOA Exam P / CAS Exam 1 - Probability - with practice exam problems. Corrections … Please double check your email. min A Formula Sheet for Financial Economics William Benedict McCartney April 2012 Abstract This document is meant to be used solely as a formula sheet. Unformatted text preview: Exam STAM 6 = — Get Formula Sheet and Study Schedule. Welcome to ACTEX Learning and Mad River Books. e (0) = E[ Bin. • : original limit • : increased limit Deductibles, Ordinary deductible: 0, < ≠ = ( − )∑ = ® − , ≥ ≠] / ⇒ () = Moments / E[()] = * () ⋅ () d ./ Click here for the trial; The 2nd edition of the manual has over 1300 pages. ⋅6 0, Questions no longer relevant to the syllabus have been deleted. 1 Mixtures and Splices Bernoulli Shortcut , • = h §s. << 0, ⋅ ⋅6 Varyız # of observations < + 2˛H ÛH Covy˜, ı z Standard Ultimate Life Table: Basic Functions and Single Net Premiums at i = 0.05 2 x x x x x x x xx x x x:10 :10 :20 :20 5 10 20 x l q a A A a A a A E E E x While you’re going through your study materials for the first time, what you SHOULD do is create your own formula sheet for Exam P or make sure you print off the one provided with your study guide (Coaching Actuaries, ACTEX, ASM all have one for sure.. TIA probably does too). Reasons: •••Doctrine of contributory negligence Doctrine of contributory negligence Doctrine of contributory negligence •••Fellow-servant doctrine Fellow-servant doctrine Fellow-servant doctrine •••Assumption-of-risk doctrine Assumption-of-risk doctrine Assumption-of-risk doctrine Workers can expect: Workers can expect: Workers can expect: •••Medical care benefits Medical care benefits Medical care benefits •••Disability income benefits Disability income benefits Disability income benefits •••Death benefits Death benefits Death benefits •••Rehabilitation services and benefits Rehabilitation services and benefits Rehabilitation services and benefits Fire Fire Fire Standard fire policy (SFP) covers direct Standard fire policy (SFP) covers direct Standard fire policy (SFP) covers direct loss from fire and lightning, and at least loss from fire and lightning, and at least loss from fire and lightning, and at least one of the following: one of the following: one of the following: •••Personal coverage Personal coverage Personal coverage •••Commercial coverage Commercial coverage Commercial coverage •••Increased covered perils Increased covered perils Increased covered perils •••Increased covered loss Increased covered loss Increased covered loss Liability Liability Liability Low frequency, high severity claims with Low frequency, high severity claims with Low frequency, high severity claims with potentially high litigation costs potentially high litigation costs potentially high litigation costs •••Claims-made basis: losses covered only Claims-made basis: losses covered only Claims-made basis: losses covered only if reported during policy period; insurer if reported during policy period; insurer if reported during policy period; insurer may offer tail coverage may offer tail coverage may offer tail coverage •••Occurrence: losses covered even if Occurrence: losses covered even if Occurrence: losses covered even if reported after policy period reported after policy period reported after policy period Major Medical Major Medical Major Medical Provider networks Provider networks Provider networks ••Build own: common for carriers with Build own: common for carriers with Build own: common for carriers with geographically concentrated insureds geographically concentrated insureds geographically concentrated insureds •••Contract with networks for hire: Contract with networks for hire: Contract with networks for hire: common for carriers with geographically common for carriers with geographically common for carriers with geographically diverse insureds diverse insureds diverse insureds Main types of health insurance plans: Main types of health insurance plans: Main types of health insurance plans: •••Health Maintenance Organization (HMO) Health Maintenance Organization (HMO) Health Maintenance Organization (HMO) •••Preferred Provider Organization (PPO) Preferred Provider Organization (PPO) Preferred Provider Organization (PPO) Insurance benefit calculations Insurance benefit calculations Insurance benefit calculations •••Provider Provider Provider •••Out-of-pocket limits Out-of-pocket limits Out-of-pocket limits discounts discounts discounts •••Maximum limits Maximum limits Maximum limits •••Deductibles Deductibles •••Internal limits Deductibles Internal limits Internal limits •••Coinsurance Coinsurance •••Copays Coinsurance Copays Copays Related products Related products Related products •••Comprehensive major medical: covers Comprehensive major medical: covers Comprehensive major medical: covers small frequent and large infrequent small frequent and large infrequent small frequent and large infrequent costs; small deductibles costs; small deductibles costs; small deductibles •••Catastrophic major medical: covers Catastrophic major medical: covers Catastrophic major medical: covers expenses higher than regular major expenses higher than regular major expenses higher than regular major medical expenses; very high deductibles medical expenses; very high deductibles medical expenses; very high deductibles •••Short-term medical: single limited term; Short-term medical: single limited term; Short-term medical: single limited term; simpler underwriting; lower insurer cost simpler underwriting; lower insurer cost simpler underwriting; lower insurer cost •••High risk pool plan: insures people with High risk pool plan: insures people with High risk pool plan: insures people with no insurance due to no insurance due to no insurance due to pre-existing condition pre-existing condition pre-existing condition •••Consumer directed plan: high-deductible Consumer directed plan: high-deductible Consumer directed plan: high-deductible plan + personal spending account plan + personal spending account plan + personal spending account oooHSA can only be opened with a HDHP HSA can only be opened with a HDHP HSA can only be opened with a HDHP oooTax-free contributions, earnings, and Tax-free contributions, earnings, and Tax-free contributions, earnings, and withdrawals (for medical purposes) withdrawals (for medical purposes) withdrawals (for medical purposes) Affordable Care Act (ACA) Affordable Care Act (ACA) Affordable Care Act (ACA) •••Individual mandate Individual mandate Individual mandate (must have insurance) (must have insurance) (must have insurance) •••Partially subsidized insurance Partially subsidized insurance Partially subsidized insurance •••Plans must cover 10 EHBs Plans must cover 10 EHBs Plans must cover 10 EHBs •••No cost sharing for preventive services No cost sharing for preventive services No cost sh...View What are the benefits of Adapt? (ii) Claim sizes have a Pareto distribution with parameters θ=0.5 and α=6. We wanted to share a Christmas present with you: free formula sheets for Exam P and Exam FM. 6 where • : actual # of exposures • ′: actual # of claims Bayesian Credibility Model Distribution Distribution of model conditioned on a parameter Model density function: ( ∣ ) Prior Distribution Initial distribution of the parameter Prior density function: () Posterior Distribution Revised distribution of the parameter Posterior density function: ( ∣ data) ( data ∣ ) ⋅ () ( ∣ data) = / The test wasn't computationally difficult. + (ÛH )N Varyız Confidence Interval & yız ı ± (J∑Ñ)/N %Var Graphical Analyses () Plot Graph the difference between empirical CDF and fitted CDF Kolmogorov-Smirnov Test Properties • Individual data only • Continuous fit only • Lower critical value for censored data • If parameters are estimated, critical value should be adjusted • Lower critical value if sample size is large • No discretion • Uniform weight on all parts of distribution ∗ Peak: §s • = h §s • − §s • Valley: §s. The syllabus for Exam STAM provides an introduction to modeling and covers important actuarial methods that are useful in modeling. áàJ Limited Fluctuation Credibility Full Credibility # of exposures needed for full credibility, 5 : Full credibility of aggregate claims: (J∑Ñ)⁄N N §ı − • Zero-one loss 1 for ı ≠ 0 for ı = Absolute loss Posterior Estimation, > >, • § Posterior mean /ı − / Posterior median Posterior mode Bühlmann Credibility Expected Hypothetical Mean (EHM): = EyE[ ∣ ]z Expected Process Variance (EPV): = EyVar[ ∣ ]z Variance of Hypothetical Mean (VHM): = VaryE[ ∣ ]z Bühlmann : = Bühlmann Credibility Factor: = Bühlmann Credibility Premium: 8 = ̅ + (1 − ) = + (̅ − ) Note: and ̅ have the same . It is free for all Adapt, eCourse and eManual users. Fewer positive raw moments ⟹ heavier tail 2. Please enable it to continue. A study schedule will be dynamically generated for you. Each section includes end-of-lesson exercises, many of which are original. Where can I learn more about the Actuarial Science industry? GOAL is an e-learning test prep tool for students to practice skills learned in class or from independent study. hô = , for = 1, 2, ⋯ 1 − B h It seems you need to skip time-consuming questions (e.g., empirical Bayes, Buhlmann, MLE without a shortcut) and come back to them. Write down a formula expressing the amount value after tdays. The short answer is that we don’t know yet, but if the exam is postponed to October, we will automatically extend everyone’s subscription. Binomial , , ′ , , Negative Binomial/Exponential Compound Models ∼ Neg. ı April 2018 update: Question 303 has been deleted. The rst factorial moment is . Normal/Normal • Model: ( ∣ ) ∼ Normal (, ) • Prior: ∼ Normal (, ) Posterior ( ∣ data ) ∼ Normal (∗ , ∗ ) ∗ 3 Hypothesis Tests: Chi-Square Goodness-of-Fit Chi-Square Goodness-of-Fit Test G N §s − s • Skewness = ` ; Kurtosis = c Moment and Probability Generating Functions e () = E[ ge ] (h) ∑AáàJ ∑sàJ PARAMETRIC MODELS OF PARAMETRIC MODELS Maximum Likelihood Estimators Steps to Calculating MLE Ú Accumulated interest from prior periods is not used in calculations for the following periods. They cover each formula used in that section giving details about the formulas and defining the variables. ¯ = Zero-Truncated Distribution: • Match E[ ô ] to ̅ Zero-Modified Distribution: • Match Bö to the proportion of zero observations • Match E[ ö ] to ̅ Uniform Distribution on (0, ): • ı = max(J , N , … , h ) Gh¸ • Method 2: Observe the slope of h ‹ 1 + › ∼ Exponential ([1 + ]) Compound Poisson Models A collective risk model where the frequency follows a Poisson distribution. E[ = E[( − )∑ ] = E[] − E[ ∧ ] E[( ≠ )G ] = Ey( − )G∑ z / = * ( − )G () d ∏ H () = () ÚÛ −− −− +−−+= =(30 5 )30 (45 5 )45 (10 75)75 8550 1125 0θ θθ θ for a solution of. �+'�������?����z}���a�dy��>�����������ӳӛ���B�@_��,�n��������v�?�����KTڬ�.��/NNΗ/_�x��[_�*\P�_n/׷��//�����˓����������.o~[?Y������'��P''����{. EXAM STAM SAMPLE QUESTIONS . Exam LTAM You have what it takes to pass updated 06/04/20 SURVIVAL A bit of an aside: I find Coaching Actuaries did a better job with IFM than STAM. In addition to these exercises, there are twelve practice exams, all having 35 multiple-choice questions all with complete solutions. Free Coaching Actuaries P Formula Sheet - Actuarial Outpost. You can access one section of our Learn product for P, FM, IFM, LTAM, STAM, SRM, and MAS-I. EXAM STAM SHORT-TERM ACTUARIAL MATHEMATICS . Despite the last bullet, Coaching Actuaries is still probably the best way to prepare. Interest Interest Discount Simple Compound Simple Compound a(t) Period when greater Interest Formulas o Force of Interest o The Method of Equated Time The Rule of 72 The time it takes an investment of 1 to double is given by Date Conventions Recall knuckle memory device. An email will be sent with an account activation link. acca exam entry date for june 2020 april comes like an idiot babbling and strewing flowers. Using the May SOA exams to make a guess, Prometric, the company that administers … Continue reading COVID-19 April 2020 Update. If you do not have a CA subscription but would like to purchase a formula sheet, you can find them here: http://www.coachingactuaries.com/Store/ProductDetail.aspx…. (1)= =ln(1 + ). All Rights Reserved. How do I customize an Adapt exam? Test statistic: = 1 s Gamma (, ) Posterior ( ∣ data ) ∼ Inv. Interest Interest Discount Simple Compound Simple Compound a(t) Period when greater Interest Formulas o Force of Interest o The Method of Equated Time The Rule of 72 Estimate EHM as: ̂ = A ∑áàJ á Empirical Bayes Semi-Parametric Methods To estimate ˜: Model Poisson − ̅á • ( − 1) ∑AáàJ(̅ á − ̅ )N ˜ We wanted to share a Christmas present with you: free formula sheets for Exam P and Exam FM. You can find it under the "My Library" section once you are logged in. You are given: (i) The number of claims has a Poisson distribution. () = ln () 4. e∣stetG () = , Pr( < < ) where < < () = Pr( > ) = * () d - () = Pr( ≤ ) = * () d ./ ◊ • Full credibility of claim frequency: set eN = 0 • Full credibility of claim severity: ◊N 6 = 5 ⋅ ◊ ⟺ 5 = ◊ Partial Credibility Credibility premium: 8 = ̅ + (1 − ) = + (̅ − ) where • : manual premium • : credibility factor/credibility ′ I barely used the things I struggled to memorize. Mix in a lot of the SOA-provided material as the test gets closer. 1 − B (, , 0) Class Property h e () parameter) of the model Predictive density function: ( ∣ data) Predictive Mean = Bayesian Premium Loss Function # of claims needed for full credibility, 6 : Full credibility of aggregate claims: (J∑Ñ)⁄N N ◊N Please note that free trials for Adapt cannot be granted for an exam that has a … Multiplying through by θ3 and dividing by 2 reduces the equation to. "Old" Formula Sheet for Exam MLC; Web Resources for Actuarial Exam MLC at U of Windsor; Exam MLC Discussion Forum at Actuarial Outpost; Exam C (Construction and Evaluation of Actuarial Models) The new MSU Actuarial Online Exam C; Information about Exam C at the Society of Actuaries; Video resources for Course C at the UW CAE Learning Project website; M.B. 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