Introductory Study
Models for Life Contingencies
SPRING 2014
Important Exam Information:
Exam Date and Time
A read-through time of 15 minutes will be given prior to the start of the exam. Exam Registration
Candidates may register online or with an application.
Introductory Study Note
The Introductory Study Note has a complete listing of all readings as well as errata and other very important information.
Past Exams
There are no past exams for the new version of this examination. Past exams from 2000-present for prior versions of the multiple choice component of the exam are available on the SOA website.
Updates
Candidates should be sure to check the Updates page on the exam home page periodically for additional corrections or …show more content…
Calculate and interpret standard probability functions including survival and mortality probabilities, force of mortality, and complete and curtate expectation of life.
b) For models dealing with multiple lives and/or multiple states, explain the random variables associated with the model; calculate and interpret marginal and conditional probabilities, and moments.
c)
Using the factors mentioned in learning objectives 1a and 1b, construct and interpret survival models for cohorts consisting of non-homogeneous populations, for example, smokers and non-smokers or ultimateand-select groups.
d) Describe the behavior of continuous-time and discrete-time Markov chain models, identify possible transitions between states, and calculate and interpret the probability of being in a particular state and transitioning between states.
e)
Apply to calculations involving these models appropriate approximation methods such as uniform distribution of deaths, constant force, Woolhouse, and Euler.
2. Topic: Present Value Random Variables (10-20%)
Learning Objectives
The Candidate will be able to perform calculations on the present value random variables associated with …show more content…
b) Identify and interpret the common states and decrements for pension plans, and the parametric and tabular models, including Markov chain models, associated with these decrements.
c)
Apply the models mentioned in learning objective 5b to the plans mentioned in learning objective 5a and calculate and interpret replacement ratios, benefits, and their expected values with adjustments such as the actuarial reduction factor.
d) Calculate and interpret the effect of changes in underlying assumptions such as mortality, other decrements and interest.
e)
Apply to calculations involving these plans and benefits appropriate approximation methods such as uniform distribution of deaths, constant force, Woolhouse and Euler.
Resources
•
nd
Actuarial Mathematics for Life Contingent Risks, 2 Edition, 2013, Dickson, D., Hardy, M., Waters, H.,
Cambridge University Press. Exercises are considered part of the required readings. o Chapters 1-9
o
Chapter 10 (Except Section 10.7)
o
Chapter 11 (Except Section 11.5)
o
Chapters 12-13
•
Notation and Terminology Note
•
Exam MLC
SPRING 2014
Important Exam Information:
Exam Date and Time
A read-through time of 15 minutes will be given prior to the start of the exam. Exam Registration
Candidates may register online or with an application.
Introductory Study Note
The Introductory Study Note has a complete listing of all readings as well as errata and other very important information.
Past Exams
There are no past exams for the new version of this examination. Past exams from 2000-present for prior versions of the multiple choice component of the exam are available on the SOA website.
Updates
Candidates should be sure to check the Updates page on the exam home page periodically for additional corrections or …show more content…
Calculate and interpret standard probability functions including survival and mortality probabilities, force of mortality, and complete and curtate expectation of life.
b) For models dealing with multiple lives and/or multiple states, explain the random variables associated with the model; calculate and interpret marginal and conditional probabilities, and moments.
c)
Using the factors mentioned in learning objectives 1a and 1b, construct and interpret survival models for cohorts consisting of non-homogeneous populations, for example, smokers and non-smokers or ultimateand-select groups.
d) Describe the behavior of continuous-time and discrete-time Markov chain models, identify possible transitions between states, and calculate and interpret the probability of being in a particular state and transitioning between states.
e)
Apply to calculations involving these models appropriate approximation methods such as uniform distribution of deaths, constant force, Woolhouse, and Euler.
2. Topic: Present Value Random Variables (10-20%)
Learning Objectives
The Candidate will be able to perform calculations on the present value random variables associated with …show more content…
b) Identify and interpret the common states and decrements for pension plans, and the parametric and tabular models, including Markov chain models, associated with these decrements.
c)
Apply the models mentioned in learning objective 5b to the plans mentioned in learning objective 5a and calculate and interpret replacement ratios, benefits, and their expected values with adjustments such as the actuarial reduction factor.
d) Calculate and interpret the effect of changes in underlying assumptions such as mortality, other decrements and interest.
e)
Apply to calculations involving these plans and benefits appropriate approximation methods such as uniform distribution of deaths, constant force, Woolhouse and Euler.
Resources
•
nd
Actuarial Mathematics for Life Contingent Risks, 2 Edition, 2013, Dickson, D., Hardy, M., Waters, H.,
Cambridge University Press. Exercises are considered part of the required readings. o Chapters 1-9
o
Chapter 10 (Except Section 10.7)
o
Chapter 11 (Except Section 11.5)
o
Chapters 12-13
•
Notation and Terminology Note
•
Exam MLC