C5 Life Help

[JayBee]

Can anyone recommend a Life text that does a better job explaining the life insurance pricing/tax/reserving concepts than the Life book used for Course 5? I've been exclusively in the health field and need another text to help explain these concepts so the C5 life material easier for me to understand/memorize. Thanks!

[JayBee]

Do any other non-life folks out there have suggestions on how to make these life concepts intuitive? Or is it just brute memorization? How did/do you do it?

[Han Solo]

The book that used to be on the syllabus pre-2000 was Life Insurance by Black and Skipper. I always thought that was a pretty understandable book. Your office or someone that sat for old courses 200 or 210 may even have a old copy laying around so you wouldn't have to purchase it.

[urysohn]

Uggh. I just peeked at the Course 5 syllabus from the last sitting. They actually took off the Black and Skipper text and replaced it with the Atkinson and Dallas text.

In my opinion, the Black and Skipper text was the best written, most useful textbook you used in the course of your fellowship studies. And, along with Bowers' Actuarial Math text, it is the most likely to be pulled out for reference once you're done.

The Atkinson text wasn't bad (not like Panjer's horrid Financial Economics book), but there is a tendancy to use little formulas in place of a nice, simple, plain-English explanation of what's happening. And it's really big, with an intimidating black binding. (hey, that first impression can really do you in). On the other hand, it uses easy-to-read large print.

In short, getting stuck with the Atkinson text isn't the worst thing that could happen. But I echo the sentiment that you should get your hands on the most recent edition of Black and Skipper's "Life Insurance" if you're looking for a second option.

[JayBee]

Thanks for the input, but I still need help. I happen to have access to the 1994 (12th) edition of the Black and Skipper book. It doesn't speak much to the tax issues that are confusing to me.

For instance, I could never understand from the Atkinson and Dallas text about the timing difference when you base taxable earnings on tax reserves instead of solvency reserves. That particular text assumes (I believe) a good prior knowledge of these concepts which I don't have. What also is a disadvantage about this book is there are no small numerical examples that are chapter specific.

Any other ideas on texts or place I could go or classes to take to learn these concepts?

Thanks again.

[yeppers-wsmn]

JayBee,

I didn't understand that stuff either until Carmody explained it to me at his seminar. Then it all came together.

You should go to his seminar if your company will pay for it. (No, I'm not Mike and he's not paying me, his seminar (along with hard work) is the only reason I got through C5 and C6.)

Good Luck.

ps- What does JayBee stand for?

[Transdermal Celebration]

I can't, but try working through the entire pricing example in excel. It's slow and painstaking, but by the end you'll have a pretty good grasp of the big picture if you do every step.

Good luck. This test was a monster, and very boring to study in a lot of parts especially if they don't apply to your field.