Errors/Typos in Course

[JasonScandopolous]

I just thought this would be useful for the CPCU and CAS if we could make a list of typos or errors that we notice in the online course. I've noticed two so far that were minor:

Chapter 1, "Other Premium Accounting Issues", Page 4: Need to move Large deductible credits onto the next line.

Chapter 1, "Fundamentals of Insurer Financial Statements", Page 11: "Underwriting Income" states that UW Income = "Premium revenue less claim adjustment expenses and underwriting expenses". Obviously, claims incurred was supposed to be in that statement as well.

[Vorian Atreides]

It might be helpful to also include what reference(s) you're presenting.

[JasonScandopolous]

It might be helpful to also include what reference(s) you're presenting.

? if you mean citations for what's wrong, I will do that in the future if needed, I dont think either of the above examples need it.

3: Chapter 4, "PAP Policy Sections", Page 8's "Take-Away": 6th item is an identical repeat of the 2nd item. 7th item is an identical repeat of the 3rd item. In general, the table isn't clear about who "driver" and "passengers" are, at times (in which car: yours or theirs?).

4: Chapter 4, "PAP Medical Payments Case", page 5: last paragraph contains the word "defi ned" instead of "defined".

5: Chapter 1, "Loss and Loss Adjustment Expense Accounting Quiz": One of the quiz questions spells "deferred" as "defered"

[Vorian Atreides]

There's the "end of module" notes for each learning objective section.

There's the text book that one can order and work from.

There also a course outline (study guide with additional questions for each module).

Being clear as to which reference can help guide others as to what degree they might need to pay attention to the errata.

[nonactuarialactuary]

The PAP Medical Payments case facts takeaway PDF incorrectly titles the case as "PAP Part A - Liability Coverage Case". This should say "PAP Part B - Medical Payments Coverage Case". This can be found in Chapter 4, educational objective 7, slide 4 in the online module.

[JasonScandopolous]

In the Quiz related to the "PIP UM & UIM Endorsements" sub-chapter, I got this question:

"Some states' underinsured motorists (UIM) coverage endorsements contain a 'limits trigger.' In states that apply the UIM damages trigger, UIM coverage applies when:

A: wrong
B: wrong
C: The negligent driver carries liability limits below the limits provided by the UIM coverage of the injured party.
D: The negligent driver carries liability insurance limits that are lower than the injured party's actual damages"

I guess there isn't technically an error, but I was thrown off by the fact that the question mentions the Limits Trigger for no apparent reason; it appears as if they just copied the text into the question, as that sentence appears there. They should have referred to the Damages trigger twice rather than putting in an irrelevant mention of the Limits trigger in the first sentence.

[Vorian Atreides]

In the Quiz related to the "PIP UM & UIM Endorsements" sub-chapter, I got this question:

"Some states' underinsured motorists (UIM) coverage endorsements contain a 'limits trigger.' In states that apply the UIM damages trigger, UIM coverage applies when:

A: wrong
B: wrong
C: The negligent driver carries liability limits below the limits provided by the UIM coverage of the injured party.
D: The negligent driver carries liability insurance limits that are lower than the injured party's actual damages"

I guess there isn't technically an error, but I was thrown off by the fact that the question mentions the Limits Trigger for no apparent reason; it appears as if they just copied the text into the question, as that sentence appears there. They should have referred to the Damages trigger twice rather than putting in an irrelevant mention of the Limits trigger in the first sentence.
They're checking to see if you're reading the entire problem carefully before answering.

A very useful skill in this profession if you do any interaction with individuals outside the actuarial department.

That is all.

[JasonScandopolous]

They're checking to see if you're reading the entire problem carefully before answering.

A very useful skill in this profession if you do any interaction with individuals outside the actuarial department.

That is all.

I think you give them too much credit; they haven't tried such shenanigans on other quiz questions from any other section. Maybe someone felt like being naughty randomly when writing this one... whatever, I agree it's not worth adding to this thread since it isn't a mistake (like I originally thought when I misread the question).

[Loner]

Being a veteran of a couple dozen of the exams from the Institutes:
If you are reading the material this closely, you are putting far too much effort into it.

I don't mean to be mocking here, I'm just saying one decent pass through is more than enough to pass the exam comfortably and you might want to prioritize your time differently especially if you are also preparing for one of the CAS exams. If your goal is something more, like you pride yourself on getting 100% on this sort of thing, then that's another story.

[JasonScandopolous]

Being a veteran of a couple dozen of the exams from the Institutes:
If you are reading the material this closely, you are putting far too much effort into it.

I don't mean to be mocking here, I'm just saying one decent pass through is more than enough to pass the exam comfortably and you might want to prioritize your time differently especially if you are also preparing for one of the CAS exams. If your goal is something more, like you pride yourself on getting 100% on this sort of thing, then that's another story.

I realized that reading the results thread, as well as the pass marks from the latest sitting. What I do realize that is those with a strong UW and legal background are far more useful in senior management positions at insurance companies... I'm learning for learning's sake, rather than jumping over the required hurdles.

As for why I'm listing errors here: a sense of duty, or "why not correct errors if I see 'em?". I am slightly regretting using my time on this, as selfishness increases as I get closer to July 15th (1st day I can take this thing).

Addition to errors: Chapter 7, HO-3 Section II Liab Coverages; first subchapter; slide 12, "off premises - condition". This lists two identical paragraphs without any sort of grammatical point or explanation being made, which I'm assuming was in the 2nd paragraph.


Another error: Chapter 8, Lines of Commercial Insurance, slide 7, Crime coverages Available to insure: first word is "Mmoney" instead of "money"; also, "Pproperty" instead of "property".

Another: Chapter 7, HO-3 Section II Liab Coverages, Exclusions, Slide 11: typo, says "buisness" instead of "business"

[JasonScandopolous]

Chapter 8, ISO sub-chapter, slide 5, "click here for an example of an insurance program". this gives you a window that states: "For example, an architect's office may have an insurance program that consists of three policies:





"

No policies are ever given.


Another: chapter 9, first sub-chapter, slide 5: "Can supplemental declarations be added?" references an Exhibit that does not exist.

[JasonScandopolous]

chapter 11, Overview of the CGL coverages, slide 12, definition of Insured Contract:

this refers to items 1-5 and item 6, yet, nothing is actually listed. They seem to have completely left out all of the information here.

Chapter 9, BPP Form Covered Property and Not Covered Property, slide 10: first sentence has typo; it says "... in the property not coverage section of the BPP..." instead of "property not covered".

Chapter 10, Causes of Loss Forms subchapter, slide 26 (knowledge check 3): after giving the correct answer, an extraneous "<" appears in front of "Correct." (i.e. "<Correct.").

Chapter 12, Claims Made CGL, slide 6. First paragraph, last sentence: "Claims first made within that five-year tail are covered, but only if both of these conditions are met: (no conditions are listed)"

Chapter 13, Need for separate professional & management liab, slide 9: "Accordingly, the ISO CLM requires a mandatory professional liability exclusion for several classifications that states: (nothing is stated)" [actually, the information is on the slide, but it is in the Exhibit. They should make some sort of reference to the exhibit instead of leaving you hangin' with a colon]

Chapter 15, Products Liability, slide 12, "Comparative Negligence vs. Assumption of Risk Defense"... first paragraph contains this sentence: "However, for other jurisdictions, , or assumption of risk, is a defense to a strict liability suit." There is nothing between the ", ,".

Chapter 15, Liability Concepts Affective Tort Claims, slide 5, "Uniform Contribution among Joint Tortfeasors Act", there is an open parenthesis that is never closed.

Chapter 16, The Structure of Insurance Regulation, slide 6, Exhibit "Risk-Based Capital": Tons of mashed up words....
1st paragraph: "isatechnique", "theminimum", "profile.The", "theinsurer's".
2nd paragraph: "capitalfor", "insurer,factorsare appliedtocertainassets", "theasset's", "factor.An", "maythen", "theminimum", "bytheformula".
3rd paragraph: "taken.Risk", "standardsare", "preventconservatorship"

Chapter 16, The Structure of Insurance Regulation quiz... one of the sample questions "Which one of the following is true about risk-based capital?" has bad grammar in one of the answers: "The insurer's asset size the primary determinant."

Chapter 16, Elements of Rate Regulations & Ratemaking, slide 5, #4; the heading of that box reads "Regulatory Scrutiny by Line of Insurance and Nature of" (the word Insureds should be there, but doesn't fit or isn't there at all).

Chapter 16, Effects of Rate Regulation on Insureres, slide 7, #4; the heading is "Determining an Adequate", which is missing the word "Profit".

[chopsuey]

you should wait a little longer - sometimes things take a minute to pop up

[chopsuey]

Also, I think there might be a typo in one of the knowledge checks:

Which one of the following are examples of trade libel?
Choose one answer.

A. False statements denying the plaintiff’s title to the property

B. False statements regarding the plaintiff’s advertising reputation

C. False statements concerning the product’s reputation

D. False statements concerning the quantity of the plaintiff’s packaging

I've got a description of trade libel to be "... intentionally false or misleading statements about a characteristic of the plaintiff's product..."

But correct answer is A. What am I missing? tks