Errors/Typos in Online Course

[JasonScandopolous]

I made a similar list for course #2 (http://www.actuarialoutpost.com/actuarial_discussion_forum/showthread.php?t=218156); this is just to keep a list of things to send to the CAS to fix for next time. I do this out of the goodness of my heart, or something like that.

Chapter 2, Risk Control Goals, slide 11: quiz answer #3 should say "consider", not "considers".

[CASualty]

Assignment 13 Review Notes:
13.14: "Cash Cover" should be "Clash Cover"
13.15: "Cash Cover" should be "Clash Cover"

Yes, they made the same mistake TWICE :P

[JasonScandopolous]

Quiz question for chapter 10, Importance of Accurate Premium Audits:

"Richley Insurance Company’s CEO Delmond has called his staff together concerning increasing premiums in several states. Which one of the following suggestions could Javiera, Richley’s premium audit manager offer as a solution?

Choose one answer. A. Premium audits could be discontinued.

B. Premiums developed by audit positively impact state premiums.

C. Deposit premium prevents collection problems.
D. Premium audits property classified are an efficient management of cash.
"

In "D.", property should be "properly". Also, the question asks for a solution, but never actually describes a problem (unless you're supposed to know why increasing premiums are a problem...).

[JasonScandopolous]

Chapter 12, Property Claim Handling. All of the quizzes are missing the "Knowledge Check #1/2/3/4" nomenclature that they usually have when there are multiple quizzes, and instead all of them simply say Knowledge Check.

[JasonScandopolous]

Chapter 12, Handling Specific Types of Property Claims Quiz. I got this question:

"Which one of the following statements is true?

Choose one answer. A. To be found liable for a tort, the wrongdoer must have behaved negligently.
B. Violations of certain laws, such as traffic laws, are deemed negligence per se.
C. A cause of action in negligence requires only that the tortfeasor’s actions in some way cause harm to another party.
D. Liability policies generally exclude coverage for assault, battery, false arrest, defamation, trespass and fraud.

ID: 5845264"

This has absolutely nothing to do with property claims as covered in this section.

[Scars]

I would strongly recommend you be careful about posting questions from the course. Copyrights and all that.

[JasonScandopolous]

I would strongly recommend you be careful about posting questions from the course. Copyrights and all that.

You think I'd get sued for violating a copyright when I'm proofreading their product for free?

Next free proofread:

Chapter 12, Handling specific types of liability claims, slide 24, #1 and #2: heading doesn't fit (e.g. #1 is missing "the product" at the end).

Chapter 12, Handling specific types of liability claims quiz: for question 5845708, answer choice B is not grammatically correct: "Defending products liability claims is similar for manufacturers than wholesalers and retailers."

C doesn't do too good of a job either: "Determining liability in products claims often involves redesigning the product after an accident often involving expert opinion." An accident involving expert opinion, or a product redesign involving expert opinion, or determining liability using expert opinion? Grammar does not properly indicate.


Chapter 14, Insurer's Global Expansion quiz: 5846310 has a typo: "...has the benefit or providing a low-risk approach..."; or should be "of". Also, this question is substantively identical to 5846309 and 5846151 and 5846310

Chapter 9, Strategic Managment Case Study: I believe that the title to this subchapter was placed here in error. This subchapter has nothing to do with strategic management, nor is there a case study. It entirely deals with Crime insurance.

Chapter 9, Strategic Managment Case Study, slide 3: "forcommercial insureds" should say "for commercial insureds". Same goes for "theproperty".

[Lucy]

Probably falls under "fair use" anyway. He's not even giving whole problems, just enough info to point out the typo.

[Scars]

Probably falls under "fair use" anyway. He's not even giving whole problems, just enough info to point out the typo.

He did right here:
Chapter 12, Handling Specific Types of Property Claims Quiz. I got this question:

"Which one of the following statements is true?

Choose one answer. A. To be found liable for a tort, the wrongdoer must have behaved negligently.
B. Violations of certain laws, such as traffic laws, are deemed negligence per se.
C. A cause of action in negligence requires only that the tortfeasor’s actions in some way cause harm to another party.
D. Liability policies generally exclude coverage for assault, battery, false arrest, defamation, trespass and fraud.

ID: 5845264"

This has absolutely nothing to do with property claims as covered in this section.

[SMMBB]

"Verses" versus "versus".

[JasonScandopolous]

"Verses" versus "versus".

where at?

EDIT: Chapter 16, Data Quality quiz, #5857701; answer choice D says "...data are appropriate fo rthe given situation under review." Typo @ "fo rthe".

Chapter 16, Principles of Data Quality; the "Knowledge Statement" quizzes at the end don't say "#1" and "#2" like they should.

[JasonScandopolous]

lol...

chapter 16, subchapter "Techniques & Apps to Improve Data Quality", slide 9 exhibit 2: the title says "International Error" instead of "Intentional Error".

slide 10, a random wildcard character appears in the middle of the word "introduction".

Chapter 14, reinsurance and its functions, knowledge checks are missing #1 and #2.

[JasonScandopolous]

Chapter 16, Auditing Data ... quiz

#5857753: apparently ASOP 23 is supposed to give guidance about the task of "Avoiding disclosures with regard to data quality" rather than "Reviewing data". LOL. I'm pretty sure that the standard does not give guidance about evading data quality disclosures, while simultaneously not telling actuaries about reviewing data.

[dukelampard]

chapter 5, page 4:

standard deviation (pool) = sqrt(n) * standard deviation (single member) not sqrt(n) * variance(single member)

[d123454321]

Chapter 15- Effects of Supply and Demand on the Underwriting Cycle Quiz:

ID: 5846487

Which one of the following statements about the supply and demand for insurance is true?
Choose one answer.

A. A change in the supply of insurance has an effect only in softening markets.
Incorrect

B. High profit expectations tend to increase the supply of insurance.
Incorrect

C. The demand for mandatory insurance is more elastic than for many other products.
Incorrect

D. Alternative methods of risk financing reduce the demand for insurance.
Correct

_________________________________
I chose B, the answer is D. Don't greater profit expectations INCREASE supply as it cause competitors to enter the market. I thought it was a wrong choice, and meant to say "losses" not "profits"


Incorrect. A change in the supply of insurance can have an effect in all phases of market cycles. High profit expectations are likely to decrease supply as insurer raise premiums. The demand for mandatory insurance tends to be more inelastic that many other types of products.

[JasonScandopolous]

E-mail these to the institutes... if you don't mind... I don't know if they fixed any of the items in the current course or not, but they won't see any suggestions here in any case.