C7 Pre-test...

[Not Mike]

I know, I know, it's about where to find the material not about understanding the material... and believe me, I could care less about someone's "U" statistic.... that being said, does anyone have the FAINTEST idea of what a Model Office is?? I mean, it's the 2nd time through these 9 pages, and I'm wondering if this guy is speaking in some UK dialect that I'm not familiar with.... and these figures with the arrows?? What the $%&* are they representing!

Anyone that's taken this before.... do they ever ask questions about the Illustrative examples or the "Discussions" or the "ha ha funny stories"??

[WWSituation]

I've been through this more times than I want to talk about. I still dont REALLY know what a model office is, but I don't think it is neccesary to know what it is.

My best inference is that it is an asset/liability model for an insurance company.

The point of that paper is that there is a heirarchy of disciplines in the area of modeling. In order to branch into a new field of modeling, it is not sufficient to just apply the tools we know to it, but we must take a more general step up the ladder.

Good luck Friday.

[Actuarybert]

A model office is basically just a representation of an insurance company and its products. For example, if you're trying to model a life insurance company, your model office would include model points for each of your major products (i.e. whole life, UL, term, annuities, etc). Within each product line, you might have several model points to represent various issue ages, sexes, etc. Model offices are used for cash flow testing and other financial projections.

Hope this helps. Good luck on the pre-test!

[Phil]

I think model office is even more than that. It simulates the way an entire company works, including what employees do during their lunch hours to the competence of telephone customer service personnel. Think of a model office as a "Sim City" or "Sim Workplace" kind of thing. You have millions of variables to play with, and the bottom line is to try to turn a profit....Oy Vey, I can't stand this new bulletin board format. Turn to the other thread to see my complaints... if I can find it.