Hows everyone doing on Part 6?

[aniasat]

I am finally attempting to shake some of my inertia from taking the Spring 04 exam and have slowly started studying Part 6. Am I the only one at this level of evolution here 8-)

I am planning to start with reserving, followed by reinsurance and finally accounting. Is this the broad approach people are taking?

Cheers
Anita

[VernSchil]

I am finally attempting to shake some of my inertia from taking the Spring 04 exam and have slowly started studying Part 6. Am I the only one at this level of evolution here 8-)

I am planning to start with reserving, followed by reinsurance and finally accounting. Is this the broad approach people are taking?

Cheers
Anita

Accounting sucks. I'm trying to go through the readings now and can't get more than a few paragraphs before lying down to take a nap. I had hoped I'd never have to see FAS, GAAP, or NAIC again in my life.

[Colymbosathon ecplecticos]

Don't get discouraged. Think about who writes the rules for the different accounting systems and what their objectives are.

GAAP: designed for investors, rules made by the SEC (essentially). Goal: produce financial statements that reflect market values for an on-going concern.

Example: DAC assets are given positive value bacuse they represent prior period expenses that will be recovered in a future period by an on-going concern.

SAP: designed by regulators. Goal: value the firm so that a regulator liquidating an insolvent company will have enopugh money.

Example: DAC assets valued at zero. Why? At auction on the courthouse steps DAC assets tend to sell for 0. Furnishings don't tend to get much either. Computers are an exception, but it behoves the regulator to have efficient insurers, so they made this exception to encourage automation.

Most all of the differences between the various systems can be worked out by remembering who designed them and what their motives were.

[gambate]

It is very supportive of you Colymbosathon ecplecticos. Personally, I am kind of depressed getting through all these materials. Felt better that there is someone out there that can help should there be any question.

[Avi]

I refuse to answer the question on the grounds that it will infuriate me with myself.

:wall:

[GefilteFish144]

Accounting sucks. I'm trying to go through the readings now and can't get more than a few paragraphs before lying down to take a nap. I had hoped I'd never have to see FAS, GAAP, or NAIC again in my life.

Don't worry -- it just gets worse with Exam 7. Accounting will start to make sense after a few passes, and certainly if you are taking a seminar they usually do a good job making sense out of the readings.

I found that when studying for 6 it's best to spread out the topics, i.e., reserving readings every few days, then stick in a reinsurance or accounting reading. That way you don't get the excrutiatingly dull accounting readings all at once, and it's easier to retain the stuff you learn from each of the subjects. It's amazing how quickly one can forget a particular subject even if they go a month without reading anything about it.

[Examinator]

I've begun slowly and not so steadily. I'm starting off with the reserving readings and have been doing fairly well with the computational sample problems. This is my first upper exam and my biggest obstacle to this point is all of the blasted reading.

[asilem]

Ditto. I'm having a hard time staying motivated when I know I'm only so far through the whole list. Plus, I'm already behind! :o

[frummie]

I started off a couple of months ago with the new readings and have pretty slow since. I'm trying to get back on the beam this week. (I've been saying that for the last three weeks).

[GefilteFish144]

Better get your studying done now, cuz you never know what the Angels will be doing in September/October. (As a Yankee fan, I'm very happy that I have just one more fall exam left.)