Any unspecific thoughts on 8I? or specific tomorrow [Archive]

getoffmynz

11-01-2002, 08:08 AM

Thought that one of the toughest parts about the exam was that there were too many questions and not enough time. I felt like I couldn't even exhale. The math questions were tough, I just tried to fudge my way through by showing I knew the formulas and concepts. I am hoping I did enough to pass, because this was sheer hell. My hand is still aching. :viola:

To add insult to injury, the easiest question (for those who just passed course 6, anyway) was the last question. I barely had time to get a decent, albeit cryptic, answer in. If I had time, that would have been a definite 8 points.

How does this exam rank vs. the ones in 2000 and 2001? I think it was the hardest one so far, maybe not by much though. Too long and too involved. My brain hurts. I think I'm dain bramaged!

Abducens

11-01-2002, 09:12 AM

The amount of math was a little surprising. I like how they hit the reserve progress stuff - probably the only crap I didn't memorize... out of Appendix F of one of the study notes.

Weird: No ASOP questions.

The last question being easiest shouldn't have thrown you given the readthrough time. In fact, having gone through a sitting with readthrough time now, I am very much in favor of continuing this practice.

Also remember on math questions if you show all your work your chances of getting partial credit are decent.

GadgetGeek

11-01-2002, 10:38 AM

What do you mean no ASOP question? Data Quality on the one where you were given the model and asked how do you validate.

What got me was the last question...How many bonds. Would have been helpful to know what the par was on the bonds given. I assume an answer of 1 bond if the face was the right amount would be the wrong answer.

But for the next 10 weeks, IT DOESN'T MATTER. Ahhhhhhh.

A Student

11-01-2002, 11:22 AM

I agree with the afternoon being harder. I figured at lunch break that the afternoon would have a lot more Marketing questions, but it still didn't help in the afternoon. It seemed like the morning questions were much more straightforward, but during the afternoon I was guessing as to what "list" was needed.

2 months and 10 days...

Transdermal Celebration

11-01-2002, 12:00 PM

Part that threw me the most:

Afternoon, big question, par UL product, and they asked for the FAS treatment of it... I was stumped. Should it have been treated like a FAS 97 UL product or a FAS 120 par product? Or a blend of both? Also, didn't they ask something weird about producing an income statement according to some "Blank" board's rules or something? No clue, no clue on that one. But I got the easy 8 pointer, and my numbers in the morning for the UL product you had to verify the progress from BOY to EOY matched up, and I wrote something for every question, so I think I have a 50-50 chance. My head still is hurting literally from yesterday, though...

Abducens

11-01-2002, 12:05 PM

>>What do you mean no ASOP question? Data Quality on the one where you were given the model and asked how do you validate.

I could see using that there. I think the main list was from liability model validation in A&D, but you could use ASOP 23, the auditing study note ...

Transdermal Celebration

11-01-2002, 12:08 PM

Another quick question:

In Chicago exam site, there were only four people sitting for 8I... what's up with that? Why are way fewer people taking 8I? Seemed like a lot of people were taking 8G... is it because 8I had lowest pass rate last year out of all the 8 exams?

Abducens

11-01-2002, 12:09 PM

>>Afternoon, big question, par UL product, and they asked for the FAS treatment of it... I was stumped. Should it have been treated like a FAS 97 UL product or a FAS 120 par product? Or a blend of both?

Well, blend of both isn't possible, I'm pretty sure. It's either 97UL or 120. I said 120 -if- the policy represents ownership/right to capital and divs vary by experience. Also, The actual FAS 97 (yes I am turning into Phil) says 97UL = charges to policyholders are not fixed. Here I think they were.

GadgetGeek

11-01-2002, 12:49 PM

I'll agree that the Par UL question was a nightmare. Partially because I figured they asked enough financial statement type questions in the AM so I focused on everything but that at lunch.

Also, I was kind of surprised to see Australian questions 2 or 3 times in the morning (the questions have all kind of blended together at this point).

Unrelated: Can you imagine being the grader for one of the last questions? I know that my hands were tired enough that my penmanship suffered greatly by the end.

A Student

11-01-2002, 01:11 PM

Out of curiousity I looked Par UL up in "US Gaap for Life Insurers", and in the Scope/applicability section of sfas120 (ch 5) they explicitly say that 120 is for Mutual companies (a stock co par policy would be under fas60 apparently - UNLESS the dividends are determined by the contribution principle in which case they are "permitted" to use 120), and that if a contract has an account value than it is a UL -f97 policy. This has to be way beyond the scope of the exam!

nbd

11-01-2002, 01:14 PM

removed

Datatarium

11-01-2002, 01:22 PM

Well guys, my index finger is still numb from the exam, I dunno if the feelings will ever come back! What's worst is I don't feel like I could pass even with all that writing. What was the formula for the avg decrement "Blank" question that they were referring to? I only know 2 formulas for interest sensitive products and both of them are talking about Investment progression. I thought the question was defective and that they were looking for formula 2 but it was for annuities. Anyway, I wrote down all the formulas and moved on. I messed up on the ROE pretty badly and even wrote the wrong formula for ATStockearn. I wrote down that GAAP income = Stat icome + increase in DAC. I did write that down in my notes somewhere and was the first thing that popped into my head. Also the 17 mark question in the morning was pretty bad. I didn't even attempt to calculate any of the reconciling and the Mos stuff. I said something general about it and moved on. Also I messed up the break even problem with the direct marketing Vs agency and there isn't alot of part marks to be give for it since it's a logical kind of question instead of forumla based. One more thing, was the last question on the morning with the experience return was suppose to be a gimme kind of question? After written all this, I REALLY think I will fail! The non math stuff went ok though. Someone say something comforting please!

Abducens

11-01-2002, 01:22 PM

>>Out of curiousity I looked Par UL up in "US Gaap for Life Insurers", and in the Scope/applicability section of sfas120 (ch 5) they explicitly say that 120 is for Mutual companies (a stock co par policy would be under fas60 apparently - UNLESS the dividends are determined by the contribution principle in which case they are "permitted" to use 120), and that if a contract has an account value than it is a UL -f97 policy. This has to be way beyond the scope of the exam!

FAS 97 Paragraph 12(b) does say a par contract is a UL if it does have an AV, but also only if charges/credits are not fixed/guaranteed. I agree that this is way beyond scope. If they want to ask a question like that they should put the actual FAS's on the syllabus instead of this crappy IBS note. I guess that would be like bowing down to the accountants though.

Datatarium

11-01-2002, 01:30 PM

How does this exam rank vs. the ones in 2000 and 2001? I think it was the hardest one so far, maybe not by much though. Too long and too involved. My brain hurts. I think I'm dain bramaged!

It was definitely the most unexpected, I was only expecting 10% math question and half of it would be the value base earn stuff and there were more like 35% math and less then 5% was the valuae based!

:swear:

Abducens

11-01-2002, 01:31 PM

Everyone I have spoken to has been frustrated with the amount of calculations on the thing, so it's probably a wash amongst borderline folks. Only those who are going to get an 8+ grade probably did all the calcs really well.

Datatarium

11-01-2002, 01:48 PM

I don't remeber all the details of the Par UL question. So what's the right answer, SFAS 120 or SFAS 97? I put 120.

GadgetGeek

11-01-2002, 02:52 PM

re: Par UL FAS - I put that it was either one or the other and then listed out the components that were necessary for either and am hoping that the grader is just looking for keywords.

Datatarium

11-01-2002, 02:55 PM

re: Par UL FAS - I put that it was either one or the other and then listed out the components that were necessary for either and am hoping that the grader is just looking for keywords.

Good move

Double High C

11-01-2002, 03:02 PM

Datatarium

11-01-2002, 03:07 PM

does anybody remember the point totals of each of the questions?

(the afternoon in particular - especially the first few questions - is what I do not seem to remember; I cant get all the PM questions to add to 60)

thanks

Well the 1st question was 4 points
2nd was 17 pts
The Value base was 5 points
Q9 (yourlife.com)was like 5 or 6 points
Q10 or 11 the one that wanted to blend mort experience was like 6 points
the par ul was 7 points
and last question was 8

that' all I remember

Abducens

11-01-2002, 03:17 PM

The 3 relating to Mercury buying Saturn totaled 19.

Par UL was in fact 14 points I think - parts equalling 1, 3, 3, and then 7 which was on calc'ing DAC, generating statements ...

Anonymous

11-01-2002, 03:21 PM

I don't really make any attempt to retain any of this info when I leave the room, but I know there was not a 17-pointer ... there was a 12- and 13-pointer in the morning, and a 14-pointer in the afternoon which was parts a)-e) at something like 1,3,1,7,2

Beyond that, I remember nothing.

Abducens

11-01-2002, 03:22 PM

1 point on PD Challenges
3 on ideal div formula objectives (I memorized that list a mere hour before the exam :D )
3 basically on whether S should do the product, stuff to consider, etc. etc. make up BS.

Edit: It was Saturn, not Mercury - Saturn wanted to challenge M's WL product with the Par UL.....

Datatarium

11-01-2002, 03:23 PM

The 3 relating to Mercury buying Saturn totaled 19.

Par UL was in fact 14 points I think - parts equalling 1, 3, 3, and then 7 which was on calc'ing DAC, generating statements ...

So the 19 points included the 5 or 6 for experience blending right? What was the other 13 or 14 point about?

getoffmynz

11-01-2002, 03:26 PM

the canadia asset liability method was 3

Abducens

11-01-2002, 03:26 PM

>>So the 19 points included the 5 or 6 for experience blending right? What was the other 13 or 14 point about?

Considerations for M distributing divs to stockholders v. par policyholders
Field management comparisons - basically all of #10 I think
Other stuff I can't quickly recall.

Datatarium

11-01-2002, 03:29 PM

Dame it! I didn't put 10 desired feature of dividend. I rambled on some of the PAR dividend stuff (eg week's axiom) and sources of earnings.

getoffmynz

11-01-2002, 03:30 PM

did anyone wonder why the heck that non-trad distribution question was so long? I mean, were you really supposed to DESCRIBE all of them? I put the 8, plus Bancassurance. Geesh. What was that worth 1 point?

Double High C

11-01-2002, 03:31 PM

what about that question with ... market risk, expense risk ... ? (#12, I think)

I have a feel for what I wrote but on thinking about it am not sure that I even remember what they were asking for.

My take on all this so far ...

Exam was pretty fair and questions were reasonably well-written; decent questions - except for the last 2 on reins in the AM - especially the 7 pernter on Income based accounting for it.

My recollection so far:

AM:
1. 4 pts - income annuities
2. 12 - embedded value vs. Purchase price
3. 6? - a bad product (was it a deferred annuity?)
4. 14 - UL: IBS; US GAAP / US Stat / MoS
5. 7 - costs of agency vs direct marketing
6. 5 - Value Based (did they ask for EV or for VB earnings?)
7. 7 - reinsurance reserves / income based accounting
8. 5 - YRT reinsurance / experience refund

PM
9. 5? yourlife.com
10. 8? pts? brokerage vs. agency
11. 6? Merging experience
12. 8? - Market Risk ; expense risk; ... ; deferred annuity?
13. 12? Par UL
14. 6? - Kotler pricing / solve for difference in B/E sales
15. 4? 5? - (Survivorship whole life product)
16. 3 - CALM
17. 8 - Modified Duration / exact matching

Abducens

11-01-2002, 03:31 PM

Don't worry, you'll get some credit for that. I'm sure you're not the only one who went that way. If I had time I would have added that.

Datatarium

11-01-2002, 03:45 PM

AM:
1. 4 pts - income annuities
2. 12 - embedded value vs. Purchase price

Can someone break down number 2 a bit further I can't remember the whole thing

3. 6? - a bad product (was it a deferred annuity?)
4. 14 - UL: IBS; US GAAP / US Stat / MoS

Also elaborate on #3 and #4 as well please

Double High C

11-01-2002, 03:57 PM

#2:
- they asked which hurdle rate should be used to determine the value of the business
- concerns / checking "due diligence" model
- is the purchase price worth it?

#: 4
- reconcile
- source of earnings
- solve for tabular cost
- r-ratio
- MoS earnings

Abducens

11-01-2002, 04:19 PM

One of those had a DCAT part to it too ...

Double High C

11-01-2002, 04:25 PM

Abducens

11-01-2002, 04:28 PM

It was related to how an acquisition would affect the DCAT, so must be #2.

Datatarium

11-01-2002, 04:32 PM

I remember DCAT, but I don't remember where.

Was it the "bad product"?

I remember that there was a possibility of having higher nyew sales than expected, and possible constraints on company's capital, I think, and the need to alter the base scenarios, ...

(I don't remember what I put down on ripple effects.)

I'm not following b/c I don't really remember that question but did remember the ripple effects and stuff. Hack I don't even remember reading through all the questions properly and whether I signed the envelope. You think peep can past with a 55% on the exam? 65% I'm sure you can pass but...

Abducens

11-01-2002, 04:42 PM

Actually, I think the exam was easy. You'll probably need 75%.

just kidding ... :lol: no idea.

Transdermal Celebration

11-01-2002, 05:12 PM

Datatarium

11-01-2002, 05:28 PM

For the DCAT,
I thought they asked for what changes would need to be made to a DCAT report. Was it something else? I thought I remember going through and talking about exec summary, intro, capital adequacy, ... appendix. Am I hallucinating, or remembering a question I did in my studying for the exam?

I think it was something like any considerations so you could have talked about that a little, I might have mentioned it too but I could be making this up, can't remember for sure. It was like a long and involved nightmare for me.

:oops:

Datatarium

11-01-2002, 05:39 PM

Another thing is that I spilled my guts out about the exam earlier on and no one really seemed to be complaining or screwed up as badly as I did. Is it really true, am I the only one out there?

There's no emoticon for what I'm feeling.

:viola:

Transdermal Celebration

11-01-2002, 06:06 PM

Great simpsons referense, Data-rarium.
I feel i couldn't have been more prepared, because i couldn't have prepared adequately for all of those questions if i'd studied 1000 hours instead of roughly 450 or so. In the end, i give myself a 50-50 chance.

GadgetGeek

11-04-2002, 11:13 AM

I know of several problems I screwed up on. I'm doing a lot of hoping for partial credit. I could have know the material better, but was surprised to see some questions (or parts of questions) that I could not recall even seeing material on before (such as experience refund reinsurance...does anyone even write that anymore?).

Abducens

11-04-2002, 11:51 AM

I am right there with you on that. No idea. It was probably one paragraph in the Product Trends, Canada section. My attitude on the calc stuff is that only people who are getting the 8s, 9s, and 10s did all that stuff to perfection.

Transdermal Celebration

11-04-2002, 02:05 PM

i hope you are right, b/c then i've got an 8.9. or 10! Seriously, I think I got all 8 points on the last afternoon question, something like $74,000 or $75,000 of the 2 year bond needed to be bought... can anybody confirm that? Also, I got the UL question on the 12 pointer in the AM to balance perfectly from BOY to EOY... the equation to do this goes something like:

AV(EOY) = AV(BOY) + IntCred + Prem + Bonus - ExpCharge - COICharge - GrossPW

Where I messed up on some of the problems is I am not sure I got all of the lists correct, may have matched up wrong list with questions b/c of time constraints, etc, and like an idiot i forgot to amortize the acquisition costs on the value based earnings question.

Datatarium

11-05-2002, 02:55 PM

Wooww don't scare me barryfoote, there is no DAC to amortize in Value Base Earning. The only time that VBE recognize acquisition is at the NB level when PV of profits in excess of hurdle rate is "cashed in " at time 0 unless solvency uses CRVM then then your net reserve will push back some of that acq cost implicitly. For the most part, acquisition cost will affect the size of the profit/loss at time 0 depending on the relationship with the ROI. This is done by recognizing PV profits (available profits which is distributable earnings if there is no tax) at hurdle rate. But they actually want the end of year results so need to accumulate that number by 1+hurdle rate. So it's a good thing that you didn't explicitly recognize the acq cost and deferred it.

Another thing is that this post already got over 1200 hits and it's just the same guys talking. Please, I encourage all of you to give some feedback on how the exam went. Speculation is fun. :P Need bigger sample.

Double High C

11-05-2002, 05:52 PM

I am not sure if I remember the entire question correctly, but if they want EV one year after issue, then you can not just multiply BOY EV by (1+hurdle rate), unless there are no CFs released between issue and the valuation date (one year later).

For EV one year later, you should just discount all free CFs (or stat profits, which are equal to free CFs in the case of the given example) after time 1 at the hurdle rate.

Otherwise, you are correct in that you never (explicitly) amortize any acquisition costs in VB accounting, nor in PPM, nor in any gross premium valuation.

Datatarium

11-05-2002, 06:58 PM

Really?!

I thought 1 was for the PV of profits at hurdle rate at issue. And the other hurdle rate * PV profits at issue is b/c the experience didn't deviate from expected.

Double High C

11-05-2002, 07:07 PM

Really?!

I thought 1 was for the PV of profits at hurdle rate at issue. And the other hurdle rate * PV profits at issue is b/c the experience didn't deviate from expected.

If you are talking about value based earnings (or perhaps Economic Value Added), then (assuming A=E) the result you want is the prior year's Embedded value times (zero plus) the hurdle rate.

I think that I had thought that the problem asked for Embedded Value; I am not sure that I did not screw it hup.

(I didn't have time for some easy calcs, e.g. the one in the AM asking you to solve for the break even volume for Dir Mktg vs the other alternative, and I don't feel great about the lists, so in sum, I don't feel great.)

Edit:
Problem #2 essentially asked for the Embedded Value (or did it give it to you?) at the hurdle rate (I used 13%), so that you could determine whether the business was worth the purchase price (I think it was).

DallasStars

11-06-2002, 12:25 PM

Well now that I have soaked my fingers in hot water for almost a week to get the feeling back, I can give my two cents worth.

I thought the exam was pretty fair (i.e. for most questions I kinda knew what they wanted, whether I recalled that information was another story!)

Really glad they had the value-based question since I blew that last time.

I wish I could have recalled how to do the increase in reserves question since I did a sample using Excel with an annual statement here at work about 3-4 weeks prior to the exam.

The Par UL question was a question that I asked 2 FSA's here at work. I got two different answers (one SFAS97 and the other SFAS120) although dividends for UL are usually paid only as excess interest so SFAS97 is the correct choice.

The Duration question was nice although really time consuming.

I could have died when I saw that the DAC question gave us the 'k-factor' i.e. amort %, since I started working it out using the recursive formula from the study note. WHat a freakin' waste of time that was.

I assume I'll get a zero on the PD process since I gave the insurance SN method instead of Kotler (I knew it but couldn't recall it during the panic)

I feel I will probably get somewhere between a 1 and a 9 :-?
This is the usual range I give myself for an SoA exam.

Double High C

11-06-2002, 01:13 PM

Dallas,

Do you remember what they asked for in the Value Based question? Was it the VB earnings for the first year? Was it the EV at the start date? Was it the EV one year later? (It was a reasonably easy question, but I think I flogued it up in at least one way.)

PS: Sounds like you have a reasonably good shot, at least.

Viking

11-06-2002, 03:15 PM

They asked for the VB earnings for the first year.

DallasStars

11-06-2002, 05:18 PM

BPC:

Value Based earnings at the end of the first year.

I think you needed the PV Distr profits taken back to time zero using the hurdle rate and then accum. that value to the end of the year using the hurdle rate.

p.s.
This is my only shot, I've decided to give it up come January unless I pass and only need to do PD credits (I just had a girl at the end of Jan 2002 and I don't want to keep writing exams and not getting anywhere)

Double High C

11-06-2002, 08:14 PM

BPC:

Value Based earnings at the end of the first year.

I think you needed the PV Distr profits taken back to time zero using the hurdle rate and then accum. that value to the end of the year using the hurdle rate.

Assuming that you are correctly stating the question (which appears to be the case, based on other responses and comments above), then your solution is correct. (I may or may not have actually read the question correctly at the time, and if I did, I may have forgotten to write down that simple yet most important step as I may have gone straight to the calcs and may have thought that I wrote it down already at the top; I did not do the entire calculation of the EV at time zero - i.e. PV of Dist Profits - anyway.

The only other picky comment I have on that is that VB earnings are really for an entire year, not for an "end of a year" (if in fact that was the wording, and that does in fact sound familiar), so that might have caused me (and I think at least one other person) to misread the problem.

p.s.
This is my only shot, I've decided to give it up come January unless I pass and only need to do PD credits (I just had a girl at the end of Jan 2002 and I don't want to keep writing exams and not getting anywhere)

Congrats!

working girl

11-07-2002, 01:48 PM

I have tried to block most of it out of my memory. Sounds like everyone is having the same comments I did, where I probably screwed up more than I think I did. I could have passed, could have failed. Third time is a charm, right? Like DallasStars, this is it for me. I think my husband will divorce me if I continue this with another 5.

I definitely could have studied more, but I don't think it would have helped me to answer the questions any better. For instance, I still would not have done well on the Stock Co par UL (stupid choice of product, IMHO) and I would not have looked at Modified Duration either.

Glad this forum is here, not many people took this exam in my area, so no one to talk to about questions.
Good luck everyone.

Bonnie

11-07-2002, 04:46 PM

Right behind, you working girl. I am too eager to get back to my real life to think about this exam. Call me when the results come out.

My husband did threatened to leave me if I failed again, but his motivational skills need some work. I do feel bad putting him through 15 years of this stuff. Maybe I'll get him a nice present if I pass.

Datatarium

11-11-2002, 06:02 PM

Another thing is that this post already got over 1200 hits and it's just the same guys talking. Please, I encourage all of you to give some feedback on how the exam went. Speculation is fun. :P Need bigger sample.

Need bigger sample still. :wink:

Abducens

11-12-2002, 10:53 AM

Don't know what more could be added. We built a rough outline of the questions, so it can't be that people just don't remember. It's just so tough to know whether some answers will get much credit on some questions. We've BS'ed on those about as much as anyone could. Others, either you knew it, or you didn't. This thread will be floating down the charts very soon.

Datatarium

11-12-2002, 03:56 PM

Not if I can help it Abducens. :roll:

Double High C

11-12-2002, 04:13 PM

This thread will be floating down the charts very soon.

Hey Biff, you mean it will be sinking down, not floating.

Make like a tree and get hout of 'ere.

DallasStars

11-13-2002, 09:52 AM

Since it seems like I'm not the only one with a neglected spouse (kids, pets, etc) prior to writing the actuarial exams, I think someone needs to come up with group meetings for them.

They could call them AA meetings (Actuary's Anonymous). :argue:

OK, it's early and I didn't want the thread to die quite yet.

Abducens

11-13-2002, 02:49 PM

This thread will be floating down the charts very soon.

Hey Biff, you mean it will be sinking down, not floating.

Make like a tree and get hout of 'ere.

Wow, that was good, huh. In my defense, I meant floating down as in floating downstream. :)

working girl

11-13-2002, 05:48 PM

Hey DallasStars, where I used to work we joked about forming the SOA - Significant Others of Actuaries. I think the husbands of actuaries would get the better end of the deal - lots more actuarial wives than husbands!

He can't complain too much because he knew what he was getting into when we met. However, after 10 years, he has definitely put up with more than his fair share. On the other hand, he has had the ability to go out to many sporting events and happy hours that I was unavailable for.

After two weeks, I think I have regained the feeling in my right hand. If I never see GAAP Craap again, I will be happy.

Datatarium

11-13-2002, 08:14 PM

Getting back on topic, did anyone feel that they answered the math section well on the exam? Which part were they?

Axsuetarian

11-14-2002, 08:17 AM

I admire your determination, Datar-urium -- If I wrote 8I, I would share my thoughts with you.....they would probably be something like:

:rant:

I can't believe they tested this dumb sh*t, those bananas!
I messed up all the math
I messed up all the non-math

:rant:

Transdermal Celebration

11-14-2002, 10:55 AM

Definitely not bragging, because who knows how i did on the list questions, but on two of the math questions i know i got most of the points.

AM: There was a question where you had to reconcile the EOY fund value for a UL product by starting with the BOY fund value and doing a roll forward, and I was shocked to see that I actually got the amounts to balance.

Last question on test in PM was with bonds, duration matching, etc... almost the exact same question was on course 6 in the spring, so I nailed the calculation of the modified duration.

Still thought the test was hard, but luckily for me the math worked out OK.

Anonymous

11-15-2002, 03:21 PM

well, time does have the healing effect: the pain in my fingers is all gone, the anxiety after the exam is fading.

morning session (thank you BPC for your timely recollection)

1. 4 pts - income annuities
cann't remember the question clearly, but no bad feeling

2. 12 - embedded value vs. Purchase price
determined that purchase price is a little bit high, using
Maximum price = EV - tax - transaction cost - RC

3. 6? - a bad product (was it a deferred annuity?)
cann't remember the question clearly, but no bad feeling.

4. 14 - UL: IBS; US GAAP / US Stat / MoS
Reconcile, I thought the question is asking for reconciling the reserve. but anyhow, I did not seriously attempt to reconcile it.
use formula 1 to calculate the tabular mortality cost
r ratio question is pretty straight
don't know how they define MOS operating earning, I just put change in PV(future profit) there. and put change in BEL at the bottom just in case

5. 7 - costs of agency vs direct marketing
Math question, the policy need to be sold should be greater than the highest bucket (80,000), +1??,00 .. can't remember the figure

6. 5 - Value Based (did they ask for EV or for VB earnings?)
PV at zero of future distributable earning, multiplied by 1+ Hurdle

7. 7 - reinsurance reserves / income based accounting
I am glad that I prepared a list for reinsurance differences before the exam

8. 5 - YRT reinsurance / experience refund
I remember I have loss for reinsurer one year, have a profit for one year so have to pay the experience refund.

Afternoon session

9. 5? yourlife.com
put down very general list from Kotler Managing Market channels without referring to the specifics
channel-design decisions, channel-management decisions

10. 8? pts? brokerage vs. agency
BS on this one

11. 6? Merging experience
BS on this one

12. 8? - Market Risk ; expense risk; ... ; deferred annuity?
Can't remember this question, iffy feeling

13. 12? Par UL
choose FASB 97
did some partial calculation
some BS

14. 6? - Kotler pricing / solve for difference in B/E sales
put down the definitions
no clue on breakeven sales

15. 4? 5? - (Survivorship whole life product)
BS by points in order

16. 3 - CALM
put down the step list

17. 8 - Modified Duration / exact matching
BS on flaws
MOD Duration formula
assume the bond par value is 10,000, buy 7.or so bond :shake: