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Long-Term Actuarial Math Old Exam MLC Forum

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  #231  
Old 09-20-2018, 10:40 AM
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Bama Gambler Bama Gambler is offline
James Washer / Notes Contributor
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Originally Posted by Jim Daniel View Post
I've closely followed the "life contingencies" exams continually since 1989, teaching university courses and exam-prep seminars. I've observed it as Course 150 (a 4.5-hour exam), Exam 3, Exam MLC (multiple-choice only or including written answers), and now Exam LTAM.

Prior to the addition of the written-answer section on MLC, all these exams were notorious for having many convoluted puzzle-problems, which you could fail to be able to answer despite knowing the formulas and understanding the material thoroughly simply because you couldn't puzzle out some interrelationships among seemingly diverse topics on the syllabus. Such problems have almost never appeared since the advent of the written-answer questions on MLC. Since then, the vast majority of the multiple-choice questions and the "calculate this" and "find that" and "show that this number equals such and such" written-answer questions are straightforward non-puzzle problems, and there are enough such questions to pass the exam with an 80% accuracy rate. I expect the LTAM questions to continue this pattern. There are also vastly fewer symbols to learn now.

In my opinion, the material itself has remained at a fairly consistent level of difficulty over the nearly 30 years I've paid attention. Although one can make an arbitrarily difficult exam on just about any topic, in my opinion the lack of many puzzle problems on MLC and, I presume, on LTAM make it a little easier to pass than prior to the recent addition of written-answer questions.
I agree 100%. Well said.
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  #232  
Old 09-20-2018, 12:31 PM
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Originally Posted by Liar View Post
I've looked at past exams. The questions seem very straight-forward and doable by people with average IQs who study a lot.

LTAM requires you to be a genius to pass. The questions are not straight-forward and require you to do out-of-the-box thinking to pass.
Good luck on your upper Exams and modules.

And a bit of advice: I would take great care about making "statements of truth" when you haven't established yourself as one who knows what he is talking about. Such actions border on unprofessional behavior and can have undesired consequences for you.

The Examination environment has changed considerably in the past 10 years. Mr. Daniels and Mr. Washer have both weighed in on this topic. Take great care in trying to argue with them on a matter that both have already established themselves in understanding it to a far greater depth than students sitting for this Exam for the first time.
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  #233  
Old 09-20-2018, 12:44 PM
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As someone who previously attempted MLC just once (last sitting pre- written answer questions), most questions now seem much less tricky than I remember. They might frame the problem in a way that seems confusing on first glance, or may be a pain to setup, but once it comes to solving, there doesn't seem to be as many traps. I fully disagree that memorizing (in the conventional sense ex. how one would learn biology) is of any use in this exam. If you have a comprehensive understanding of the material, you'll start to realize there are multiple ways to approach a given problem, and they are usually designed to take you down the rabbit hole if you try to use memorized formulas. Refining your intuitive understanding of the material and mastering the building blocks are the absolute key.
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  #234  
Old 09-20-2018, 01:01 PM
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Knowing the material well is one step.

Having a good Exam strategy will also be an important step as well.

The principle overlap of these two is a solid ability for "problem recognition" and an awareness of your strength (or lack thereof) on a particular problem type to determine if it's worth spending time on the problem *now* or later . . . or to simply make a (wild) guess.
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  #235  
Old 09-20-2018, 03:33 PM
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Originally Posted by ShundayBloodyShunday View Post
Knowing the material well is one step.

Having a good Exam strategy will also be an important step as well.

The principle overlap of these two is a solid ability for "problem recognition" and an awareness of your strength (or lack thereof) on a particular problem type to determine if it's worth spending time on the problem *now* or later . . . or to simply make a (wild) guess.
Excellent way of putting it. This 2nd part is something I used to neglect in the past, and now is the main focus of the final stage of my studies. Time management is just as important as mastery of the material and needs to be practiced as such.
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  #236  
Old 09-21-2018, 06:10 AM
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Can someone explain what is happening in sample problem 4.11?

I am using Var of Z2 to find second moment of n year term insurance, and using that to find variance of Z1, but not getting the right answer. Getting E actually, when answer is A.
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  #237  
Old 09-21-2018, 06:31 AM
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Mind telling us where "4.11" is? In a physics textbook?
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  #238  
Old 09-21-2018, 07:11 AM
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Mind telling us where "4.11" is? In a physics textbook?
LTAM Sample MC problems. Published by SOA.
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  #239  
Old 09-21-2018, 09:00 AM
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The SOA has published solutions to the sample questions. What steps or pieces of their answer are different from yours?
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  #240  
Old 09-21-2018, 05:29 PM
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Originally Posted by KarimZ View Post
Is Adapt for LTAM any good? Better than ASM practice exams?
It's going well so far. I haven't used the ASM practice exams so I can't really speak on it.
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