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Long-Term Actuarial Math Old Exam MLC Forum

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  #171  
Old 09-09-2018, 10:38 PM
Kaur Kaur is offline
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Thanks all. I think doing more problems (like any other exam) would probably be better than spending more time on learning the material. Good luck to us all!
But whosoever says - you passed C, MLC should be fine for you, is an idiot (sorry) lol
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  #172  
Old 09-10-2018, 02:08 AM
AlBuloushi AlBuloushi is offline
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Is there a formula sheet or study note anywhere that defines all the different abbreviations on the exam? I'm half way through the material and I made the mistake of not taking any notes. Typically I recollect everything during the last month of practice, but this exam seems to require a different way of studying compared to the other Prelims.
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  #173  
Old 09-10-2018, 08:05 AM
NchooseK NchooseK is offline
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Quote:
Originally Posted by AlBuloushi View Post
Is there a formula sheet or study note anywhere that defines all the different abbreviations on the exam? I'm half way through the material and I made the mistake of not taking any notes. Typically I recollect everything during the last month of practice, but this exam seems to require a different way of studying compared to the other Prelims.
Study notes from the syllabus and FA's own LTAM (and MLC) study sheets are good resources and may help you in this regard. As far as spelling out each acronym, I'll do my best from the first half of content here:

SNP or NSP = net single premium or single net premium--they mean the same thing.
CDF = cumulative distribution function
PDF = probability distribution function
SULT = Standard Ultimate Life Table (given to you on the exam)
ILT = Illustrative Life Table (SULT's predecessor)
CF = Constant Force of mortality: $\mu_x =$ constant or $\mu_{x+t}$ = constant.
UDD = uniform distribution of deaths BETWEEN integers (more like integer-labeled or integer-index variables). This is in contradistinction to the assumption of a uniform distribution. They are different. Remember this.
EPV = expected present value, also used interchangably with APV (actuarial present value).
PV = present value (not the same as EPV)
AV = context will tell you when it means accumulated value--and it usually does. Otherwise, in later chapters, it may mean accrued value, account value, both of which you should note do not mean the same thing.
RV = random value
DB = death benefit. FA for "face amount" is also used sometimes to mean the same thing.
CV or CSV = cash value, cash surrender value or surrender value (all mean the same).
SC = surrender charge. Involved in computing the term above, but it certainly means something different.
DF = used rarely to mean discount factor.
L = symbol representing the future loss random variable
To denote premiums, P is typically used for net premium and G is used for gross premium.
NPR = net premium reserve
GPR = gross premium reserve
Sometimes you will see an f in front of something like $EPV_{10}[f. benefits]$, which means expected present value of FUTURE benefits at time 10. So, f may mean future.
AAV = actuarial accumulated value
e is usually the expectation of life operator (without the dot on top, it is curtate). However, e can also mean the expense loading or simply an expense.
NAR or NAAR = net amount at risk
FPT full preliminary term (very important)
MDT or UDDMDT = multiple decrement table. UDDMDT means there are uniformly distributed deaths in the multiple decrement table.
ASDT or UDDASDT = associated single decrement table. UDDASDT means there are uniformly distributed deaths in the associated single decrement table.
NCF = net cash flow
NPV = net present value
NPV(k) = partial discount rate, which depends on k
EDB = expected cost of benefits
$Pr$ with subscript is a profit vector.
$\pi$ with a subscript is a profit signature.
DC = defined contribution pension plan
DB = defined benefit pension plan
RR = replacement ratio = pension income in the year after retirement divided by salary in the year before retirement.
AV = accumulated value (of contributions). Mentioned about that AV means many things.
PUC = projected unit criteria (or projected unit method). VERY important.
TUC = traditional unit criteria (or traditional/current unit method). VERY important.
COLA = cost of living adjustments. I have seen one practice problem that used this before. And I bet they even defined it.

IRR = internal rate of return, which is the interest rate $r$ such that NPV=0.
DPP = discounted payback period
DII = Disability income insurance, aka income protection insurance
LTC = Long term care insurance
CII = Critical illness insurance
CCRC = Continuing Care Retirement Communities
ADLs = activities of daily living like going the bathroom and eating
HII = Hospital Indemnity Insurance
IP = injured party
RP = responsible person

AVTHB = actuarial value of the total health benefit. This is a complicated portion of the pension material.

The survival model estimation section has all sorts of letters that you will get used to. For example, i is an integer, $y_i$ is an ordered unit of time, $r_i$ is the risk set at time $y_i$, and $s_i$ represent the number of deaths at time $y_i$. Sometimes they use the following subscripted terminology: d is the time of entry, x is the observed time of death and u is the time of withdrawal. Sometimes n means an (new) entry, if it isn't being used otherwise to index something. In the same set, d is number of deaths (in an interval) and w is number of withdrawals (in an interval). $P_j$ is the population at the beginning of the $j$th interval, excluding newcomers. Another instance of $e_j$ is the exposure for the $j$th interval.

CI= confidence interval
LN = lognormal
MLE = maximum likelihood estimator

LC or LCM = Lee Carter Model
CBD = Cairns-Blake-Dowd Model.
CBD M7 Model = An extension of the original CBD.
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  #174  
Old 09-10-2018, 12:44 PM
AlBuloushi AlBuloushi is offline
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Quote:
Originally Posted by NchooseK View Post
Study notes from the syllabus and FA's own LTAM (and MLC) study sheets are good resources and may help you in this regard. As far as spelling out each acronym, I'll do my best from the first half of content here:

SNP or NSP = net single premium or single net premium--they mean the same thing.
CDF = cumulative distribution function
PDF = probability distribution function
SULT = Standard Ultimate Life Table (given to you on the exam)
ILT = Illustrative Life Table (SULT's predecessor)
CF = Constant Force of mortality: $\mu_x =$ constant or $\mu_{x+t}$ = constant.
UDD = uniform distribution of deaths BETWEEN integers (more like integer-labeled or integer-index variables). This is in contradistinction to the assumption of a uniform distribution. They are different. Remember this.
EPV = expected present value, also used interchangably with APV (actuarial present value).
PV = present value (not the same as EPV)
AV = context will tell you when it means accumulated value--and it usually does. Otherwise, in later chapters, it may mean accrued value, account value, both of which you should note do not mean the same thing.
RV = random value
DB = death benefit. FA for "face amount" is also used sometimes to mean the same thing.
CV or CSV = cash value, cash surrender value or surrender value (all mean the same).
SC = surrender charge. Involved in computing the term above, but it certainly means something different.
DF = used rarely to mean discount factor.
L = symbol representing the future loss random variable
To denote premiums, P is typically used for net premium and G is used for gross premium.
NPR = net premium reserve
GPR = gross premium reserve
Sometimes you will see an f in front of something like $EPV_{10}[f. benefits]$, which means expected present value of FUTURE benefits at time 10. So, f may mean future.
AAV = actuarial accumulated value
e is usually the expectation of life operator (without the dot on top, it is curtate). However, e can also mean the expense loading or simply an expense.
NAR or NAAR = net amount at risk
FPT full preliminary term (very important)
MDT or UDDMDT = multiple decrement table. UDDMDT means there are uniformly distributed deaths in the multiple decrement table.
ASDT or UDDASDT = associated single decrement table. UDDASDT means there are uniformly distributed deaths in the associated single decrement table.
NCF = net cash flow
NPV = net present value
NPV(k) = partial discount rate, which depends on k
EDB = expected cost of benefits
$Pr$ with subscript is a profit vector.
$\pi$ with a subscript is a profit signature.
DC = defined contribution pension plan
DB = defined benefit pension plan
RR = replacement ratio = pension income in the year after retirement divided by salary in the year before retirement.
AV = accumulated value (of contributions). Mentioned about that AV means many things.
PUC = projected unit criteria (or projected unit method). VERY important.
TUC = traditional unit criteria (or traditional/current unit method). VERY important.
COLA = cost of living adjustments. I have seen one practice problem that used this before. And I bet they even defined it.

IRR = internal rate of return, which is the interest rate $r$ such that NPV=0.
DPP = discounted payback period
DII = Disability income insurance, aka income protection insurance
LTC = Long term care insurance
CII = Critical illness insurance
CCRC = Continuing Care Retirement Communities
ADLs = activities of daily living like going the bathroom and eating
HII = Hospital Indemnity Insurance
IP = injured party
RP = responsible person

AVTHB = actuarial value of the total health benefit. This is a complicated portion of the pension material.

The survival model estimation section has all sorts of letters that you will get used to. For example, i is an integer, $y_i$ is an ordered unit of time, $r_i$ is the risk set at time $y_i$, and $s_i$ represent the number of deaths at time $y_i$. Sometimes they use the following subscripted terminology: d is the time of entry, x is the observed time of death and u is the time of withdrawal. Sometimes n means an (new) entry, if it isn't being used otherwise to index something. In the same set, d is number of deaths (in an interval) and w is number of withdrawals (in an interval). $P_j$ is the population at the beginning of the $j$th interval, excluding newcomers. Another instance of $e_j$ is the exposure for the $j$th interval.

CI= confidence interval
LN = lognormal
MLE = maximum likelihood estimator

LC or LCM = Lee Carter Model
CBD = Cairns-Blake-Dowd Model.
CBD M7 Model = An extension of the original CBD.
That's helpful thanks!
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  #175  
Old 09-10-2018, 07:34 PM
Changda Changda is offline
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What's the general consensus for the difficulty of the real MLC exams compared to ADAPT level? I want to know which level of ADAPT I should be using to prepare for the real exam.
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  #176  
Old 09-10-2018, 08:16 PM
zenkei18 zenkei18 is offline
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Is there any feasible way I have a chance at finishing the material and taking the exam October 26th if I am still brushing up on annuities?

I feel like I could, but it would be a miserable grind.
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  #177  
Old 09-10-2018, 09:14 PM
IacceptTheTerms IacceptTheTerms is offline
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I have no idea how to feel right now. I average 5/10 on ADAPT quizes and score every quiz that gets on my nerve if it takes me too much time to think.
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  #178  
Old 09-11-2018, 03:12 AM
NchooseK NchooseK is offline
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Quote:
Originally Posted by zenkei18 View Post
Is there any feasible way I have a chance at finishing the material and taking the exam October 26th if I am still brushing up on annuities?



I feel like I could, but it would be a miserable grind.


Without knowing anything about you personally, I would have to say sit in the spring. This isn’t MFE or any of the other prelims. You still have so much actuarial notation to cover. IMO, adapt your strategy.

UNLESS you are that badass type who loves this variety of a challenge lol.


Sent from my iPhone using Tapatalk
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  #179  
Old 09-11-2018, 03:22 AM
NchooseK NchooseK is offline
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Quote:
Originally Posted by Kaur View Post
At pensions, 2 more units to go. I have no idea how all this information is going to retain in my brain for 1.5 months. This exam is making me very nervous.


And pensions are supposed to be “going away,” at least the jobs are. Go figure.

I do not believe the pension sections up until retiree health are very difficult at all; CA introduces them kindly and thoroughly.

The final section, the one on retiree health, is a doozy. SOA has not been very clear about it and manual writers are doing their bests using what they are given. I could see one MC or a low point short answer on this topic, but what do I know. You may even get asked to explain the normal contribution in English in a certain context.

Keep plugging.


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  #180  
Old 09-11-2018, 08:44 AM
zenkei18 zenkei18 is offline
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Quote:
Originally Posted by NchooseK View Post
Without knowing anything about you personally, I would have to say sit in the spring. This isn’t MFE or any of the other prelims. You still have so much actuarial notation to cover. IMO, adapt your strategy.

UNLESS you are that badass type who loves this variety of a challenge lol.


Sent from my iPhone using Tapatalk
I don't really like this variety of a challenge, more like I started studying in July and life events and general lackadaisicalness wound me up in this situation :p I didn't stick to a schedule and lo and behold here I be.

I think it's best to take it in spring as well. I would be pretty damn upset if I go balls to the wall right now and still wind up failing.
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