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  #31  
Old 08-16-2017, 04:34 PM
Ginda Fisher Ginda Fisher is offline
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I believe the point of the exams is to differentiate who has an appropriate level of knowledge for an FCAS. But of course it's not fair to test material that isn't in the syllabus.
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  #32  
Old 08-16-2017, 04:36 PM
Ginda Fisher Ginda Fisher is offline
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I believe I have now caught up with all the comments/correction that have been sent to me, except for one question on chapter 2 that I mistakenly thought was chapter 3, and only just forwarded to Jill Petker. If you sent me something that isn't reflected in the errata, and I haven't responded to you, I may have misplaced it, and I would appreciate it if you re-sent it.
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  #33  
Old 08-16-2017, 05:17 PM
examsarehard examsarehard is offline
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Quote:
Originally Posted by Ginda Fisher View Post
Based on my sense of what a FCAS ought to know about reinsurance, it sounds like a perfectly reasonable question, except that the syllabus material was inadequate to answer it. They shouldn't have tested it, of course, but that looks like a giant red flag that they ought to seek supplemental material for the syllabus.
I don't even think the syllabus is inadequate. Reviewing the paper, the entire section is describing how reinstatements work:

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A cover may be $10,000,000 in excess of $30,000,000 per occurrence. Because the limit is often a substantial dollar amount, the contract provides a limited number of reinstatements. Without reinstatements, the catastrophe cover would provide $10,000,000 of limit, but after the full layer is exhausted, there is no more protection.
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The treaty effectively has an aggregate limit equal to one plus the number of reinstatements, times the occurrence limit. For a cover with one reinstatement, the same results will be produced for four losses halfway through the layer as for two full limit losses.
Perhaps more examples are needed to drill the concept home? Otherwise it seems fairly well explained.
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  #34  
Old 08-16-2017, 06:25 PM
Ginda Fisher Ginda Fisher is offline
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I haven't read that material, and am accepting the interpretations of others. But I suspect this discussion might be better suited for another thread. This one is mostly about the new study note on individual risk rating. I apologize for entering the fray without doing my homework. Mostly I just wanted to express an opinion about the purpose of the exams.
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  #35  
Old 08-17-2017, 08:54 AM
act_123 act_123 is offline
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Quote:
Originally Posted by examsarehard View Post
I don't even think the syllabus is inadequate. Reviewing the paper, the entire section is describing how reinstatements work:





Perhaps more examples are needed to drill the concept home? Otherwise it seems fairly well explained.
Reinstatements are addressed adequately. The application using single reinstatements and understanding that the reinstatement only reinstates until it is fully reinstated once is not really covered at all.

I don't think students should have been able to figure that out from the paper.

When the exam was over almost everyone was complaining about this nuance. The only people who understood it were the people who were in reinsurance. I am not making something up. If you want I will look up the outpost thread.
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