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  #11  
Old 04-27-2017, 05:34 PM
Ang88 Ang88 is offline
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Hi everyone! I'm a newbie (and happy to be) here and this is my first post.

Guys I need your help. I think I failed the spring sitting (I lost many points on MC questions) and I need a new strategy. I never felt confident for this exam. Generally all past exams I solved were a nightmare for me and more specifically the WA questions (MC questions were easy). No matter how many questions I solved in ASM manual or ADAPT, I couldn't solve any WA question with the first attempt, which was a bad sign.

I used an old ASM manual (2014) which I think is good, however was too...big. I think I waste a lot of time only to finally make a rush reading of it. I would like a new approach and strategy. What would you suggest me to do? I can't afford TIA, however I was thinking of a new manual. What about ACTEX? Or any other idea?

Generally, I feel I miss some basic concepts (such as diversifiable risk). Another example of my terror? I was very good on pension benefits. But my eyes bled when I saw the final question on this exam. I felt like someone was making fun of me.

Please help me. I need two things. Firstly, I need somehow to understand those concepts I am not good at, and secondly I need practice on WA questions. ADAPT was good at this point. But now I need more exams.

Thank you in advance!
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  #12  
Old 04-27-2017, 11:13 PM
cowactuary cowactuary is offline
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I think I failed the spring sitting so I may not be the best source but I suggest you buy the official textbook AMLCR and the solutions. The WA questions are similar to the end of chapter exercises so I think that's as close as it gets. I bought TIA and James is a great teacher but I think MLC is more "rigorous" than his approach, so I wouldn't feel bad for not being able to afford it.
Quote:
Originally Posted by Ang88 View Post
Hi everyone! I'm a newbie (and happy to be) here and this is my first post.

Guys I need your help. I think I failed the spring sitting (I lost many points on MC questions) and I need a new strategy. I never felt confident for this exam. Generally all past exams I solved were a nightmare for me and more specifically the WA questions (MC questions were easy). No matter how many questions I solved in ASM manual or ADAPT, I couldn't solve any WA question with the first attempt, which was a bad sign.

I used an old ASM manual (2014) which I think is good, however was too...big. I think I waste a lot of time only to finally make a rush reading of it. I would like a new approach and strategy. What would you suggest me to do? I can't afford TIA, however I was thinking of a new manual. What about ACTEX? Or any other idea?

Generally, I feel I miss some basic concepts (such as diversifiable risk). Another example of my terror? I was very good on pension benefits. But my eyes bled when I saw the final question on this exam. I felt like someone was making fun of me.

Please help me. I need two things. Firstly, I need somehow to understand those concepts I am not good at, and secondly I need practice on WA questions. ADAPT was good at this point. But now I need more exams.

Thank you in advance!
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  #13  
Old 04-28-2017, 02:30 AM
imareal1 imareal1 is offline
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Quote:
Originally Posted by cowactuary View Post
I bought TIA and James is a great teacher but I think MLC is more "rigorous" than his approach, so I wouldn't feel bad for not being able to afford it.
I totally agree with this. James is a great teacher in the way that he makes the material easy to understand, but the actual WA questions (at least for this sitting) were way more complex.

I knew before the exam that percentile premium/loss was one of my weak spots, so I revisited the lesson before the test. I found the concept taught was very obscure, i.e. finding the nth death that you would "win" on. The concept was demonstrated very briefly using DML which made it look really simple. I kind of just banked on it being tested lightly given historical exams. Wow, I can't believe how hard the SOA tested on this topic this sitting. Literally like 2 MC's and ~10 WA pts on just sufficient/percentile premium in a more complex situation than DML. Maybe I'm being bitter, but TIA did NOT prepare me for that level of understanding on percentile premiums.
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  #14  
Old 04-28-2017, 10:25 AM
Triple Z Triple Z is offline
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Quote:
Originally Posted by imareal1 View Post
I totally agree with this. James is a great teacher in the way that he makes the material easy to understand, but the actual WA questions (at least for this sitting) were way more complex.

I knew before the exam that percentile premium/loss was one of my weak spots, so I revisited the lesson before the test. I found the concept taught was very obscure, i.e. finding the nth death that you would "win" on. The concept was demonstrated very briefly using DML which made it look really simple. I kind of just banked on it being tested lightly given historical exams. Wow, I can't believe how hard the SOA tested on this topic this sitting. Literally like 2 MC's and ~10 WA pts on just sufficient/percentile premium in a more complex situation than DML. Maybe I'm being bitter, but TIA did NOT prepare me for that level of understanding on percentile premiums.
WOW, you wrote out my thoughts exactly! I hate when James uses DML or CF in an example and then makes it look super easy.

I also feel that he didn't cover nExx sufficiently.
That said, he was great for giving intuition. I can come up with recursive formulas in my sleep for just about anything.
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  #15  
Old 04-28-2017, 11:51 AM
ScarletGrey08 ScarletGrey08 is offline
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Sorry to hear that about TIA. To give credit where it's due, the ADAPT WA got me pretty comfortable with percentiles.

From Annuities Question 1:
(b) (3 points) Calculate Pr(Y2 > 100,000).
(c) (3 points) Calculate the median of Y2.

From Annuities Question 2:
(b) (2 points) Calculate Pr (Y < 1.8).
(c) (2 points) These annuities are sold to 1000 independent individuals, one annuity to each individual. Using the normal approximation, calculate the probability that the present value of payments on the portfolio is less than 1800.

Very glad I did those now.
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  #16  
Old 04-28-2017, 05:28 PM
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lcuandon lcuandon is offline
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After I failed MLC last Fall, I took some time off and knocked out some VEEs. Now its time to get back on the saddle! Look forward to this Fall sitting of MLC. Ive waited a year for this rematch!
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  #17  
Old 04-28-2017, 06:08 PM
Ang88 Ang88 is offline
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Quote:
Originally Posted by cowactuary View Post
I think I failed the spring sitting so I may not be the best source but I suggest you buy the official textbook AMLCR and the solutions. The WA questions are similar to the end of chapter exercises so I think that's as close as it gets. I bought TIA and James is a great teacher but I think MLC is more "rigorous" than his approach, so I wouldn't feel bad for not being able to afford it.
Thank you for your response. I appreciate it and surely I will check the textbook.
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  #18  
Old 05-01-2017, 04:07 PM
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rgreenlee rgreenlee is offline
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Quote:
Originally Posted by imareal1 View Post
I totally agree with this. James is a great teacher in the way that he makes the material easy to understand, but the actual WA questions (at least for this sitting) were way more complex.

I knew before the exam that percentile premium/loss was one of my weak spots, so I revisited the lesson before the test. I found the concept taught was very obscure, i.e. finding the nth death that you would "win" on. The concept was demonstrated very briefly using DML which made it look really simple. I kind of just banked on it being tested lightly given historical exams. Wow, I can't believe how hard the SOA tested on this topic this sitting. Literally like 2 MC's and ~10 WA pts on just sufficient/percentile premium in a more complex situation than DML. Maybe I'm being bitter, but TIA did NOT prepare me for that level of understanding on percentile premiums.
I know how it feels to be blindsided by a topic that seems obscure. It stinks!

I will also mention that Percentiles of distributions are a very fundamental way to look at things. I believe that they were on the P syllabus, and I know that they are tested on MFE and C as well. Once you get this concept down, it will greatly help you on any of the preliminaries.
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  #19  
Old 05-02-2017, 01:18 PM
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Bama Gambler Bama Gambler is offline
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Single policy premium percentiles is not covered in the current textbook and has not been tested since the exam switched to the new textbook. That is why my coverage was limited. I could cover every topic in extreme detail, but then the videos hour count would be twice as long and students would not finish the lessons in time to work practice problems. That doesn't sound like a good approach for the seminar.

If an obscure or rarely tested topic shows up, then that question is difficult for most students even if their study materials went into great detail. Why? Because there will still be few practice questions on that topic. Just do the best you can and use the extra time you gain by skipping that problem to get more points on other WA questions.
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  #20  
Old 05-02-2017, 01:21 PM
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Percentiles for a present value random variable is covered in great detail in the course under a variety of mortality assumptions.
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