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  #221  
Old 06-27-2019, 02:38 PM
SkolChicago SkolChicago is online now
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Originally Posted by JTMON View Post
Has anyone gotten Crystal Clear for 8 already, or have historically used CC for other exams? I used TIA and cookbook last fall and got a 5. I am thinking about whether I should really spend time reading through the source, or use a different manual this time.
I passed and am not sure how much I would've gotten out of the source manual, besides the GLM paper (which I truly believes everyone needs to read multiple times).

I would get CC as her practice problems were really great for 9. They're a mix of having some problems that build the ideas on the paper to help ensure you understand, and having some really tricky curveballs that are also within bounds for being asked. She had two instances this sitting where the curveball from her practice question was on the exam, verbatim. I think this could be useful for 8, too.

She is probably the best in the business at connecting ideas together from multiple papers, too, which is important for the IQs.
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  #222  
Old 06-27-2019, 09:31 PM
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Dumb question, Fisher page 22.

If there is per-occurrence loss limit but not an aggregate loss limit, and the coverage is Workers Compensation or Auto Liability (coverages with no aggregate policy limit), the insured is technically retaining an unlimited amount of loss exposure

Here, aggregate loss limit and aggregate policy limit, are they the same thing in this context?
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  #223  
Old 06-28-2019, 12:19 AM
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I'm not sure I fully understand your question, but I'll give it a try...

Fisher is talking about loss limits in this particular context relating to how they impact the retro premium calculation. That is, either the per occurrence loss provision within the retro formula needs to be capped, the retro formula output needs to be capped, or both. If there are no caps ("limits") put on the loss provision, there wouldn't be any risk transfer because the "insured" would be paying for all of the losses and expenses and premium tax on top of that.

I think when she says "aggregate loss limit" in this context, it would be directly related to whatever the retro premium max would be. (I.e., do some algebra to solve for what the maximum aggregated losses would need to add up to such that the retro premium max would be reached.)
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  #224  
Old 06-28-2019, 11:22 AM
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That's exactly what I did today. I don't think you have to get the letters in before emailing the application.
My recollection is that they prefer it all be together for easier tracking, but it's not the end of the world if they come separate - it just means having to retrieve the pieces and then putting them together. That could delay processing; if it takes too long, you'd just have to wait for the next time the board gets together to approve applications for yours to get approved.

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Originally Posted by trueblade View Post
Dumb question, Fisher page 22.

If there is per-occurrence loss limit but not an aggregate loss limit, and the coverage is Workers Compensation or Auto Liability (coverages with no aggregate policy limit), the insured is technically retaining an unlimited amount of loss exposure

Here, aggregate loss limit and aggregate policy limit, are they the same thing in this context?
Aggregate policy limit is akin to the max premium, but for retros the term "aggregate policy limit" isn't used. [Arguably, it's redundant because the premium for the policy is the aggregate premium and it's capped by the retro plan parameters, presuming a max premium is specified.] Candidate X is correct, the aggregate loss limit does impact the max premium. If there is no aggregate loss limit, then necessarily there can't be a max premium because the 'G' factor is unlimited.

I'll add on a point here: if there's a per-occurrence loss limit but not aggregate loss limit, depending on what the per-occurrence loss limit is the insured does lay off some amount of loss exposure. [Which is noted in the statement before the bullet points.] To tie this to calculating experience mods, it would be like having a loss limit for losses that enter the calculation but then no cap on the mod factor - which is where the "unlimited amount of loss exposure" comment factors in.
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  #225  
Old 06-28-2019, 04:24 PM
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I haven't decided if I will take 8 this year. Compared to exam 6, what's the difficulty level of 8? Does it require more efforts than 6 (which I spent lots of hours and failed once)? Is it much harder than 5?
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  #226  
Old 06-28-2019, 04:40 PM
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A bit harder than 5, but in the same mathy vein. A lot less regurgitation and more being able to do 100 kinds of problems.
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  #227  
Old 06-28-2019, 08:02 PM
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I think when she says "aggregate loss limit" in this context, it would be directly related to whatever the retro premium max would be. (I.e., do some algebra to solve for what the maximum aggregated losses would need to add up to such that the retro premium max would be reached.)

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Aggregate policy limit is akin to the max premium, but for retros the term "aggregate policy limit" isn't used. [Arguably, it's redundant because the premium for the policy is the aggregate premium and it's capped by the retro plan parameters, presuming a max premium is specified.] Candidate X is correct, the aggregate loss limit does impact the max premium. If there is no aggregate loss limit, then necessarily there can't be a max premium because the 'G' factor is unlimited
Ty both, this is exactly the answer I'm looking for
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  #228  
Old 06-30-2019, 04:51 PM
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I'm debating taking this exam and was wondering for some advice/feedback. I just got a 5 on Exam 7. It was my first time taking it but I'm a bit frustrated because I know I made a few dumb mistakes that unfortunately will now cost me another year. I'm expecting my first child in a few weeks and therefore initially thought that I would sit this one out. However, I'm feeling like I need redemption and a year is wayyyy to long for me to simmer, and so I'm debating on if I should go ahead and attempt 8 this fall. Does anyone have any advice who has taken exams with a newborn? Is this completely idiotic? I looked over the TIA seminar and the # of video hours is almost half that of Exam 6 and Exam 7, so it seems like there's less material to review (but I understand the exam is therefore harder/trickier). I do get study time at work and so I'm thinking it may be worth a shot. My newborn obviously will take priority in all matters though, and the last thing I want is to add another layer of stress by signing up but then not being able to go in with a fighting chance. Thoughts?
Mostly depends on the mom and how much help she wants. But there is a right answer, imo. I just sat for 7 with a one-year-old and I definitely had more free time a year earlier when he was an infant. Some would say that the infant stage is tougher because of sleep issues, some would have my experience. You don't really know which you'll be until you get there, and I would not skip a sitting under the assumption that you'll have more time next year. Just doesn't always work that way. If you have the opposite experience from mine, then you have next year. At least start studying and take stock of where you are after two months or so.
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  #229  
Old 07-01-2019, 11:35 AM
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Just registered for the exam, finger cross this will be my last sitting for Exam 8

https://www.casact.org/admissions/sy...x.cfm?fa=forms
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  #230  
Old 07-01-2019, 02:05 PM
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Just registered, so here we go! This better be the last one because yesterday we found out my wife is pregnant with our second!
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