TIA’s Exam 5 Blog

The Nyce videos are complete. There are seven total (one for each chapter). There isn’t much to these. The abridged version is - memorize.

I will finish taping Walters tomorrow morning. This will complete the material videos.

I will add videos that go through some of the more important/difficult questions from the 2007 exam. I will record these when I return from my Part 7 live seminar on April 9. The 2007 exam was a pretty good one that followed the syllabus fairly well. I suggest using this as a practice exam, mostly for timing and test taking practice. You will get the most benefit from this if you are semi-exam ready. The week of April 14, I will add an additional set of quizzes and another full practice exam. These should also be used when you are exam ready.

The errata post is updated with everything that I know of at this time.

Good luck as we hit the home stretch.

Sorry for no news updates.  I have been working on Part 7.

Last night I began taping the new video lessons.  They should be rolling out mid-week.

Additional problems will be next.

Ken

I have added a common questions section to the blog. In both the common questions post and the errors/typos post, I will add a date to the top that tells you the last update.

I had planned on recording Nyce and Walters this week, but other things prevented me from doing this.  These lessons, along with the 2007 Exam solutions, will be done in February.  Nyce will come first.

I will update the errors page today with a couple of errors some students have noticed in the manuals.

Good luck with your continued studying!

I get many repeat questions, so I thought I would start a thread addressing some of these.

1.  How will I be able to recognize the newly posted material?

Answer: Day has been marking new material with the date posted in bold.  I will also always mention the new / updated material in my weekly updates.  If I make any changes to lessons or manuals already posted, I will add this to the errata list with the date of change.

2.   Where are the Tiller and PAP/PAM study manuals?

Answer: Tiller is included in Sherwood.  PAP/PAM discussion is included in the Wiening et al. Ch 3 & 4.

I will continue to update this as I see questions come in.  As a reminder, if you’re having problems with any lessons from the main lesson page, try the backup sites.

Thanks.

The manuals are complete.  The Nyce will be posted this weekend.  Next week I will tape the lessons for Nyce and Walters.  Next I will post the 2007 exam and solutions, with a couple of lessons working some of the harder problems.  The rest of February and March will be spent looking for typos, fixing minor problems on the videos, and teaching live seminars.  In April, I will add a new set of quizzes and a new practice exam.

Good luck studying!

Due to spending my entire weekend on science fair projects and being sick a couple of days this week, not much has changed.  I have currently finished chapters 1 & 6-8 in Nyce.  I am working on 9 and 10 today.  Cleanup and 11 will be finished this weekend.  The videos and more problems for other articles will follow over the next several weeks.

Good luck studying!

I am finishing the manual to Nyce this weekend.

Next week, I will begin taping the lessons to Nyce and Walters.  After that, I will work on adding more problems.

Feel free to email me with any questions.  Thanks and good luck studying!

No real updates since yesterday afternoon. I have completed the Walters manual. I am proofing and will post tonight. I will now be moving on to Nyce.

If you see any errors in problems, please leave a comment in the Typos/Errors post. I will update that post if/when any corrections come in.

Thank you and good luck studying!

I will update this post as I find typos / errors (Last updated 3-19-2008).

McClenahan

2001 #37c - The answer is correct, but the last formula should be 402,860/330,000 = 122.1%

2002 #18a - should be -Q = T(1+G) + V - 1, Q=4.84%. Stupid algebra!

Page 7 has an error in the example. It is fixed in the video, but not on the page. The error is in the work for the 2003 24-36 age to age development factor. It should be changed to 32,200/29,406.

Finger

2000 #20 - column 4 has an Excel error (which botches colums 5 & 6). However, the answer of 0.2056 is correct

New Problem 2b - Terr A credible adjustment should be 1.035, not 1.007

CAS Principles

The definition for Policyholder dividends has retrun instead of return

Boor Complement of Credibility (updated 2-8-2008)

Video lesson - 2006 - #42, in part b, I write 750,000/1000* (2.5-2.0)/1.5 = $150 the final answer is correct, but the 750,000 should be 450,000. The solution in the study manual is correct.

1996 #42a - Typo in the denominator for PME and PNH. They both should be (200 + 500). The answers are correct.

Palmer

New Prob #4 - in second part of answer, there is a typo. The Avg Loss in 500k to 1M Layer = $4M / 700 = 5,714. This is correctly used in the next part and the final answer is correct. Also, in the video when I calculate the LAS(500k), I say 20*500k = 8M. The 8M is correct, but I should have said 20*400k.

Page 6 - Example at bottom of page. I corrected this on my version, but posted the wrong manual. The video lesson is correct. The occurrence size for claims 6 and 7 should be 15,000 and 25,000.

Brown

2003 #38 - In video 2, I left out 746 in the denominator. The answer in the study manual is correct.

Myrh/Markham (updated 2-8-2008)

Lesson 2 - U/W, about 2/3 the way through the video, at the bottom of Ch. 6, page 1, when mentioning compensatory damages, I mix up general and special damages. Special damages are actual losses, such as medical expenses, and general damages cover damages that do not have economic value, such as pain and suffering. It is correct in the manual, and is also correctly discussed in Flitner and Nyce.

Anderson (updated 2-21-2008)

Video #2 - New Problems Q4, the colors in your chart are flipped in relation to the words.

Feldblum Asset Share Pricing (updated 3-19-2008)

New Problem #6 - PY 1 fixed expense provision should be multiplied by the premium before discount ($600). Also, the Profit (9) and PV Prem (12) columns are mistakenly multiplied by 0.65. I carried the Excel formulas down from the previous problem. After the corrections, the PV of Profits is $73

New Problem #7 - Same problem as #6 with columns (9) and (12). You do not need to multiply by 0.65. The revised PV of Profit is 53.8.

Nyce (updated 3-19-2008)

Chap 10 Notes - Last line should say “while the cargo is in transit” not “even when”

Walters (updated 3-19-2008)

New Prob #19 - The total of column (20) = (16)Tot / (10)Tot -1 = 0.7% and the total of col (21) = (18)Tot / (12)Tot - 1 =  35.0%.  This changes the premium change answer to 17.3%.  Bad Excel formulas.

Hopefully everyone is doing well and has been able to begin studying. This week, I will be posting the Walters manual (in section F.2). I am currently working on new problems. After this, I will begin on the Nyce text, which will be completed early next week (in section A.1).

If I were studying, on the first pass I would read, highlight, take some notes, and work the old problems. I target about mid-March to complete this. On the second pass, you can spend about 3 to 4 weeks hitting everything hard again. Here you can work out some of the more difficult concepts that you may have skipped the first time through and re-work the problems. Plus, you can go through the new problems sections. I will be adding more problems throughout this sitting for you to work. Also, I will produce solutions for the 2007 exam and videos working through some of the harder 2007 problems. Some students like to keep the most recent exam separate so when they’re ready, they can have a look at a full practice exam with fresh problems. Taking practice exams (and quizzes) will be an important step in your studying process, and this should probably occur in the last 3 or 4 weeks.

This is just a suggestion. Please study however you have success. I offer this only because some people like more direction. Also feel free to check out the Supplemental Material / Helpful Study Tips / Introduction video on the lessons page on the TIA website.

With the exception of the Walters and Nyce material, all new material will fall in a new section. I will direct you to this section when I begin to add material. It will include the new problems and 2007 exam lessons (as described above), as well as corrections to manuals that are found.

I will post every Friday before noon to keep you guys updated. Thanks and good luck studying!