Practice Exam 2
#17 - I had two different dates for the law change. It should be 1/1/2009. I have corrected this.
#23 - I had left the proposed effective date of 1/1/2012 out. I have added this.
#35 - I meant to say the Expected Unrpt was limited by MSL, but I didn’t.
Quiz 12d
Bad Excel formula. The complement should be 4.6% and overall change 1.0%
Quiz 13 - #1 is from App D
#1b. Added formulas
#3a. Solution had a typo and was off by $10,000
2007 Revised Exam
The Feldblum Asset Share problem has the wrong fixed expense numbers in the calculation. I fixed this in my notes, but this exam was not fixed. You should use 40 and 42, which gives PV Profit of 165.55 and ROP=7.1%. I couldn’t fix this easily due to some serious formatting issues on my end. As stated earlier, the Feldblum study manual has the correct solution.
News
I have posted the second practice exam. I tried to follow the learning objectives and knowledge statements.
Do not use this exam to “learn” the material. This is mainly just helping you with being able to sit down for four hours, write out full answers, and practice your timing.
If you haven’t worked on the quizzes, I would suggest doing so. These are good for timing and a last check of good material.
Note - people have told me that the quiz times are a little short (i.e., the quizzes are a little long).
I haven’t re-read all of my solutions to the second practice test, so I may have a typo or two. I will be coaching all day and will try to mix in a little editing. This should not affect the questions.
Don’t forget to mix in some memorizing.
Good luck.
News
I did not realize that there was a section that said “Memorization Package.” This should not have been a separate section, and it was my mistake that it was left out there. Last year, we charged separately for this. This year, I included the material with the seminars.
All of the notecards are in the Study Manual section.
All of the audio files are next to the videos in the Online Video section.
I apologize for any confusion that this has caused.
Ken
News
You may often see updates to quizzes and practice exams. These are mostly fixing typos.
TIA Practice Exam Solutions
31. Typo - removed the 68% and unneeded line in c.
33. Answer is correct, but used old method in solution. Updated to match current text.
2009 Revised Exam #46 - I should have given you proj ult L&LAE of 2.9 million, not 2.85 million
Quiz 7 #1 - constant typo fixes, but I think it’s finished.
No corrections needed, just comments:
Quiz 6 #2b - really isn’t covered on the syllabus.
Quiz 8 #1 - adjusted exposures for territory are based on the first iteration class and not the current rels. The text uses the current rels. You can go either way on this one.
Finally the updates to notecards are minor, such as the headers on the Ch 14 cards. Also, I had forgot to load the Feldblum cards and the 9 minute G.3.1. Ch 11 Territorial Ratemaking video. I have loaded these in the past few days. That section of the text is straight memorization, like 1-3, 10 & 13.
Continue working hard!
News
I am working on additional quizzes today. Some changes that I’ve made to the posted quizzes.
Quiz 7 #1, I changed the number of claims to 900 in the solution to match the question. I also add the Profit and Contingencies provision, which I had included in the solution but forgot to state in the question.
Quiz 9 #4, In the question, I asked for the Loss Constant to apply to all risks. If you answered it this way, you should have gotten $205.45, then with the adjustment factor of 0.9536, the revenue neutral LC = 195.92. However, I meant to ask for the loss constant to be applied to small risks. I have updated the question to match the solution.
I am answering a lot of emails daily. If I haven’t got to yours (I’m a few days behind), I will be Monday.
Thanks and good luck studying.
News
First, I used the wrong effective date in my solution to problem #1 in Quiz 7. I have corrected the solution.
I have posted quizzes 9-11. I am working two more practice exams. I expect to post 1 tomorrow morning and 1 next week. I have more quizzes that will come and a memorization set of questions for Chapter 13.
News
I continue to update minor typos in the quizzes, mainly the support leading up to the solution. I did forget to ask the question in Quiz 1, #2, but you may have been able to guess where I was going.
Yesterday, I got most of the 2007 - 2009 past exams put together. Later today, I will be revising some additional questions for these and hopefully get them posted tomorrow. I am continuing to work on the Ch 12-16 notecards and am recording 10 today and 13 tomorrow.
I still have some more quizzes and original practice exams coming. Good luck studying.
News
I have posted the first 8 quizzes. I believe that 8 is pretty hard, and 7 isn’t necessarily hard, but long. Don’t get frustrated with these. Approach these like the exam, and get all of the points you can.
When writing my solutions on a computer, sometimes I make mistakes. If you see an answer you don’t agree with, please let me know.
The remaining video lessons are all memorization. They may help with memorizing as you head down the stretch, but they won’t be too exciting. They will be posted throughout this week.
I should have notecards through 11 out there tomorrow, with the rest coming throughout this week. Memorizing is very important, really starting about next week.
I will post 7 more quizzes and two full practice exams. I also plan on posting revised CAS Exams from 2007, 2008 & 2009 with some of the questions revised that have either been removed from the syllabus or slightly changed with the new text (this was recommended by a student at the live seminar - thanks!).
News
The final outline for Werner Chapter 13 will be posted today. I will bring copies for those attending the live seminar. I will try to record more lessons during my free time in Chicago. Now that the notes are problems are finished, I will be able to record more easily.
After the seminars, I will finish the videos and add many quizzes and two practice exams. These will be good to both test your knowledge and work on timing. I will also add some notecards for the list material in Werner.
News
Werner Chapter 5
New Problem 3 - Planned effective date should be 1/1/2011.
Werner Chapter 8
2004#33 - I have a typo. The part after the = sign on the fist line of the solution was copied from a different problem, and should not be there.
Werner Chapter 12
2000#23 - 1.032 should be 1.03^2 (this is a common mistake of mine)
Werner Chapter 15
New Problem #1 - the experience should also be for policies written on 7/1. Therefore, the 2008 experience is for the policy effective 7/1/2008. It is unclear in the question (I did a poor job of wording this). Remember that we are looking at a policy with an effective date of 7/1, and looking at past experience on this policy, so presumably, the effective date of the policy in the past was 7/1 (though I realize this isn’t always the case). It was not clear on my part.
Nyce Personal Auto
New Problem 4 - Statement 1 is true. It is false if the auto was a new auto that replaces a currently insured auto.
New Problem 45 - Laura’s UIM pays, not Tina’s.
Errata