3L Students — Solutions to Fall 2011 3L now posted
May 9th, 2012
You can download the Fall 2011 3L exam here:
http://www.casact.org/admissions/studytools/exam3/fall11-3.pdf
Solutions can be found on the Sample Exams tab.
Archive
Archive for May, 2012
MLC Students — Good Luck Tomorrow
May 9th, 2012
I want to wish everyone best of luck tomorrow. Thanks for using TIA to prepare for MLC!
James
Sample Exam 3 #13
May 9th, 2012
If you round p you get one answer and if you don’t round you get a different answer. I rounded in my solution. I will update the answer choices such that you get the right choice either way.
Sample Exam 3 #19
May 8th, 2012
There was pretty major typo in Sample Exam 3 #19. The a-due = 10 should be a-due-50 = 10.
Sample Exam 3 Written Solutions Posted
May 8th, 2012
I have posted written solutions to Sample Exam 3. Unfortunately I will not have time to create video solutions.
Test Taking Tips
May 7th, 2012
In my opinion, the difference b/w a pass and a fail can often come down to test taking strategy. If you don’t have a good strategy, then you are a serious disadvantage. The first thing to realize is that all questions count the same. That means answering the easiest question correctly on the exam is worth just as much as answering the hardest question on the exam. For that reason, it is imperative that you get to attempt every problem on the exam. You must not run out of time and force yourself to guess on any questions without first having a chance to devote a few minutes to solving them.
What does this mean? You must be willing to skip a problem. If you read a problem and don’t have a clear picture in your mind of how to solve it, then skip it. If you read a problem and you are confused on the wording of even a single sentence, then skip it. If you read a problem, but can’t think of an elegant solution and the one you have outlined in your head is a long a tedious one, then skip it. If you start to get frustrated with a problem, then skip it. Please do not be scared to skip a problem. You are not required to work them in order.
The key to passing the exam is getting all the questions you know how to do right. If you spend 10-20 minutes working on a problem that you likely wouldn’t get even if you had 30-45 minutes, then you made a huge strategical error. That means you have less time to devote to problems that you do know how to work. You will be rushed on the easy problems and could make a careless mistake b/c of it. Don’t fall into that trap.
When the proctor tells you there is 15 minutes remaining make, stop whatever you are doing and make sure you have an answer bubbled for every problem. There is no penalty for guessing and you do not want to find yourself with one minute and stressing over if you have everything bubbled in. (For 3L students I believe there is a guessing penalty, so at this point just make sure you have something bubbled for every problem you want to answer.)
Bring at least one extra calculator. Make sure it is the same model as your other calculator. You would hate to have to switch calculators and be unfamiliar with the 2nd calculator.
What should you be doing now?
May 7th, 2012
During the last week I recommend doing a couple of things:
1. Take any sample exams you haven’t taken yet.
2. Flip through the summary sheets and highlight any formulas you didn’t naturally memorize by working a ton of problem. Make some flash cards to memorize those formulas.
3. If you are taking MLC, then rework the SOA sample questions 283 – 300. These are the questions on the new material.
If you have taken all of the practice exams and reworked those problems, then just pick some random problems (even if you have worked them before) to practice on.
If you have any last minute question, then please email me.
J Summary Updated
May 7th, 2012
I added two formulas to the UL Account Roll Forward box. It is probably worth memorizing these two formulas so you don’t have to derive them on the exam (or derive the CoI formula).
F Summary Updated
May 7th, 2012
I updated the F Summary sheet to clear up some confusion about the reserving techniques.
If the problem says “the gross (or contract) premium is”, but makes no mention of the premium being determined using the EP, then you can only use the prospective method. If you are given a gross premium, but that premium is determined using the equivalence principle, then you can use some of the other techniques (e.g. reserve recursion).