I think there’s a bit of discussion in the text about splitting into new/renewing/terminating cohorts vs. chronic/non-chronic cohorts to measure the impact of changing populations so I also said it was true
Does anyone remember what exactly the ORSA question was? Hated that material and I guess I’ve already erased everything related to it from memory
It was one of the “assess the validity of these 4 statements” questions. The statements were largely general statements about ORSA and it being much more of an internal process instead of a strong regulatory framework.
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The ORSA 4 statements
“An effective ORSA is more about process than results” I put that as justification for part 1, pretty sure it was a “False”
Something about ORSA being a US version of the ICPs, that was a True
Think there was one that said it was a standardized format which was meant to be False because “each insurer’s ORSA process will be unique”
can’t remember the other one
I saw a part in the text (Ch. 8 pretty sure) that clearly says it is not a cohort method. A cohort method is supposedly a simple pre/post following one group, without a control group. So I think any of us who put that it is a cohort method will be wrong.
But I don’t think that’s 100% correct, and I wasn’t sure how to justify False as well as True (except that I remembered it from the readings) so I answered that it was a cohort method(True). I may end up arguing that question if only to figure out how the process works.
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When it says “it’s not a cohort method” what it really means is “it’s not a closed cohort method”.
The statement to be critiqued was that it was a closed cohort method, which was definitely incorrect.
Not the Duncan textbook, but I’m enjoying this pdf
Cohort was originally a military term! kinda cool
The last ORSA was something like “The ORSA evaluates adequacy to achieve short term goals” which is semi-false because its short and long term
Yeah I went false because I’m pretty sure these are always 1 true and 3 false. My justification in my head was that ORSA is meant to encourage ERM, ERM capabilities can be rated using S&P, S&P states that management should have a bonus structure that encourages long term goals instead of short term goals. Then I wrote it down as if ORSA just says something similar to that.
Youre in the right mindset. Its more capital adequacy and financial strength. The last ORSA section is the “Assessment of Risk Capital and Prospective Solvency Assessment” or something like that. The first part is present day capital/financial strength. The prosepctive part is future years.
Boo, there are changes to syllabus for next sitting.
It’s also almost all in study notes, which is annoying.
Several changes to LO2. Some readings removed, some added. Net is 1 additional reading.
Assuming the new LTC reading is a different reading, there are 3 new readings in LO2.
LO3- ASOP12 was removed. New ACA reading.
Thanks for the heads up.
Here’s the link to the updated syllabus:
I really hope I dont need to read this…
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I want to be mentally prepared to study again
Fall 2021 was the sitting that many candidates were tested on 1332.
Specialty Exam 2 points
FVCU exam 4 points
Only exam DP was free of the wrath of the 1332
And I have to give a shout out to the FVC question that goes:
“Your friend Steve from college is interested in starting a health insurance company”
Talk Steve out of it!
Guess what happens next.
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I’d say I’m somewhat less confident now after seeing the exam, and I wasn’t terribly confident to begin with.
I just don’t want to think about it. If I didn’t pass I’ll deal with my emotions then. Stupid FSA exams.
I dont think there is any value in reading the exam now, 5 weeks after sitting.
I have no idea what I wrote for answers at this point. The only reason to read this exam is if I fail and I have to go back and study the problems on it…
Reading the exam now and trying to gauge how well I did? I would rather shove my hand in a toaster for 3 hours.
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3 hours? Bro, you only need 2-3 minutes tops for it to be perfect. Pop some cream cheese on there and you got yourself a solid breakfast. 3 hours would be burnt to a crisp. Glad I could help.
I was a life actuary, so take this with a grain of salt, or seasonal lump of coal or burnt embers, but Sharon Weiss would say 2 hours minimum.
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