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Actuarial Risk Management: CA1 > Acronym vs Area Test 3: 35-43 > Flashcards

Acronym vs Area Test 3: 35-43 Flashcards

1
Q

Reasons for calculating provisions :

Individual and global

A

BAD MEDICS

CARD

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2
Q

Ways to counter anti-selection:

A

MES

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3
Q

Reasons for continuous analysis of surplus:

A

DIVERGENCED

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4
Q

Disclosure is important in a benefit scheme because

A

SIMMERS

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5
Q

Individual disclosures are often made on

A

PRICE

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6
Q

Information to be disclosed includes

A

DISCLOSURE

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7
Q

Levers on surplus

A

CRIEC CLIM VVaC

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8
Q

Carrying out surplus analysis

A

PCEEA

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9
Q

Types of risk

A

COMBEL

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10
Q

The principles of good lending relate to the

A

CASPAR

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11
Q

Causes of inappropriate advice

A

CRIMES

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12
Q

Investment risks

A

DRUMOLITE

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13
Q

Insurable risk criteria

A

FIA MUDPIS

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14
Q

Risk management helps to

A

AEIOU PRC D / ASGrow SPIDO D

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15
Q

Risk registers are a way to categorise risks faced by a business or individual. Need to quantify

A

ICorP

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16
Q

Assessing capital requirement is difficult because

A

CRISPS

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17
Q

Factors to consider when valuing options

A

DECS CICA

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18
Q

Mitigating against inappropriate advice

A

CARSHoW GRound

19
Q

Factors determining the application of surplus for a benefit scheme:

20
Q

Differences that exist in disclosure relates to

21
Q

Factors influencing the choice of valuation method and assumptions when determining the value of insurers liabilities

A

PuLSGRiDBNS

22
Q

Factors determining the application of surplus for a life insurer:

23
Q

Factors causing overall uncertainty of benefit schemes

24
Q

Factors affecting the contribution level for a benefit scheme

25
Q

Risk of benefits for a DB scheme

A

ISUME LiBeNT

26
Q

Risk identification:

27
Q

Brainstorming with experts should yield:

28
Q

Risk Measure should identify

Risk measures

A

ProSCoCo

LEAV

29
Q

Risk control methods

A

FAT SIR LEP

30
Q

Risk financing should:

31
Q

Accounting ratios that indicate insurer’s financial position and profitability:

A

SARPY and ICOCO

32
Q

Factors affecting the certainty of contributions made to the benefit scheme

A

LUI IFANTA

33
Q

The method of scenario analysis

A

GroP CaST/ GroDe CaRuT

34
Q

The method of stress testing:

35
Q

Why ERM is effective:

A

VIS PROE SO

36
Q

Interpreting accounts

A

Nicr Fap/

ClEO IRP

37
Q

Similar aims for different accounting standards

38
Q

Market risk - why holding a matched position is difficult:

39
Q

Business Risk for insurers

40
Q

Risks in Life and General insurance

A

RISK LIFE DROWN CATS MUn

41
Q

Methods for calculating reserves:

42
Q

Different methods of allowing for prudence:

43
Q

Risks in a DC scheme

Actuarial Risk Management: CA1 (13 decks)

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