Chapter 1 - Actuarial Advice Flashcards
1
Q
Who are the stakeholders that buy the products/service?
A
PIPE DIM
- policyholders
- investors
- potential investors
- employees
- dependents
- insurers
- members
2
Q
Who are the stakeholders that provide the product/service?
A
BARGE SIMP
- banks
- asset managers
- re-insurers
- government
- employers
- sponsors
- insurers
- medical schemes
- pension funds
3
Q
Who are the stakeholders that distribute the product/service?
A
BAD
- brokers
- agents
- direct sales department
4
Q
Who are the stakeholders that manage/own the provider?
A
FAT BS
- fund administrator
- asset manager
- trustee
- board of directors
- shareholders
5
Q
Who are the stakeholders that provide the capital?
A
CC
- creditors
- capital providers ( investors, shareholders)
6
Q
Who are the stakeholders that keep the providers in line?
A
ART COP
- auditors
- regulators
- tax authorities
- competitors
- ombudsman
- professional bodies
7
Q
List four areas in which actuaries can provide advice to the government
A
- Setting legislation that impacts on the provision of financial products
- monitoring the adherence to the legislation
- funding the benefit provision by the state
- monitoring the funding of the provision by the state
8
Q
What are the 3 types of advice an actuary can give?
A
- factual - based on research of facts
- indicative - giving an opinion without fully understanding the issue
- recommendations - researched and modelled forecasts, alternatives weighted, recommendations made consistent with requirements
9
Q
What are the 6 principles the Actuaries code is structured around?
A
SICCCI
- speaking up
- integrity
- compliance
- competency and care
- communication
- impartiality
10
Q
What are the four drivers of actuarial quality?
A
CAME
- communication - of actuarial information and advice
- Actuaries - technical skills of actuaries and ethics and professionalism of actuaries
- Methods - reliability and usefulness of actuarial methods
- Environment - working environment of actuaries and other factors outside their control
