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Reserving paper - KG > Command Verbs - IFoA exam > Flashcards

Command Verbs - IFoA exam Flashcards

1
Q

Define

A

Give the exact meaning of.

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2
Q

Describe

A

Express, fully and clearly, the details or facts of. e.g. Describe the benefits payable under a term assurance policy.

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3
Q

Draw

A

Produce a representation of…a diagram, graph, chart etc. e.g. Draw a diagram to illustrate the profit-maximising price.

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4
Q

Label

A

Attach a name to unidentified terms …on a graph, chart, diagram, table. e.g. Label the axes.

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5
Q

List

A

Make a list of. e.g. List the Technical Actuarial Standards issued by the Financial Reporting Council.

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6
Q

State

A

Express the details or facts of…. without elaboration. e.g. State the principles of investment.

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7
Q

Write Down

A

Provide exactly what has been asked for, without explanation or elaboration.

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8
Q

Calculate

A

Ascertain or reckon mathematically.

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9
Q

Construct

A

Produce what has been asked for, with appropriate structure. e.g. Construct a table showing….

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10
Q

Demonstrate

A

Prove with certainty or exhibit by practical means.

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11
Q

Derive

A

Develop a result from first principles or from the given starting point ,

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12
Q

Describe

A

Express, fully and clearly, the details or facts of. e.g. Describe the risks arising under a specific given scenario.

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13
Q

Determine

A

Find the solution by argument or calculation, making clear your reasoning. e.g. Determine the type of event that has occurred, based on the data provided.

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14
Q

Draft

A

Produce a document in the specified format e.g. report, letter, etc. Note: Draft applies to assessments for CP3 only.

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15
Q

Draw

A

Produce a representation of…a diagram, graph, chart etc. e.g. Draw a scatterplot.

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16
Q

Explain

A

Make clear the meaning or purpose or details of, or the justification for.

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17
Q

Express

A

Write down the result in the specified terms.

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18
Q

Fit

A

Choose and implement a model or distribution that determines a relationship between observed values in a population and the expected values from the model or distribution. e.g. Fit a generalised linear model to the data.

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19
Q

Give

A

Write down what has been asked for, without elaboration. e.g. Give an example of….

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20
Q

Label

A

Attach a name to unidentified terms …on a graph, chart, diagram, table. e.g. Label the curves which correspond to each of the given scenarios.

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21
Q

List

A

Make a list of. e.g. List the assumptions or rating factors that would be required to price this product.

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22
Q

Outline

A

Describe briefly without elaboration or explanation.

23
Q

Perform

A

Undertake the specified test or task.

24
Q

Plot

A

Illustrate the given information or data using a chart or graph. Note: Plot implies that more accuracy is required than Sketch.

25
Q

Prepare

A

Make or get ready for use. Note: Prepare a Report is restricted to CP2 and CP3.

26
Q

Prove

A

Demonstrate the truth of what is indicated, through mathematical argument.

27
Q

Sample

A

To take a sample from a distribution. Note: Sample applies to only problem-based assessments for CS1, CS2, CM1 and CM2.

28
Q

Show

A
  1. Demonstrate that the given result is correct.
  2. Display the output of a specific part of a computer package item.
    Note: This second definition applies to only problem-based assessmentsfor CS1, CS2, CM1 and CM2.
29
Q

Simplify

A

Give an equivalent, but simpler, version of a mathematical expression.

30
Q

Simulate or Generate

A

Produce the values or models that have been asked for.
e.g. Simulate 20,000 values from the stated distribution.
e.g.Generate 1,000 random values from a distribution.
Note: Simulate applies to only problem-based assessments for CS1, CS2, CM1 and CM2.

31
Q

Sketch

A

Produce a rough graph, chart or diagram of.

32
Q

Solve

A

Find a mathematical answer to.

33
Q

State

A

Express the details or facts of…. without elaboration. e.g. State whether the investor should take a long or short position on the option in this situation.

34
Q

Test

A

Check or examine something. e.g. Test the hypothesis that…

35
Q

Update

A

Amend by adding new information or making corrections.
e.g. Update the plot, overlaying the density function.
Note: Update applies to only problem-based assessments for CS1, CS2, CM1 and CM2.

36
Q

Verify

A

Demonstrate to be true.

37
Q

Analyse

A

Break down into component parts.

38
Q

Assess

A

Judge the effectiveness, implications, relevance, importance, suitability and or or value of.

39
Q

Comment on

A

Give brief conclusions on.

40
Q

Compare

A

Highlight the similarities and differences between.

41
Q

Contrast

A

Highlight the differences between.

42
Q

Determine

A

Find the solution by argument or calculation, making clear your reasoning. e.g. Determine the most appropriate course of action for the company, within the given constraints.

43
Q

Discuss

A

Write about in some detail, taking into account different issues or points of view.

44
Q

Estimate

A

Calculate a result, using judgement to decide on suitable assumptions and or or approximations. Used when the result is not definitive. Assumptions made should be expressed clearly and intermediate workings should be shown.

45
Q

Evaluate

A

Judge the suitability of something for a given purpose.

46
Q

Identify

A

Select after consideration of the possible options or alternatives.

47
Q

Justify

A

Provide reasons to support.

48
Q

Propose

A

Select and then communicate a solution, action or range of possible solutions or actions. Justification is not expected unless explicitly asked for, e.g. with reasons.

49
Q

Recommend

A

Select and then communicate a preferred solution or course of action. Justification is not expected unless explicitly asked for, e.g. with reasons.

50
Q

Set out

A

Write down in a structured way.

51
Q

Suggest

A

Communicate a range of solutions, actions or reasons without justification. This is normally used in a situation where there is insufficient information provided to form a definitive recommendation or proposal, e.g. Suggest possible reasons or Suggest possible actions.

52
Q

Knowledge verbs

A 
Define
Describe
Draw
Label
List
State
Write Down
53
Q

Application verbs

A 
Calculate
Construct
Demonstrate
Derive
Describe
Determine
Draft
Draw
Explain
Express
Fit
Give
Label
List
Outline
Perform
Plot
Prepare
Prove
Sample
Show
Simplify
Simulate/Generate
Sketch
Solve
State
Test
Update
Verify
54
Q

Higher order verbs

A 
Analyse
Assess
Comment on
Compare
Contrast
Determine
Discuss
Estimate
Evaluate
Identify
Justify
Propose
Recommend
Set out
Suggest

Reserving paper - KG (26 decks)

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