Framework Flashcards
Chapter 0 - Introduction
1 Actuarial Control Cycle diagram 2 ACTUARIAL control cycle 3 Specifying the problem 4 Developing the solution 5 Monitoring the experience 6 Applications 7 Risk Management
Chapter 1 - Actuarial Advice
1 Public sector stakeholders 2 Stakeholders in a pension scheme 3 Areas of advice to employers 4 Areas of advice to board of directors of an insurance company 5 Areas of advice to sponsors of a benefit scheme 6 Areas of advice to Government 7 Sources of information on client 8 Types of actuarial advice 9 Factors to consider when giving advice 10 Examples of advice vs decisions 11 Standards and professionalism framework 12 Aims and application of TASs 13 Four TASs 14 Materiality 15 Actuarial Quality Framework
Chapter 2 - The external environment
1 General factors to consider (CREATE GRAND LISTS) 2 Underwriting Cycle 3 Compulsory general insurance 4 Regulation assisting customers to enter into contracts suitable to their financial needs 5 Accounting standards 6 Taxation of benefits 7 Tax on items other than benefits 8 Corporate governance 9 Internationalism 10 Capital adequacy and solvency 11 The effect of age on Lifestyle 12 Effects of an ageing population 13 Climate change 14 Emissions trading 15 Mutual and proprietary companies 16 Culture and social trends 17 Technological influences 18 Influence of state benefits
Chapter 3 - Regulation
1 Aims of regulation
2 Costs of regulation
3 Need for regulation
4 Ensuring confidence in the financial system
5 Reducing asymmetries of information
6 Anti-selection vs moral hazard
7 Implications of information asymmetry(advantage policyholder)
8 Forms of regulation
9 Main Functions of a regulator (SERVICE)
10 Types of regulatory regime
11 Advantages and Disadvantages of a self-regulatory regime
12 Advantages and disadvantages of statutory regulation
13 Problems with voluntary codes of conduct
14 Influences on policyholder expectations
15 Treating customers fairly
16 Central bank functions as part of the regulator
17 State and large market participants as regulatory support
Chapter 4 - Introduction to financial products and customer needs
1 Categories of events on which benefits can be provided
2 Social security benefits
3 Definition for types of products
4 Principles of insurance and pensions
5 Identifying logical and emotional needs
6 Current and future needs
7 Attitude to risk
Chapter 5 - Benefits overview and providers of benefits
1 Types of pension schemes
2 Main provider of benefits
3 Key roles of the state in relation to benefit provision
4 Benefits provided by the state
5 Employers role in benefit provision
6 Reasons for employer financing benefits
7 Multi-employer schemes
8 Flexible benefits system for employees
9 The individual’s role in benefit provision
10 Domestic property as a source of benefits
11 The financial institution’s role in benefit provision
12 Other organisations providing benefits
Chapter 6 - Life insurance products
1 Life insurance products and customer needs met
2 Term assurance group version
3 Circumstances benefits are paid under
4 Investment type life insurance contracts
Chapter 7 - General insurance products
1 General insurance products
2 Indemnity definition
3 Features of liability insurance
4 Perils covered under liability insurance
5 Perils covered under property damage insurance
6 Perils covered under financial loss insurance
7 Perils covered under fixed benefit insurance
* Rating factors
** Risk factors
*** Setting premiums
Chapter 8 - Healthcare products
1 Legislation on Healthcare provision 2 Short term underwriting 3 Solidarity under medical schemes 4 Entities providing health cover 5 Reimbursement mechanisms 6 Medical trends 8 Healthcare products 9 Private medical insurance definition 10 Customer needs met and group version under PMI 11 Critical illness cover definition 12 Customer needs met and group version under CI 13 Long term care definition 14 Customer needs met and group version 15 Cash benefits definition 16 Customer needs met and group version
