Policy Data Checks Flashcards

1
Q

Analysis of surplus

A

An investigation that seeks to explain the reasons for the change in the valuation result between one valuation date and another

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Charge encashments

A

Monetary expense charges and mortality charges that are deducted from unit funds by cancellation of units

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

The actuary will want to check that data is…

A

Adequate
Accurate
Complete

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Simple data check procedures examine…

A

1) Data movements
2) Consistency
3) Unusual values
4) Analysis of surplus

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Explain how data movement checks are conducted

A

Actual data at the end of a period is reconciled with the data at the beginning, plus business that came onto the books during the period, less business that went off the books during the period.

Data must be grouped e.g. By year of entry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What data can we check for unitised business?

A

1) Number of contracts
2) Nunber of units actually allocated
3l Current premium amount
4) Current benefit amount

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What data can we check for non-unitised business?

A

1) Number of contracts
2) Basic sum assured
3) Amount of office premium
4) Amount of any attaching bonuses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly