lkto22
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yes, exam 2. I really appreciate the help throughout the past few months.
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Hi, for c), is it reasonable to state the assumption that surplus = TAC, and use brightline test? Thanks
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this is an error on my end, sorry
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Hi, is commutation considered prospective? I am think yes, b/c schedule P is affected. Thanks.
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Hi are item ii and iii ceded losses under prospective and retroactive reinsurance treated the same under GAAP? IOW, are both under "reinsurance recoverable"? Thank you.
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* Hi, for #4, the solution includes IRIS 12 and 13 which includes 2-yr development if I'm not mistaken, but the question asked "...over a one- year period", is it possible that the solution is incorrect?
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I am sorry, I was asking for 2014 Fall #3 part b not spring
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for part d, one of the solution is "notes to financial statement", is it b/c there is retroactive reinsurance and/or uncollectibility risk of reinsurance from QS? thank you
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Hi for a) net income method cannot be used, is it b/c calendar year incurred L+LAE are not given? thank you.
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Hi Graham, based on your reply above, for this question, so both net and gross should be opined on against the respective ranges to render the opinion, right?
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Hi for b) one the sample sol is "Premium tax is collected by domicile state only for non-admitted insurers", I thought this is from NRRA, does DFA have the same provision? My apologies that I haven't got to DFA yet.
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Hi for d) one of the solution samples is "Evaluate reserve adequacy (part 2 and part 5)", may I ask the logic behind this one as part 2 shows incurred not unpaid? thank you
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Hi, for 2017, we use the cumulative loss 200. I recall there is a similar problem in Solvency 2 to calculate the risk margin, but didn't have to use the cum. sum to solve that one. Is the cum. sum method for GAAP only?
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Hi, also for part b), does that mean the other sample solution for RF is wrong too, it states "Periodically losses and operating expenses ..." I found this part confusing, what's periodically losses? Also, there is no direct reimbursement of losses …
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Hi, for part c)'s last two sample sols, is prem included in the "avg severity UW losses"? That's what I thought, but seemed that in other problems, use ERD/prem to compare to 1% is also accepted by graders, so I am a bit confused.
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After review it again, I completely agree w your above assessment, thank you!
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Hi, for b), is bright-line test an option? I did use it, but the solution didn't mention it at all. Thank you.
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Hi from 12F#17a, what are the items typically included in the "PPE incurred"? Thank you in advance.
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Hi is entering into intercompany pooling a legit answer for b? thank you in advance.
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Hi if point est is also given and there is no specific statement to use carried reserves, then should we use that to calculate MS? Thank you.
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Hi for part c, does the AA only opine on "net unpaid L+LAE"? or both net and gross? If both, is it possible that net and gross yield different opinions which have to be stated separately? thank you.
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Hi for a), there are 2 ceded items from schedule P, both of which are treated as adjustments in the solution, may I ask why weren't they included in the "net of ceded" in the 1st place in F? I thought F is supposed to be a 1-stop-shop for reinsuranc…
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Hi, per text, a negative goodwill should "1st offset the book value of the acquired non-current assets", but CAS solution for A allocated it to income directly, is the solution outdated? Thank you in advance
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Hi, for the same item i) is the solution "GAAP: discounting of loss reserves is common" out dated? b/c GAAP allows for SAP discount rates, and SAP commonly don't discount, thank you
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For "Other UW expenses", what's the difference b/w 150 and 136? Thank you
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hi for 14#d, will it be wrong to use the reserves in schedule P Part 2 to calculate ratio 13? Thank you
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Hi Graham, in F14#23a, per the solution, is excluding the UEPR for Long Duration Contracts a correct option for this problem too? Thank you