Course5(ApplicationofBasicActuarialPrinciples)StudyNote

来源：精算师发布时间：2012-02-04 精算师辅导视频评论

Basic Principles of Valuation

Explain, in general, what a valuation is and the different purposes of performing a valuation.
1. Explain ways in which regulation can impact valuation.
2. Explain non-regulation purposes of valuation.
Evaluate valuation techniques and methodology.
1. Prospective (PVFB—PVFP)
  - Determine the actuarial value resulting from applying the methodology.
  - Determine the purposes for which the technique/method is appropriate.
  - Explain the limitations or implications of the valuation technique.
  - Evaluate the choice of assumptions.
  - Explain how the results can be verified.
2. Retrospective (accumulation type/deposit fund liabilities)
  - Determine the actuarial value resulting from applying the methodology.
  - Determine the purposes for which the technique/method is appropriate.
  - Explain the limitations or implications of the valuation technique.
  - Evaluate the choice of assumptions.
  - Explain how the results can be verified.
3. Claims Reserves
  - Determine the actuarial value resulting from applying the methodology.
  - Determine the purposes for which the technique/method is appropriate.
  - Explain the limitations or implications of the valuation technique.
  - Evaluate the choice of assumptions.
  - Explain how the results can be verified.
Interpret the results of the valuation.
1. Describe the components of a report/opinion.
2. Explain the variances or limitations of the results.

Texts

A Problem Solving Approach to Pension Funding and Valuation, (Second Edition), 1996, by Aitken, W.H., Chapters 1–4.
# Fundamentals of Private Pensions, (Eighth Edition), 2004, by McGill, D.M., Brown, K.N., Healy, J.J., and Schieber, S.J., Chapters 21–23. [Candidates may also use Fundamentals of Private Pensions (Seventh Edition), 1996, by McGill, D.M., Brown, K.N., Healy, J.J. and Schieber, S.J., Chapters 22-24]
Group Insurance, (Fourth Edition), 2003, edited by Bluhm, W.F., Chapters 1, 4 (exclude Federal Income Tax Implications and Statutory Considerations), 5-7, 11-13, 16 (Begin with Government Programs) 17–18, 22–23, 27–28, 32, 38–39, 42 (exclude from Network Development through Test Marketing)
Individual Health Insurance, 1988, by O’Grady, F.T., Chapters 1, 2 (sections 2.1.6–2.1.8, and 2.4), 3, 4 (sections 4.6–4.7)
Life Insurance Products and Finance, 2000, by Atkinson, D., and Dallas, J., Chapters 1–11 and 13.
Introduction to Ratemaking and Loss Reserving for Property and Casualty Insurance, (Second Edition), 2001, by Brown, R.L., Chapters 1–4.

SNs for the Preliminary Education examinations and Courses 5 and 6 are available on the SOA Web site under Exams and Jobs/Candidate and Exam Information/Fall Exam Session/Fall 2005 Basic Education Catalog – Study Notes Information. Hard copies may be purchased by using the Study Note and Published Reference order form in the back of the printed catalog or by downloading the form from the Fall Exam Session Web page.

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