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Exam P (CAS
1) | Exam FM (CAS 1) |
Exam C (CAS 4) | Study Guides
The Exam MLC seminar will cover all topics for the SOA
exam (life contingencies, Poisson processes and
multi-state transition models).
SEMINAR LOCATIONS AND SCHEDULE
For the Fall 2009 session, the Exam MLC review seminar will be offered in
New York.
The seminar fee is $575. The schedule is as follows.
Friday, October
9 to Sunday, October 11 (3 days, 9AM to 5PM each day)
SLC Conference
Center,
352 7th Avenue, New York NY,
212-244-5888
(note that the SLC Conference Center is not
a hotel, it has meeting rooms only) |
In the seminar, the aim is to review all course topics
in as much detail as possible in the allotted time, with an emphasis on developing
efficient problem identification and problem solving skills while reinforcing
fundamental understanding of concepts. The seminar will be lecture format,
in which important underlying concepts will be reviewed along with presentation
of solutions to many former exam and exam-related problems. Prof. Broverman is available
by e-mail and telephone, both before and after the seminar for questions that arise
relating to the exam and the seminar study material. At the seminar, there will be
time for questions in both a group and individual setting.
The advance study material for the Exam MLC review seminar are
the notes and problem sets from Volumes 1 and 2 of
the S. Broverman study guide for Exam MLC. This is sent out
about 6 to 8 weeks in advance of the seminar. The practice
exams from Volume 2 are sent out closer to the time of the
seminar.
The seminar fee includes the study material. The contents of
the Exam MLC Study Guide are given below. The table of contents and an excerpt from
Volume I of the study guide in PDF form can be found at the following link:
Exam MLC Study Guide
Excerpt
EXAM MLC STUDY GUIDE
The study guide is separated into two volumes.
Volume I -Life Contingencies
- The material is divided into 32 sections with
topics presented in sequential order. The sections
consist of comprehensive notes and summaries and
include a total of about 150 detailed examples and
about 160 exercises in the notes sections. There are
also 8 problem sets with almost 300
problems and detailed solutions. Many of the examples and problems in the problem sets
are from past SOA examinations.
Volume II Probability Theory and Practice Exams
- Multi-state
transitional models and Poisson processes are
covered in separate sections of notes with examples
and with separate problem
sets. There are also 12
practice exams with detailed solutions in Volume 2
and the May 2007 MLC exam with detailed solutions.
Exam MLC Study Guide Errata List
Participants are urged to thoroughly review the study guide material and exam catalog
reference material prior to the seminar.
I have prepared a suggested pre-seminar study schedule for
Exam MLC: Exam MLC Study Schedule
Exam MLC can be divided into the two topics of life
contingencies (85%), probability (multi-state transition
models, and Poisson processes) (15%); these are estimated
weights, but the actual weights will become known when a
sample exam is released.
DETAILED SEMINAR SCHEDULE
The seminar will be conducted according to the following schedule:
Day 1
9:00
10:00 |
- |
Bowers
Chapter 3, mortality notation, force of mortality,
life table, complete and curtate expectation
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10:10
11:00 |
- |
DeMoivres
Law, exponential survival model, additional life
table functions, central rate of mortality,
fractional age assumptions |
|
11:10
12:00 |
- |
select and ultimate
mortality, discrete term and whole life insurance |
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12:00
1:00 |
- |
Lunch |
|
1:00
2:00 |
- |
Discrete
and continuous life insurance valuation, present
value random variable Z, actuarial present value
E[Z], variance Var[Z], varying insurance
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2:10
3:00 |
- |
Insurance
valuation under DeMoivres Law and under the exponential
survival model, the normal approximation applied
to an aggregate present value random variable, |
|
3:10 4:10 |
- |
Discrete
and continuous life annuity valuation, additional
annuity relationships, m-thly payable annuities |
|
4:20
5:00 |
- |
The
loss-at-issue random variable |
Day 2
9:00
10:00 |
- |
Annual premium calculation
methods and the equivalence principle,
premiums
for fully continuous and fully discrete policies |
|
10:10 11:00 |
- |
The
loss-at-issue variance, semicontinuous and m-thly policy
premiums |
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11:10
12:00 |
- |
Prospective loss, prospective reserve formulations, reserve
relationships for whole life and endowment policies |
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12:00 1:00 |
- |
Lunch |
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1:00 2:30 |
|
Retrospective reserve
formulations, reserves for general policies, recursive reserve
relationships, policies whose death benefit includes the
reserve |
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2:40 3:30 |
- |
The joint life and last survivor status, common
shock model |
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3:40 5:00 |
- |
Joint
life and last survivor insurance and annuity valuation,
contingent probability and insurance |
Day
3
9:00 10:00 |
- |
Multiple
decrement probabilities and the service table
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10:10 11:00 |
- |
Associated
single tables and relationship to multiple decrement
probabilities, discrete decrements, valuation of
multiple decrement benefits |
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11:10
12:00 |
- |
Expense loaded premiums
and reserves, asset shares |
|
12:00
1:00 |
- |
Lunch |
|
1:00 2:15 |
- |
Poisson processes |
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2:30
3:45 |
- |
Multi-state models |
To register for the seminar, you can use the on-line
pre-registration form on the home page , or use the
mail-in registration form , or e-mail me directly at 2brove@rogers.com.
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