Effective with the Spring 2014 administration Exam MLC – Models for Life Contingencies will change from being a strictly multiple-choice exam to one with both multiple-choice and written-answer components. As the syllabus for this examination has developed in recent years, the topics and methods included are increasingly difficult to test adequately using only multiple-choice questions. Along with the addition of written-answer questions, the length of the exam will increase from three hours to four hours.
It is not expected that the source material will change as a result of adding written-answer questions (though the syllabus will be continuously reviewed, as is currently the practice). However, it is expected that some of the learning objectives will change to reflect the responses appropriate for written-answer questions.
The following will apply to the revised Exam MLC:
- The exam will continue to be given twice per year.
- The exam will be four hours in length.
- The exam will be approximately 40% multiple choice and 60% written answer. This breakdown applies both to the allocation of points and the amount of time candidates are expected to work on each part.
- Candidates can allocate their time between multiple-choice and written-answer responses as they choose.
- It is expected that the multiple-choice questions will be more straightforward and thus require less time per question than the current MLC exam.
The new structure of this examination will use a unique grading process. Only candidates with scores above a certain threshold on the multiple-choice portion of the exam will have their written-answer portion graded. For those papers that are fully graded, passing will depend only on the total score.
More details on this development will be provided as they are available later in 2013
Actuarial Mathematics Life Contingent Risks 2nd Edition
Preface to the Second Edition
1. Introduction to life insurance
2. Survival models
3. Life tables and selection
4. Insurance benefits
5. Annuities
6. Premium calculation
7. Policy values
8. Multiple state models
9. Joint life and last survivor benefits
10. Pension mathematics
11. Yield curves and non-diversifiable risk
12. Emerging costs for traditional life insurance
13. Participating and universal life insurance
14. Emerging costs for equity-linked insurance
15. Option pricing
16. Embedded options
A. Probability theory
B. Numerical techniques
C. Simulation
D. Tables
References
Index.
Actuarial Mathematics for Life Contingent Risks 2nd Edition.pdf
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http://www.docin.com/p-708153649.htmlHow can actuaries best equip themselves for the products and risk structures of the future? In this groundbreaking textbook, three leaders in actuarial science give a modern perspective on life contingencies. The book begins with actuarial models and theory, emphasizing practical applications using computational techniques. The authors then develop a more contemporary outlook, introducing multiple state models, emerging cash flows and embedded options. This expanded edition contains more examples and exercises, and brand new material on discrete time Markov processes, on models involving joint lives, and on universal life insurance and participating traditional insurance. Balancing rigour with intuition, and emphasising applications, this textbook is ideal for university courses, for qualified actuaries wishing to update their skills, and for individuals preparing for professional actuarial examinations. The book covers the entire Society of Actuaries MLC syllabus and will be especially valuable for students preparing for the new, long answer style exam questions.
- Practical textbook incorporating the latest developments in actuarial science
- Covers the entire syllabus for the Society of Actuaries Exam MLC in 2014
- Second Edition includes brand new material and contains more examples and exercises