Actuaries

15 Points Per Correct Answer - No time limit  

1. According to the web site www.beanactuary.org, an actuary would be an expert in which of the following? Evaluating the likelihood of future events Decreasing the impact of undesirable events that do occur Designing creative ways to reduce the likelihood of undesirable events All of these

2. In what 2002 hit movie was the main character an actuary? Ray Liotta in "Identity" Jack Nicholson in "About Schmidt" Richard Gere in "Chicago" Nicholas Cage in "Adaptation"

3. What actuary was known as the "Father of insurance" and did the RIGHT thing and compelled life insurance companies to offer cash values and hold reserves in the 1800's? Elizur Wright Frank Lloyd Wallace Jordan James Aetna

4. Which of the following statements is false? Actuaries obtain the FSA designation by passing exams sponsored by the Society of Actuaries. Actuaries must be certified by state boards like doctors and lawyers in order to practice. To certify a pension plan, the actuary must qualify by exam and experience as an Enrolled Actuary. Membership in the American Academy of Actuaries along with experience is required to certify Insurance Company reserves.

5. What is the actuarial notation designating the probability of death? lower case p lower case q lower case d upper case D

6. Approximately how many actuaries are there in the United States (defined as members of the Society of Actuaries)? 1,500 1,000,000 150,000 17,500

7. Which of the following tasks would an actuary perform? All of them Establish appropriate reserves for earthquakes, hurricanes and other disaster losses. Determine appropriate premiums to charge for an insurance policy. Determine the adequacy of the Social Security Trust Fund.

8. What is the premium for an insurance policy called that funds benefits and reserves? Single Premium Required Premium Gross Premium Net Premium

9. Which of the following is not a professional actuarial designation? F.C.A.S. F.S.A. C.L.U. M.A.A.A.

10. If you tell an actuary your vital statistics and health condition, he/she can tell you when you will die within an accuracy of 5 years? True False