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? Decreasing the impact of undesirable events that do occur Evaluating the likelihood of future events All of these Designing creative ways to reduce the likelihood of undesirable events

2. In what 2002 hit movie was the main character an actuary? Jack Nicholson in "About Schmidt" Richard Gere in "Chicago" Ray Liotta in "Identity" 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? James Aetna Wallace Jordan Elizur Wright Frank Lloyd

4. Which of the following statements is false? 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. Actuaries obtain the FSA designation by passing exams sponsored by the Society of Actuaries. 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? upper case D lower case p lower case q lower case d

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

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 Net Premium Gross Premium Required Premium

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

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