graham
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Got it, thx! * https://battleactsmain.ca/wiki6c/CIA.FCT-1#Appendix_B%3A_P.26C_Risk_Categories
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Corrected, thx! * https://battleactsmain.ca/wiki6c/CCIR.Instructions#POP_QUIZ_ANSWERS
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Originally, I could not find the Excel file in the source text but the official CAS syllabus now has a direct link to the file so it's easy to find. I forgot to go back and change the note in the wiki. I noted the correction in the Study Tips sectio…
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@AndrewL - I sent you a message.
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You're on the right track with your understanding of deferred policy acquisition costs. In the context of GAAP (Generally Accepted Accounting Principles), when an insurance company acquires a new policy, costs like commissions, underwriting, and adv…
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Not quite. Stress-testing is more specific because it tests an entity's ability to withstand adverse conditions. Scenario testing is more general and just refers to seeing what happens under different conditions and those conditions don't have to be…
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The appendices should be included in the same syllabus reading as the main part of the reading. (At least they are in my copy.)
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The examiners' report actually provided 2 answers. The first answer said there was a duty for the excess insurer to defend, while the second answer said there was not a duty to defend unless the trigger for the excess policy was breached. Here's …
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The Supreme Court ruled there was no duty to defend because what the solicitor was accused of (fraud) was not covered by the policy. The outcome of the trial was irrelevant. The concept here is that if there is no duty to indemnify (because fraud is…
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For the storm example, no claims would have been associated with the storm as of the calculation date since it hadn't yet occurred, so it couldn't affect the prior year's financial statements. The entity would only be impacted after the storm, which…
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Sometimes exam questions draw from more than 1 reading. Here, you need the earthquake reading but also one of the readings on reinsurance further down in the Ranking Table. The concept of "reasonably self-evident" is discussed here: * https://b…
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Just to be sure, which example are you talking about? Is it the "BCAR Rating (Practice)" in this section: * https://battleactsmain.ca/wiki6c/BCAR.Cdn#Easier_Version The reason I ask is that the term "fixed income equity" is mixing 2 differe…
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There are a couple of BattleCards of "Lower Probability" on bifurcation. It isn't in the wiki or in the quizzes because I deemed it to be a topic of lesser importance. You can get to those BattleCards on the Quiz Filter page or use this direct link:…
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I agree, this is confusing. A similar question has already been asked in the forum which you can find here: * https://battleactsmain.ca/vanillaforum/discussion/43/overall-net-leverage-ratio See also footnote 3 in the BattleTable for the MSA…
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Just to make sure I understand exactly what you're asking, which exam problem(s) are you referring to?
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Fixed! Thx!
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The term used in the MSA Ratio source text is: "Overall Net Leverage". I shortened it in the wiki to "Net Leverage". The correct formula for this quantity is the first formula you listed above: * (NWP + Net Liability) / Equity There is o…
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When all else fails, just commit it to memory.
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Hi @AndrewL That was a typo. There shouldn't be an entry for AY 2022 in column (09). The numbers below are different but the table should have looked like this: (I fixed it for the web-based problem which should answer @HateExams99 )
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There is a long list of acronyms in the source text on pages 6-8. Just to review: * FRM is Flood Risk Management * EMA is Emergency Management Act * EMS Emergency Management Strategy * DFA is Disaster Financial Assistance The Task Force …
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The idea here is that government-enacted building codes should reduce societal impact on citizens because structures would be built to better withstand disasters. Also, buildings would not be allowed to be built in areas prone to disasters like floo…
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Based on my reading of the text, your calculation for the margin(FX) is correct. But I'm not sure about your Statement 1 above. I understand your thought process but technically, if there is a net long position, then there is no net short positio…
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I believe the value of dividends of $5,000 is being subtracted when calculating 2015 equity. Here's the excerpt from the examiners' report for that question:
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No, you don't need to study the removed cases, but the CAS sometimes flip-flops and it looks like the case "Tomec v Economical" is going back on the syllabus for 2023-Fall. We don't know for certain yet because the official syllabus has not been rel…
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My interpretation of the answer to the exam question referenced in the prior post is this: * the discount for auto can be different from the discount for property * the discount for a house cannot be different from the discount for a condo …
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I've edited the relevant BattleCards. Thx!
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The following questions on the 2022-Spring practice exams are outdated for 2023-Spring: * Practice Exam 1: 11, 12, 13, 14, 17 * Practice Exam 2: 12, 14, 17
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Apologies, please ignore my previous response. Unfortunately I will not have a new practice exam ready for 2023-Spring. I create roughly 1 new practice exam every year but they become outdated quickly because the syllabus for Exam 6-Canada changes v…
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Actually, I am working on a new one and I hope to have it done sometime this week.
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I've added a link to this thread in a couple of places in this reading: * https://battleactsmain.ca/wiki6c/CIA.IFRS17-LRC#Study_Tips * https://battleactsmain.ca/wiki6c/CIA.IFRS17-LRC#Section_1:_Introduction