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Actuarial Aspects of Product Development (IC 92): Previous year questions
The insurance institute of India conducts the III exam. Every year, the exam is held four times: once in March, once in May, once in September, and once in November. We are offering Recollected Questions (Memory-based Questions) for the Actuarial Aspects of Product Development (IC 92) exam. The maximum number of questions are repeated in each exam in these papers. As a result, Ambitiousbaba is providing you with a recollected Question on IC 92, Health Insurance.
These IC 92 Actuarial Aspects of Product Development Memory Previous year Questions can come in handy in the forthcoming Exam.
Actuarial Aspects of Product Development (IC 92) Previous Year Paper
- Initial advertising expenses would require to be compensated by premium of first few years
- Examples of initial fixed expenses
- Question on bi factor
- Questions on withdrawal rates
- Calculations on margin requirements
- Questions on ASM
- Types of riders
- The important dates in Chapter 1 have been asked in 3 questions
- Investment risk, mortality morbidity, reserves FCL Margins, Commissions, Product design had maximum questions.
- No questions from reinsurance and solvency ratio.
- No maths & only logic and analytical related problems. Read the text well. Only text syllabus was asked. Nothing out of text.
- Mortality problem and 3 other commission problems. Only two problems were asked on commission calculations. Rest all theory questions.
- Five questions from History of insurance -page 3 – year when it started – Life Insurance came to India from England, about bharat insurance company, Bombay mutual life insurance society, Indian Life Insurance companies Act.
- Product design & Type of Assurances – page no: 91,
- Annuity – page no: 97, Formula & cash flow method – page 120 – Occupation of the class – page 154- class III & Other questions.
- No Reinsurance questions. Please pay special attention to Cash flow method, formula method, all the years in chapter 1, insurable interest properties, page 14 table, page 21, Consumer grievances page 26, Price definition.
- Cost of benefits, administrative expense, immediate annuity, rider and more of analytical questions were asked
- The First Chapter emphasis on Insurance Products. Value of Premium = Value of Benefits.
- The premium depends on the product bases on the benefits derived from the insurance product.
- In current market scenario Insurance Costing is majorly focused on Interest Costs, Product related costs, cost of insurance cover etc.
- Types of product utility
- Question on stop loss reinsurance
- Many actuarial calculations on qx, Dx, premium receivable formula, equation of value, etc
- Questions on product design
- Group Insurance cover is similar to employer-employee Insurance
- Another term for riders
- Examples of legal expenses
- Questions on factors affecting withdrawal rates
- All formulas need to be remembered, there were questions covering all topics
IC 92 Memory Based Questions (Sept 2021)
- Oriental life insurance
2.Ins act 1912, 1938 -sec 45
- Political utility
- Clawback
- Regulatory system
- Profit testing
- Insurers association
- Pricing revenue level
- Cash flow and formula method
- Regular , interim , terminal bonus
- Mortality/ morbidity charge
- Annuity deferred , immediate
- Par /non par/ ulip endowment
- Joint life ,last survivor
- 7-8 numerical , death rate , prem calculation
- Bi factor
- Employer employee group
- Dependent insurance
- Occupational class
- Reteospective experience
- Interest rate risk
- Convexity
- Credibility analysis
- Withdrawl rates
- Distribution channel used to sell the contract
- Margin
- Capm model
- Mad
- Depende rate definition
- Marginal and non maginal cost
- Salaries expenses
- Need and type and benefit of reinsurance
- Rsm , solvency margin,
- Profit margin
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