Practice Test Geeks(CAS) Casualty Actuarial Society Practice Test
← All CAS Flashcard Decks

Actuarial Standards & Ethical Guidelines Flashcards

7 cards from real CAS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Actuarial Standards & Ethical Guidelines flashcards as text

  1. Under ASOP No. 36 (Statement of Actuarial Opinion for Property and Casualty Loss and Loss Adjustment Expense Reserves), the appointed actuary's opinion covers reserves as of:

    Answer: The statement date specified in the opinion

    ASOP No. 36 requires the opinion to pertain to reserves as of the specific statement date identified in the actuarial opinion.

  2. A 'qualified actuary' for purposes of signing the NAIC Annual Statement actuarial opinion must be a member in good standing of which organization?

    Answer: The Casualty Actuarial Society or the American Academy of Actuaries meeting P&C qualifications

    The NAIC requires the signing actuary to be a member of the CAS or an AAA member meeting the P&C qualification standards.

  3. Under the CAS continuing education requirements, what is the minimum number of continuing education (CE) hours required for a Fellow of the CAS in a two-year period?

    Answer: 30 hours

    CAS Fellows must complete at least 30 CE hours every two-year period to maintain compliance with professionalism requirements.

  4. Which ASOP most directly governs an actuary performing a ratemaking analysis for a personal automobile insurer?

    Answer: ASOP No. 13 (Trending Procedures in Property/Casualty Insurance)

    ASOP No. 13 specifically addresses trending procedures used in property/casualty ratemaking, making it most directly applicable.

  5. The concept of 'materiality' in actuarial standards primarily means that an item or assumption is material if:

    Answer: Its omission or misstatement would likely influence the decisions of intended users

    Materiality is defined by the potential influence on intended users' decisions, not by a fixed dollar threshold.

  6. An actuary who believes a principal is engaging in illegal activity is generally permitted to disclose confidential information under the CAS Code in which scenario?

    Answer: When required by applicable law or when necessary to prevent a significant harm to the public

    The Code permits disclosure of confidential information when legally required or when necessary to prevent significant public harm.

  7. Which of the following best describes the 'scope' section required in an actuarial report under ASOP No. 41?

    Answer: A statement of the tasks performed and the extent of the actuary's responsibility

    The scope section defines what tasks the actuary performed and the boundaries of actuarial responsibility for the work product.