Continuing Education & Professional Development 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 Continuing Education & Professional Development flashcards as text
Which of the following best characterizes the difference between an 'actuarial opinion' and an 'actuarial report'?
Answer: An opinion is a type of actuarial communication, while a report is a more comprehensive document
Under ASOP No. 41, an actuarial report is a document or presentation that sets forth actuarial findings, while an actuarial opinion is a specific form of actuarial communication expressing a conclusion.
A CAS member wants to earn CE credit by completing an online self-study course with a final assessment. This would most likely qualify as:
Answer: Organized activity CE
Structured online courses with assessments are generally classified as organized activity CE because they have defined learning objectives and a formal completion mechanism.
If a CAS member fails to meet CE requirements by the end of a two-year period, what is the typical consequence?
Answer: The member is considered non-compliant and may face membership consequences
Non-compliance with CE requirements results in the member being out of compliance, which can lead to membership consequences including suspension as determined by CAS policy.
The Precept in the CAS Code of Professional Conduct that addresses an actuary's obligation to not engage in false or misleading statements is:
Answer: Precept 4
Precept 4 prohibits actuaries from making false or misleading statements in the course of their professional activities.
Participation in which of the following CAS volunteer activities would most directly satisfy the professionalism CE requirement?
Answer: Presenting at a CAS seminar on professionalism topics
Presenting at a seminar specifically on professionalism topics directly satisfies the professionalism CE requirement because both the subject matter and format qualify.
Under CAS CE policy, what record-keeping obligation does a CAS member have regarding their CE activities?
Answer: Maintain records sufficient to demonstrate compliance if selected for audit
CAS members must maintain sufficient records of their CE activities to demonstrate compliance if they are selected for a CE audit.
An actuary employed by an insurance company is asked by their employer to sign a reserve opinion with assumptions the actuary believes are unreasonable. The correct course of action is to:
Answer: Refuse to sign unless the assumptions are changed to ones the actuary can support
An actuary may not sign an actuarial opinion with assumptions they believe are unreasonable; they must either have the assumptions corrected or decline to sign.