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Want to be an actuary? Odds are, you’ll fail the test

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Re: Want to be an actuary? Odds are, you’ll fail the test

#161

Post by sjy »

poulsbohemian wrote: post #125
derbOac wrote: post #121

Earlier quoted context omitted.

Not to sound snarky, but this was my reaction as well. It's also the very nature of insurance: you get insurance to cover the rare but costly problems that arise. If they're not rare, you don't need insurance because you address the problems another way.

Yeah, that's exactly it. I know I've certainly spent spare brain cycles considering it, and there seem to be a number of startups trying to create cheaper title insurance, but it's not clear to me how to really solve the issue. Basically it's a human behavior and record keeping problem. You have to have perfect records, and you hope some estranged cousin doesn't magically popup with a deed someday claiming to own you…

Most other countries solved the issue a century ago with Torrens title.

Re: Want to be an actuary? Odds are, you’ll fail the test

#162

Post by dnadler »

lostlogin wrote: post #97
romwell wrote: post #57

Earlier quoted context omitted.

Side story about how satisfied people can be with the mandated insurance. I was on coast-to-coast road trip when I got into an accident in TX. Someone was trying to pass me on the left in a turning lane, veered into the incoming lane, and then hit my vehicle's front wheels from the back. The police ticketed the other driver, and told me that insurance will surely take care of that on my side. "Wow, it's worse than we…

Is there a ‘small claims’ court process in the US? Here in New Zealand there is a court process that is cheap and fairly efficient for low value claims. This sort of thing would probably sneak into that category.

Yes, there is, though the specifics vary (possibly significantly) by state

Re: Want to be an actuary? Odds are, you’ll fail the test

#163

Post by monkeybutton »

tzs wrote: post #153
xeRTRex wrote: post #118

One of the most frustrating aspects of the process is that once outside of insurance/insurance-adjacent industries, the credentials are useless. I have my FSA (fellowship of the SOA) and CERA (chartered enterprise risk analyst) from the SOA. I no longer wanted to work in insurance and left for data science. I felt the need to obtain a graduate degree to feel qualified enough for the data science space. My Master's de…

> you're constrained to legacy industries Is insurance really a legacy industry?

The incumbent companies in that space are.

Re: Want to be an actuary? Odds are, you’ll fail the test

#164

Post by erik998 »

xeRTRex wrote: post #118

One of the most frustrating aspects of the process is that once outside of insurance/insurance-adjacent industries, the credentials are useless. I have my FSA (fellowship of the SOA) and CERA (chartered enterprise risk analyst) from the SOA. I no longer wanted to work in insurance and left for data science. I felt the need to obtain a graduate degree to feel qualified enough for the data science space. My Master's de…

I liked watching these videos from Ostaszewski

https://www.youtube.com/watch?v=Jc335qIQZgg

https://math.illinoisstate.edu/actuary/faculty_staff/

https://math.illinoisstate.edu/krzysio/pass.html?_url=%2Fpas...

Re: Want to be an actuary? Odds are, you’ll fail the test

#165

Post by explodingman »

dragonwriter wrote: post #142
explodingman wrote: post #134

Earlier quoted context omitted.

The appropriate course is to sue the other driver directly and ignore the insurance company. A person cannot ignore a court summons, not even in Texas. The judge will know that the other driver's insurance will ultimately pay, so he can punish the insurance company for its intransigence by putting a heavy financial penalty onto the other driver.

> The appropriate course is to sue the other driver directly and ignore the insurance company. Yes, that's how you formally sue in an accident. It's not the hack you think it is, though, the insurance company defends the lawsuit, that's part of the insurance agreement. It's also specifically what OP was unwilling to do which resulted in the insurance company not paying, and why any “the judge should...” is missing th…

> If there was even the slightest expectation there would be a judge,

Okay, I'm confused. My anecdote, which comes from Australia, indicates a 100% expectation of a judge. Are you saying that in Texas, a $US6K matter is likely to be considered too vexatious/trivial to receive a trial?

Or is it actually possible to decline a lawsuit in the USA?

This is an "explain it to me like I'm five years old" moment. I really don't know what you guys are talking about.

Re: Want to be an actuary? Odds are, you’ll fail the test

#166

Post by aqualinux »

xeRTRex wrote: post #118

One of the most frustrating aspects of the process is that once outside of insurance/insurance-adjacent industries, the credentials are useless. I have my FSA (fellowship of the SOA) and CERA (chartered enterprise risk analyst) from the SOA. I no longer wanted to work in insurance and left for data science. I felt the need to obtain a graduate degree to feel qualified enough for the data science space. My Master's de…

Qualified actuary here also from UK. You're right about insurance being a legacy industry. In terms of the exams, if you can pass A-level maths, you can pass the actuarial exams. I found the main reason they were considered hard is not because of the subject matter, but due to the amount of content that had to be learned in a short space of time.

Re: Want to be an actuary? Odds are, you’ll fail the test

#167

Post by Aeolun »

xeRTRex wrote: post #118

One of the most frustrating aspects of the process is that once outside of insurance/insurance-adjacent industries, the credentials are useless. I have my FSA (fellowship of the SOA) and CERA (chartered enterprise risk analyst) from the SOA. I no longer wanted to work in insurance and left for data science. I felt the need to obtain a graduate degree to feel qualified enough for the data science space. My Master's de…

Based on the question in the article the skills you get from this would carry over.

Re: Want to be an actuary? Odds are, you’ll fail the test

#168

Post by lmm »

nicoburns wrote: post #156
dragonwriter wrote: post #117

Earlier quoted context omitted.

> The police report, however, did. Police reports are evidence that can support a finding of liability, but they are not a legal establishment of liability. There are very good reasons (the due process clause of the 14th Amendment comes to mind) why that should be the case, it's not a scam.. > Throwing ones hands up to say "well, of -course- the company is going to avoid paying anything out unless taken to a court of…

So you don’t think corporations have any responsibility to act ethically?

Corporations are no more ethical than wild animals. "Responsibility" doesn't enter into it, the fact is they don't understand human morality and can't be made to, so you have to handle them with that in mind.

Re: Want to be an actuary? Odds are, you’ll fail the test

#169

Post by lmm »

bobsmooth wrote: post #105
duckmysick wrote: post #62

Earlier quoted context omitted.

> Health insurance is a pretty terrible product. What's the alternative?

In addition to the other comments, it should be pointed out that not everyone needs car insurance but everyone will require medical attention at some point.

That's not true though? It's entirely possible to be healthy right up until the moment you die and never get into a situation that a doctor or hospital could help with.

Re: Want to be an actuary? Odds are, you’ll fail the test

#170

Post by aqualinux »

Denvercoder9 wrote: post #14

If the sample question is actually representative of the exam, I'm surprised that people that actually study for this fail that often. I haven't had any statistics education since high school, and found it fairly straightforward to solve.

Actuary here, having previously studied maths. I considered the exams hard not because of the level of understanding needed, but because of the amount of content that needed to be learned for each exam. I think most people studying A level maths can pass the exams.
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