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24 Pages

### lect9

Course: FIN 431, Fall 2009
School: Lake County
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Word Count: 591

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for Review the First Exam Describe Exam Review Major Topics Provide Study Tips and Exam Strategies Sample Exam First Exam When and Where? Thursday, February 14, 2008 10:00-11:20 am In this classroom First Exam 20 Questions in Total Exam is Worth 30 Points. Some True/False or Multiple Choice Others Short Answer or Calculations Exam is Open Book, Open Note Bring Calculator (that you are familiar with using) and...

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for Review the First Exam Describe Exam Review Major Topics Provide Study Tips and Exam Strategies Sample Exam First Exam When and Where? Thursday, February 14, 2008 10:00-11:20 am In this classroom First Exam 20 Questions in Total Exam is Worth 30 Points. Some True/False or Multiple Choice Others Short Answer or Calculations Exam is Open Book, Open Note Bring Calculator (that you are familiar with using) and Auto and Homeowners policies Management of mutual insurers are immune to a hostile takeover by a new owner. A) B) C) D) True False Not enough information to determine None of the above The pure premium is the total of expected claims and expenses on an insurance policy. A) True B) False C) Not enough information to determine D) None of the above An Insurance Producer (agent or broker) has all of the following duties to an insured except which one: A) Analyze the client's risks and needs. B) Sell a policy that reasonably suits the insurer's needs. C) Help with claims. D) Make sure the insured is always getting the lowest premium rate available. E) All of the above are duties Calculate the gross premium using the pure premium method based on the following information: Loss frequency 10% Loss severity \$900 Fixed expenses \$100 Variable expenses 50% A) \$90 B) \$200 C) \$380 D) \$2000 E) None of the above How do you calculate the combined ratio? A) Loss ratio plus loss adjustment expense ratio B) Loss ratio plus expense ratio C) Loss ratio plus expense ratio minus investment income ratio D) Loss ratio plus expense ratio plus investment income ratio E) None of the above Topics the Exam Covers Overview of Insurance Operations (Measurement of Insurer Performance) Marketing and Distribution Systems Underwriting Claims Adjusting Ratemaking Loss Reserving Reinsurance Study Homework Tips Review Assignments If you have not been doing well on the assignments, then you probably need to read the texts (on reserve in Undergrad Library) Review Class Projects (available online) Do not memorize material, but know where it is located, if you need to look it up Have organized notes Exam Strategies Answer all the questions you can answer without using your book and detailed notes first. Then, if you have time, use your book and detailed notes to help you answer the remaining questions. Do not get bogged down on a particular question. Skip it and come back, if you have time left. Class Project 9 Work on this class project with 1-2 other students. You will record your answers using your i-clicker. If you do not have an i-clicker, let me know before we go over the answers. Question 1 A) B) C) D) True False Not enough information to determine None of the above Question 2 A) B) C) D) True False Not enough information to determine None of the above Question 3 A) B) C) D) True False Not enough information to determine None of the ab...

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Lake County - FIN - 431
Finance 431: Property-Liability Insurance Lecture 8: ReinsuranceReinsuranceIntroduction Types of Reinsurance Types of Reinsurers Uses of Reinsurance New DevelopmentsIntroduction to ReinsuranceWhat is reinsurance? Insurance for insurance companies How
Lake County - FIN - 431
Finance 431: Property-Liability Insurance Lecture 7: Loss ReservingAnatomy of a claimLoss ReservingIncurred loss development Accident Year 2002 2002 IBNR 2003 \$10,000 2004 \$18,000 2005 \$23,000 2006 \$43,000 2007 \$32,00012/15/02 Auto accident 12/20/02 I
Lake County - FIN - 431
Finance 431: Property-Liability Insurance Lecture 4: Marketing and Distribution SystemsMarketing and Distribution SystemsMarketing - developing strategies to get and keep customers Measuring the market (2006) Premium volume \$444 billion Number of insure
Lake County - FIN - 431
Finance 431 Class Project #12 Names:_ _ _ Work in groups of 2 or 3. At least one person should have taken Fin 230. For each of the following cases decide if you think that the individual in each case should be legally liable. Liability could be based on n
Lake County - FIN - 431
Finance 431 Class Project #9 Sample Exam KEY These questions are designed to give you an idea of what to expect on the First Exam. Work on these questions in a team of 23 people. For the first exam, you may use either the State Farm Car Policy we used in
Lake County - FIN - 431
Finance 431 Class Project #8 Names:_ _Zurich North America writes a \$35 million property insurance policy on a store with a \$5 million deductible. Zurich then purchases two reinsurance policies. One is a quota share policy that cedes 75% of each loss. Th
Lake County - FIN - 431
Finance 431 Class Project #6Names:_ _Find a partner for this exercise. Introduce yourselves, if you don't already know your partner. You both work for a company that insures prizes for sporting accomplishments, specifically \$1 million awards for getting
Lake County - FIN - 431
Finance 431 Class Project #7 Names: _ _Find a partner for this exercise that you have not worked with before. Introduce yourselves, if you don't already know your partner. An automobile accident occurred on October 15, 2005. The company established a cas
Lake County - FIN - 431
Finance 431 Class Project #5 Find a partner for this exercise. Introduce yourselves if you dont already know each other. List both of your names below: _ _You are working as a claims adjuster and have the following cases: 1. The insured is a part time co
Lake County - FIN - 431
Finance 431 Class Project #4 Form groups of three or four students for this exercise. Introduce yourselves if you don't already know each other. List all of your names below: _ _ _ _ Your group represents a marketing consulting firm. You have been hired b
Lake County - FIN - 431
Finance 431 Class Project #3 Find a partner for this exercise. The person whose last name is first alphabetically will be the applicant for insurance. The other person will be the underwriter. Applicant: _ Underwriter: _ The underwriter works for a homeow
Lake County - FIN - 431
Finance 431 Class Project #1 List your name: _ For the following questions, assume you live in Illinois and own a car and a house. You have an auto insurance policy on your car and a homeowners insurance policy on your house. 1. Your two college student s
Lake County - FIN - 360
Lecture 30 Executive Benefits and Nonqualified Deferred Compensation Nonqualified Deferred Compensation Stock for Executives Restricted Stock Stock Options Incentive Stock Options Life Insurance Other Special Benefits Other Fringe BenefitsNonqualified
Lake County - FIN - 360
Lecture 28 Administration of Retirement Plans and Related Issues Plan Installation Plan Administration Investment Issues Plan Termination Pension Benefit Guaranty CorporationPlan Installation Adoption of the plan Plan year Advance determination letters
Lake County - FIN - 360
Lecture 29 Individual Retirement Arrangements History of IRAs Traditional IRAs Definition Contributions Rollovers Withdrawals Roth IRAs Education IRAsHistory of IRAs When IRAs were first allowed, anyone could contribute up to \$2000 to a deductible IR
Lake County - FIN - 360
Lecture 27 Plan Restrictions Aimed at Highly Compensated Employees Who is an HCE? Compensation ceiling Limitations on individual benefits Limitations on annual additions Top-Heavy plans Early termination rule for top 25 employees Federal estate tax provi
Lake County - FIN - 360
Lecture 26 Qualified Plan Distributions and Loans You are taxed on any distributions from qualified plans You are also subject to penalties if you take your money out: Too soon Too late Too little Too much Loans may be permittedToo Soon A 10% penalty
Lake County - FIN - 360
Lecture 24 Profit-Sharing and Similar Plans Trends Qualified Profit-Sharing Plans Savings Plans Employer Stock Plans Stock Bonus Plan Employee Stock Ownership Plan (ESOP) Errors in Text - Chapter 22Trends in Qualified Plans Most new plans are defined
Lake County - FIN - 360
Lecture 23 Pension Plan Funding Pension Plan Funding Instruments Actuarial Cost Methods Actuarial AssumptionsPension Plan Funding Instruments Trusts Grantor - employer Trustee - party holding funds Beneficiaries - employees Fiduciary responsibilities
Lake County - FIN - 360
Lecture 21 ERISA and Plan Qualification Requirements ERISA Impetus for this legislation SummaryEligibility and Participation Requirements Coverage Rules Vesting Retirement Age Other Federal Regulations Sex Discrimination Age DiscriminationEmployee R
Lake County - FIN - 360
Lecture 22: Pension Benefit Formulas Approaches to retirement plans Defined benefit plans Elements of defined benefit formulas Non-pay-related formulas Pay-related formulas Social Security integration Accrual rules Benefit forms Miscellaneous benefits
Lake County - FIN - 360
Lecture 19 Review for the Midterm ExamDescribe Exam Review Major Topics Provide Study Tips and Exam StrategiesMidterm Exam When and Where?Monday, October 21, 2002 2-2:50 pm 131 Animal Sciences LabMidterm Exam8-10 Questions in Total Some with Multiple
Lake County - FIN - 360
Lecture 17 Other Nonretirement Benefits Payments for time not worked Employee awards Other extra payments to employees No-additional-cost services and employee discounts Dependent Care Adoption assistance Wellness programs Employee assistance programs Fi
Lake County - FIN - 360
Lecture 16 Group Insurance Ratemaking Steps in Ratemaking Manual Rating Experience Rating Prospective RetrospectiveSteps in Ratemaking Determination of the unit price Determination of the total premium Goal is to have rates that are: Adequate Equitab
Lake County - FIN - 360
Lecture 15 Alternative Funding Methods Alternative to What? Reasons for Alternative Funding Methods General Categories Modify traditional contracts Partial or total self-funding Cost savingsReasons for Alternative Funding Methods Avoid mandated benef
Lake County - FIN - 360
Differences from Traditional Plans Current Market Share and Costs Health Maintenance Organizations Preferred-Provider Organizations Point-of-Service Plans Multiple-Option PlansLecture 12 Group Medical Expense Benefits: Managed Care PlansDifferences fr
Lake County - FIN - 360
Lecture 6 The Group Insurance Environment Cost Advantage of Group Insurance Characteristics of Traditional Group Insurance State Regulation Federal RegulationCost Advantage of Group Insurance Lower Commissions Lower Administrative Costs More Efficient
Lake County - FIN - 360
Lecture 10 Medical Benefits: The Changing EnvironmentHealth Care in United States Taxation Development of Medical Expense Coverage Cost Containment and Managed Care State Reforms Federal Role in Health Care Total costs in excess of \$1 trillion 14% of
Lake County - FIN - 360
Lecture 3 Employee Benefit Planning and Management What are the employers objectives? What types of benefits should be provided? How should the plan be funded? What provisions for controlling costs should be included? How should the plan be communicated?
Lake County - FIN - 360
Lecture 2 Introduction to Employee Benefits Why study employee benefits? Define &quot;employee benefits&quot; Show the significance of employee benefits Identify factors that have contributed to the growth of group insurance Describe job opportunities in the field
Lake County - FIN - 360
Finance/LIR 360 Employee Benefit Plans Professor: Stephen P. D'ArcyIntroductions About me (the instructor) About you (the students) Identify yourself List a benefit you would like in your first (or next) jobThe Three Most Important Factors Influencing
Lake County - FIN - 590
Applications of Advanced Science in the New Er a of Risk M anagement Qu an t nLee Smith, FCAS, MAAAPresenterum M tio ech a ma r h a os n i cs n f o en cel ex i t y a n d C I c SCiom pASSURATECHRapidly Changing Global Risk L andscape Unimagined new s
Lake County - FIN - 230
Today's Lecture #25 The Insurance InstitutionHistorical Development Types of Private Insurance Organizations Government Insurance Programs Careers in InsuranceHistorical DevelopmentBabylonian Merchants - Robbery Code of Hammurabi - Adoption Annuity Gre
Lake County - FIN - 230
Today's Lecture #23 Social SecurityCan We Afford to Keep This Promise?2007 Trustees Report Actuarial Assumptions Financial ProjectionsDefinitionsOASI DI HI Old Age and Survivors' Insurance (Pensions) Disability Insurance Hospital Insurance (Medicare P
Lake County - FIN - 230
Today's Lecture #19 Liability ExposuresTypes of Compensation Basis for Liability Elements of Negligence Defenses Modifications Significance of the Liability Risk Sources of Liability Current IssuesForms of CompensationSpecial damages (economic damages)
Lake County - FIN - 230
Todays Lecture - #17Sample Whole Life Insurance PolicyBeneficiaries Payment of Policy Proceeds Life Insurance RidersSection 8 - Beneficiaries(Page 745) Succession in Interest of Beneficiaries Direct Beneficiaries Contingent Beneficiaries Further Payee
Lake County - FIN - 230
Today's LectureInsurance Contracts Applications and Binders Parts of the Contract Declarations Insuring Clauses Exclusions and Exceptions Conditions Endorsements and RidersApplicationThe potential insured offers to buy coverage by submitting an applica
Lake County - FIN - 230
Today's Lecture - #13 Review for First ExamExam is Wednesday, October 10, 2007 - 10-10:50 AM Room locations: VERY IMPORTANT - You will not be allowed to take the exam in the wrong room! Last Name Begins Exam Room A-K 100 MSEB L-Z 141 Wohlers Hall MSEB =
Lake County - FIN - 230
Welcome to Finance 230 Introduction to InsuranceProfessor Steve DArcy TAs: Brian Alvin (Head TA) Kathy Gu, Eric Lam, Bill Schneider, Neal Simons and Pan WongLets Learn About You and Try the i-clickersWhat year are you at the U of I?A) B) C) D) E) Fres
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MthSc 106LTest 1Version AStudent's Printed Name: _ Instructor: _Spring 2009 UC 2.1 3.8 CUID:_ Section # :_Read each question very carefully. You are NOT permitted to use a calculator on any portion of this test. You are not allowed to use any textboo
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National Taiwan University - CHEM - 861
E(1)=eEa/2E=2/(8ma2)+eEa/2H23=&lt;1|1&gt;&lt;2|1&gt;&lt;1|z|2&gt;=02,3=a2[1/4(16/92)2]
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2002 W. G. HarterChapter 1 Quantum Amplitudes and Analyzeers1-36Appendix 1.B. Complex Response of OscillatorsTo learn quantum theory it helps to know oscillators. A classical stimulated harmonic oscillator equation d 2z dz 2 + w0 z = a (1.B.1) 2 + 2G
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2001 W.G.HarterUnit 1 Wave Amplitudes1-35Appendix 1.A. Review of Complex AlgebraComplex algebra depends on (i2=-1) and the DeMoivre identities (1) or their inverses (2). eiwt = cos wt + i sin wt, (1.A.1a) cos wt = (eiwt + e-iwt)/2 (1.A.2a) -iwt = cos
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National Taiwan University - CHEM - 861
2002 W. G. HarterChapter 1 Quantum Amplitudes and Analyzeers1-2UNIT 1WAVE AMPLITUDES3CHAPTER 1. INTRODUCTION TO QUANTUM AMPLITUDES AND ANALYZERS 31.1 Beam Sorters 3 (a) Photon-beam polarization sorters . 5 (b) Electron-beam spin polarization sorte
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Fletcher Harper Haslett Heer Johnson Meleason Mrozik Quan Trease ZhangKerra Kandice Katherine Joseph Lindsay Daniel Michael Donghui Nicole Luyuan541/542 541/542 541/542 541/542 541/542 541/542 541/542 541/542 541/542 541/542Coe Coe Coe khaslett@chemist
National Taiwan University - CHEM - 861
CHEM 861 P8, Coe, Au 2004 1. Use Gaussian and Gausview for windows to input an assigned molecule, then optimize its structure with the ab initio HF/6-31G* method.CHEN SHENTAN DEY KRISHNA KISHOR FARLEY SAMANTHA G FLETCHER KERRA R HARPER KANDICE L HASLETT
National Taiwan University - CHEM - 861
CHEM 861 P7, Dr. Coe, Au 2004 1. Coupled Harmonic Oscillator a) Uncoupled. A particle of mass, m, is constrained to move in the xy-plane. It has the same Hooke's Law force constant, k, in the x and y directions. The Hamiltonian is2 2 2 2 ^2 ^2 ^2 ^2 ^ =
National Taiwan University - CHEM - 861
CHEM 861 P6, Dr. Coe, Au 2004 1. Use numerical Morse potential wavefunctions (such as can be output from the Mathcad program DVRgeneral.mcd) corresponding to your pair of diatomics to characterize the intensity expected upon photodetachment or photoioniza
National Taiwan University - CHEM - 861
2004 Chem861 Homework 3 Answer Key Problem 1 (Choose N2 as example) a) Gaussian input file for N2 optimization:%chk=n2_HF631gs.chk %mem=70MW 0proc=1 # opt hf/6-31g(d) guess=save geom=connectivity N2 Optimization 0 1 N N B1 1 2 3.0 21 1.40000000B1Resul
National Taiwan University - CHEM - 861
Chem861 2004 HW5 Answer Key Problem 1 Use N2+ as example a) Input file for optimization: # UHF/6-31g(d) OPT N2+ Optimization 12 N 0.0000 0.0000 0.0000 N 1.4000 0.0000 0.0000 Input file for single point scan: # scan uhf/6-31g(d) guess=save geom=connectivit
National Taiwan University - CHEM - 861
CHEM 861, Problem Set 3, Au 2004, Dr. Coe 1. Each member of the class has been assigned a diatomic molecule for Gaussian calculations of the potential energy vs bond distance. Vibrational wavefunctions will be obtained from these potentials. Gaussian and
National Taiwan University - CHEM - 861
CHEM861 Au04, Coe - Problem Set 2 1. Determine the orthonormal functions up to n=2 using Schmidt Orthogonalization (see the PDF or powerpoint file on our course web site) for the set of functions cfw_xn on the interval [-1,1]. Identify the famous name ass