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Chapter 8+9. Problem Solving (Advantages/Disadvantages (Risk, Reinsurance,…
Chapter 8+9. Problem Solving
The Exam:
Read the Question -
Large or small company
Mutual or Proprietary
What products
How many marks on offer
"Instruction" words -
List is short points,
Describe/explain, provide more meat with each point
Time per Question -
180/100 = 1.8 minutes per mark
Some parts are easier than others
Calculations are quick, get to the end
More time on tricky questions
Generate Ideas -
Look at it for all parties/stakeholders, what do they want?
List of all keywords in the course
Steps in a process
Refer back to ACC
Clues in question
Own experience
Similar questions points
Why, when, who, how and what?
Filter and Arrange Ideas -
Clear structure
Prioritise
Expand as number of marks increase - from list to describing to explanations to reccomendations
Instruction words and marks
All parts of the question
Wide range of points
Structured Answer -
Natural structure
Start at beginning to end
Use ACC as a guide
Use question structure if it is logical
Writing Your Answer -
Plan then write - time depending
Explain points
Use headings and spaces, blank lines
Avoid repeating, waffle
Advantages/Disadvantages
Risk
Reinsurance
Regulation
Reserves
Capital
Cost
Taxation
Time
Investment Returns
Inflation
Bargaining Power
Distribution Channel
Diversification
Underwriting
Premiums
Profit
Tricks
Pros and Cons - don't only highlight negatives, look at logic of solutions too
Don't elaborate on lesser points
Problem solve, think of ACC
Think of Risks:
Market Risk
Credit Risk
Management/operational
Re-read question
Simple, objective, verifiable
Time and Cost of marks
Every bullet point references he question
ANSWER THE QUESTION