Foundation of casualty Actuarial Science, Part1 Paper is the discipline that applies statistical and mathematical methods to assess risk in the insurance as well as in the finance industries. As there is a blooming rise of finance and insurance firms, this course is in great demand among the students now days.

Paper Description:

Foundation of casualty Actuarial Science includes study of a number of interrelated and highly conceptual subjects, such as probability, mathematics, statistics, finance, economics, financial economics and computer programming. Candidates pursuing this course are groomed and trained on all the above subjects. The study highlights five criteria to rank jobs; environmental, income, physical demand, employment outlook and stress.

Frequently asked questions:

Some of the highlighted topics and questions that student faces in Foundation of casualty Actuarial Science, Part 1 Papers are:

•    Derivations of continuous premium and formula of fully discrete benefit reserves.
•    Questions on, detail paid-up insurance and benefit reserves at fractional durations.
•    Gompertz-Makeham’s laws; state the mortality assumptions under this law.
•    Derive and explain Retrospective formula and for fully discrete benefit reserves.

Paper pattern:

Foundation of casualty Actuarial Science, Part 1 Papers consists of two sections, i.e., section A and Section B. Section A consists of seven to eight questions from which the students have to attend five. Each question holds eight marks and the entire marks allotted to this section is forty. The questions in this section may or may not have a sub part. Section B consists of five long answer type questions, each question having twenty marks. The candidates have to attend three out of those five questions. The entire section comprises of sixty marks.

The entire paper holds 100 marks and the total time allotted for its completion is three hours.

Recommended books:

Fundamental Concept of Actuarial Science, by Charles L. Trowbridge
Actuarial Science: an elementary manual, by Glen, Ninian

Download IRDA, Insurance Institute of India, Foundation of casualty Actuarial Science, Part I Papers

• Download IRDA, Insurance Institute of India, Foundation of casualty Actuarial Science, Part I Question Paper 1
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