Casualty Actuarial Society

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Syllabus of Examinations, 1915

Editor's Note

The first CAS Syllabus of Examinations appeared in the Proceedings of the CAS, Volume I, 1914-1915. Other information contained in this volume includes Minutes of the Inaugural Meeting, and Account of the First Dinner; Papers Presented November 7, 1914; Bibliographies; President's Address, February 19, 1915, "Our Problems" by I. M. Rubinow; Discussion of Papers Presented; and Review of Books and Publications.

Rules Regarding Examinations for Admission to the Society

The Council adopted on March 29, 1915, the following rules providing for the examination system of the Society:

  1. Examinations will be held on the first Wednesday and Thursday during the month of May in each year in such cities as will be convenient for three more candidates.
  2. Application for admission to examination should be made on the Society's blank form, which may be obtained from the Secretary-Treasurer. No applications will be considered unless received before the fifteenth day of March preceding the dates of examination.
  3. A fee of $5.00 will be charged for admission to examination. This fee is the same whether the candidate sits for one or two parts and is payable for each year in which the candidate presents himself. Examination fees are payable to the Secretary-Treasurer and must be in his hands before the fifteenth day of March preceding the dates of examination.
  4. The examination for Associateship consists of four parts. Not more than two parts can be taken in the same year and no credit will be given for the passing of any part unless all previous parts have been passed during the same or previous years.
  5. In the case of applicants not less than thirty years of age, who have had not less than five years' experience in actuarial or statistical work in insurance offices, the Council may, upon receipt of satisfactory evidence of general education, waive the passing of Parts I, II and III of the Associateship examination. Such applicants may thereupon become Associates by passing Part IV of the Associateship examination.
  6. Admission to Fellowship examinations is granted only to those who are associates of the Society. The examination for Fellowship is divided into two parts. No candidate will be permitted to present himself for Part II unless he has previously passed in Part I or takes Parts I and II in the same year. If a candidate takes both parts in the same year and passes in one and fails in the other, he will be given credit for the part passed.
  7. As an alternative to the passing of Part II of the Fellowship examination, a candidate may elect to present an original thesis on an approved subject relating to casualty or social insurance. Candidates electing this alternative should communicate with the Secretary-Treasurer as to the approval of the subject chosen. All these must be in the hands of the Secretary-Treasurer before the first Thursday in May of the year in which they are to be considered. Where Part I of the Fellowship examination the papers will be so arranged that will be necessary for the candidate to write on only three of the four prescribed topics in order to obtain full credit.
  8. In Part II of the Fellowship examination the papers will be so arranged that it will be necessary for the candidate to write on only three of the four prescribed topics in order to obtain full credit.
  9. Special attention is called to the following important exceptions to the above rules effective as respects the years 1915 and 1916. The first examinations of the Society will be held on Wednesday, October 6, 1915. In the case of candidates for Associateship presenting themselves at that time the passing of Parts I, II and III will be waived and the candidates will be required to take Part IV only. Examinations will be regularly held in May, 1916, but in the case of candidates for Associateship presenting themselves at that time the passing of Parts I and II will be waived and the candidates will be required to take Parts III and IV only. Commencing with 1917, candidates for Associateship will be expected to pass in all four Parts of the Syllabus.

Syllabus Of Examinations

For Enrollment As Associate

Part I:

  1. Elementary algebra up to and including the binomial theorem.
  2. Elementary plan trigonometry including the use of logarithms.
  3. Elementary plane analytical geometry.
  4. Double entry bookkeeping.

Part II:

  1. Advanced algebra.
  2. Elementary differential and integral calculus.
  3. Elementary calculus of finite differences.
  4. Theory of probability and least squares.

Part III:

  1. Compound interest and annuities-certain
  2. Theory of statistics
  3. Elements of the theory of life annuities and assurances, including the calculation of premiums and reserves for the simpler forms of policy.
  4. Elements of economics.

Part IV:

  1. Practical problems in statistics
  2. Policy forms and underwriting practice in casualty insurance, viz.: Personal accident, health, liability, workmen's compensation, fidelity, surety, plate glass, steam boiler, burglary, fly wheel, automobile, workmen's collective credit.
  3. Practical problems in insurance accounting and statistics, including the preparation of annual statements.
  4. Insurance law, including the more important statutes of the United States and Canada relating to casualty insurance.

For Admission As Fellow

Part I:

  1. Calculation of premiums and reserves for accident, sickness, workmen's compensation and other branches of casualty insurance.
  2. Inspection of risks; adjustment and settlement of claims.
  3. Investments of insurance companies.
  4. Current problems in workmen's compensation and other branches of casualty insurance.

Part II:

  1. Principles and history of social insurance.
  2. Compilation and use of census or other government statistics relating to population, mortality, invalidity, sickness, unemployment, old age and allied matters.
  3. Systems of invalidity, old age and unemployment insurance.
  4. Calculation of premiums for and valuation of pension funds.