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Fall Meeting Agenda – November 5th, 2020 GoTo Virtual Meeting
Presentations will be available at https://www.casact.org/community/affiliates/bace/. The order of presentation and times may change in order to speakers, technological issues, and other circumstances.
ANTITRUST NOTICE
Midwestern Actuarial Forum
Fall 2020 Meeting Minutes
September 30, 2020 and October 1, 2020
Virtual Webinar
The Fall 2020 meeting of the Midwestern Actuarial Forum was called to order at 9:00 am on Wednesday, September 30, 2020 via virtual webinar by Ann Chai, President. There were 400 people registered for the webcast.
The meeting started with a welcome from Ann Chai.
Actuarial Inclusion, Equity and Diversity Update - Recent Developments and How To Get Involved
Presentation 1
Presentation 2 (SAGAA)
Presentation 3 (IABA)
Presentation 4 (OLA)
Links
CANE 2020 Fall Meeting Agenda
https://www.casact.org/community/affiliates/areca/2019-ARECA-Newsletter-Volume-1.pdf
CAS research committees have oversight responsibility for the various CAS research prizes, including those chosen as part of call paper programs. Certain prizes, such as the Hachemeister Prize and Michelbacher Significant Achievement Award, have a committee solely devoted to picking prizewinners. But, for call paper programs, a prize committee with a separate prize committee chairperson should be selected to coordinate each prize paper selection.
CAS research committees have oversight responsibility for the various CAS research prizes, including those chosen as part of call paper programs. Certain prizes, such as the Hachemeister Prize and Michelbacher Significant Achievement Award, have a committee solely devoted to picking prizewinners. But, for call paper programs, a prize committee with a separate prize committee chairperson should be selected to coordinate each prize paper selection.
It feels like an age of megadisasters, Case in point:
1992: Hurricane Andrew causes insured losses far beyond what experts predicted.
2008: Global markets melt down.
2020: Pandemic ravages the world.
Each of these events was devastating, but they had something else in common: Few saw them coming, but more people should have.
Publicizing the results of research projects is an important part of the job of the research committees and working parties.
Once research is completed, it is of little use to actuaries until it is adopted in their daily jobs. As a result, CAS research committees also work to make research accessible to the membership. Some of the techniques that have been employed include:
ACADEMIC COMMUNITY
MEETING AND SEMINAR FEE WAIVER PROGRAM FOR ACADEMICS
The CAS values the contributions of academics to the advancement of actuarial science and encourages academics to participate with practitioners at CAS meetings and seminars. Registration fees for CAS meetings and seminars are waived for up to three events per year for members of CAS Academic Central and full-time academic members of the CAS.
The Casualty Actuarial Society has developed a Property and Casualty Resource Library, created specifically for professors who teach actuarial science and related courses and are a member of Academic Central.
Join CAS Academic Central
The CAS Student Central Summer Program is returning for its second year to host an eight-week interactive professional and educational experience for university students. This free online program, designed by practicing actuaries, will support students’ career growth by providing technical and soft skill development, as well as mentorships and networking opportunities.
All CAS continuing education programs scheduled through July 2021 will be held virtually. Plans for events scheduled for the remainder of 2021, along with any new events, will be reflected in the online calendar as soon as decisions are made.
Learn more below:
Ratemaking, Product, and Modeling (RPM) Seminar | March 15-17, 2021
The three-day virtual RPM Seminar features:
Issues regarding the availability and cost of auto insurance for minority and low-income drivers continue to garner attention. Over the years, there have been a number of studies exploring the topics of disparate impact and fair and unfair discrimination by insurance companies in their underwriting and pricing practices.
The CAS has approved the following changes for the Fall 2021 syllabus. Other changes that may be made include modifications to Learning Objectives and Knowledge Statements, as well as edition changes to current citations.
All CAS exams administered in fall 2020 will be delivered via computer-based testing (CBT). While we previously announced that the CAS’s multiple-choice exams, MAS-I and MAS-II, would be the only exams transitioning to CBT in the fall, uncertainties about the effects of the novel coronavirus on the fall exam sitting necessitate also shifting CAS Exams 5-9 to CBT at this time.
CAS CEO Victor Carter-Bey shared his thoughts on why young professionals should consider a career in insurance, and more specifically as an actuary with credentials through the CAS, for the close of #InsuranceCareersMonth! See it here:
In reviewing a record number of appeals earlier this year, it was evident to the Examination Committee that there is still a misunderstanding about the role of the appeal process. Here are the basic concepts:
Beginning with the May 2012 examinations, the Examination Committee started publishing “Examiners’ Reports” for Exams 5 through 9. These reports include narratives for each question describing where points were achieved and where points were commonly missed by the candidates. The Examiners’ Report is an invaluable tool when preparing for an upcoming exam or consequently assessing missed opportunities on a prior exam. All candidates should read the reports from prior versions of the exam for which they are sitting.
The concept of the minimally qualified candidate (MQC) score is familiar to most candidates, but the process by which MQC scores are established tends to cause confusion. Continuing with our series of articles that (hopefully) help demystify the CAS admissions process, here is a description of the steps involved in setting MQC scores.
If you have recently sat for an upper-level exam, you may have noticed some new question types. Questions are now posed with an increased emphasis on thorough understanding and evaluation. These changes are part of an ongoing CAS process to develop questions that allow candidates to demonstrate a deep understanding of syllabus material.
Over the last several years, the CAS has gradually adjusted the upper-level exams to test the actuarial student’s knowledge at higher cognitive levels. One way to distinguish a higher-level Bloom’s question is that its answer cannot be succinctly captured on a notecard. In the past, committing to memory all the lists, definitions, calculations, and techniques previously tested was a good strategy for success. Today that is only part of the exam-success equation.
