Module 3 Resource Guide2014 Editionv4

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Certified Actuarial Analyst

Resource Guide
Module 3
2014/2015

November 2014

Disclaimer: This Module 3 Resource Guide has been prepared by and/or on behalf of the Institute
and Faculty of Actuaries (IFoA). The IFoA does not accept any responsibility and/or liability
whatsoever for the content or use of this resource guide. This resource guide does not constitute
advice and should not be relied upon as such. The IFoA does not guarantee any outcome or result
from the application of this resource guide and no warranty as to the accuracy or correctness of this
resource guide is provided.
Copyright: All material in this resource guide is the copyright material of the IFoA, unless otherwise
stated. Use may be made of these pages for non-commercial and study/research purposes without
permission from the IFoA. Commercial use of this material may only be made with the express, prior
written permission of the IFoA. Material provided by any third party and incorporated into this resource
guide, is likely to be the copyright material of that author. Permission to copy or otherwise use such
material must be obtained from the author.
Institute and Faculty of Actuaries (RC 000243)

Module 3
Long Term Actuarial Mathematics
Certified Actuarial Analyst
Resource Guide
Version 4 Updated 10 November 2014

Institute and Faculty of Actuaries

CAA Module 3 Resource Guide

2014 Edition V4

Welcome to the Resource Guide for Module 3 Long Term Actuarial Mathematics for the
Institute and Faculty of Actuaries Certified Actuarial Analyst qualification launched in 2014.
The purpose of this Resource Guide is to provide you with a one stop shop virtual guide to
all there is to know about this module: registration, contact us details, the syllabus,
assessment, learning resources, and questions and answers.
1.0

Entering for the Exams and IFoA Student Membership


Guidance on how to register for the Module 3 exam, what to expect at the exam
centre and contact details for inquiries can be found in the Student Actuarial
Analyst Handbook available on our website.
The handbook also contains information on what it means to be an Analyst Student
Member of the IFoA, including membership requirements and the IFoA Ethical Code.

2.0

CAA Course and Qualification Structure:


The CAA Qualification Structure
Module Title

Module Reference

Assessment

Fundamental Mathematics
& Statistics

CAA (0)

2 hour* Computer Based


Assessment

Finance and Financial


Mathematics

CAA (1)

2 hour* Computer Based


Assessment

Statistics and Models

CAA (2)

2 hour* Computer Based


Assessment

Long Term Actuarial


Mathematics

CAA (3)

2 hour* Computer Based


Assessment

Short Term Actuarial


Mathematics

CAA (4)

2 hour* Computer Based


Assessment

Models and Audit Trails

CAA (5)

3 hour examination

Online Professional
Awareness Test (OPAT)

OPAT

90 minute examination

*An additional 15 minutes will be allowed before the start of the exam for
administrative purposes which include agreeing to a statement of confidentiality,
reading instructions and working through basic sample questions which will enable
you to become familiar with the format of the exam.
In addition, students must complete at least one year of relevant work experience
(Work Based Skills), comply with the IFoAs ethical code and adhere to the IFoAs
Continuing Professional Development (CPD) requirements.

Institute and Faculty of Actuaries

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CAA Module 3 Resource Guide

3.0

2014 Edition V4

The Syllabus
The Module 3 syllabus can be found in Appendix One attached to this Resource
Guide.

4.0

Exam Preparation Recommended Study Hours


The actual amount of time each student needs to spend on a particular subject will
vary from student to student. Quality of study time is far more important than quantity
of study time. However, the following guidelines are suggested:

Module 0 - 4

Between 125 and 150 hours depending on


subject and an individual students past
educational background in the subject

Module 5

5.0

50 hours

Key Learning Resources


5.1

Face to face tuition


At the present time, there is no face to face tuition of which the IFoA is aware.
Please see Section 5.2 for online tuition provision.

5.2

Online Learning
There is one learning provider based in the UK that will be offering online
learning resources for the CAA qualification.
BPP Actuarial Education
www.bppacted.com
Email: [email protected]
Tel: +44 (0)1235 550005

6.0

Assessment for this module

This module is assessed by means of a 2 hour computer based examination


(with an additional 15 minutes before the start of the exam for administrative
purposes).

The module assessment comprises of 65 questions.

Pass standards Pass standards are set by the IFoA Examinations Board.
Details of pass standards for CAA Exams will be published as soon as
possible.

Institute and Faculty of Actuaries

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CAA Module 3 Resource Guide

7.0

2014 Edition V4

All exams will be administered through Pearson VUE test centres located in
regions across the globe. Please visit our Pearson VUE website and click on
Locate a test centre to find your nearest Pearson VUE testing centre.

Exam Centre Resources


7.1

Approved Calculator
The IFoA approved calculator for the Certified Actuarial Analyst exams is the
Texas Instruments TI-30 Multiview (with or without suffix). An example of
this model is shown below:

This will be the only physical calculator allowed into the exam. Please expect
your calculator to be checked by the proctors at the exam centre. This
process will include deleting any information stored on the memory of your
calculator.
Please note: Pearson VUE staff will not be issuing physical calculators
should you fail to bring your own IFoA approved calculator to the examination.
In the instance that you fail to bring your own IFoA approved calculator, an
on-screen scientific calculator will be available during the exam [see 7.2 below
for details].
The approved Certified Actuarial Analyst calculator is available to purchase
from our eShop.

7.2

On-screen Calculator
An on-screen scientific calculator will be accessible from all examination
screens during the entirety of the examination. Please find an example below
of an on-screen scientific calculator.

Institute and Faculty of Actuaries

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CAA Module 3 Resource Guide

7.3

2014 Edition V4

Formulae and Tables


An on-screen PDF of the Formulae and Tables will be available to access
from examination screens during the entirety of the examination. A screen
shot of how the on-screen Formulae and Tables will be laid out is shown
below.

It is strongly recommended that you make yourself familiar with the Formulae
and Tables before sitting the CAA exams. The Formulae and Tables book is
available to purchase from our eShop.
7.4

Making notes
Scrap paper, for use in the examinations, will be provided by Pearson VUE
staff. This will consist of a notebook that contains multiple erasable note
boards or individual erasable note boards, as well as an erasable fine tip
marker pen. You will have access to as many note boards as required and will
be able to use the note boards, as well as the marker pen, for the duration of
the exam.

Institute and Faculty of Actuaries

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CAA Module 3 Resource Guide

2014 Edition V4

Please note, for security reasons, Pearson VUE do not provide erasers for the note
board and pens.
Both the note board and pen will be collected by Pearson VUE staff upon completion
of the exam.
8.0

Sample Questions
A Module 3 Specimen Examination Paper with sample examination questions is
provided in Appendix Two attached to this Resource Guide. Only 20 sample
questions are listed in the Module 3 Specimen Examination Paper, although there will
be a total of 65 questions in the actual Module 3 examination. The questions found in
the specimen paper will not be included in the actual Module 3 examination.

9.0

Exam Centre Administration

To give you an idea of what you can expect when sitting your exam at a
Pearson VUE test centre, watch the short video on our website.

Before beginning your exam, 15 minutes will be allocated at the start in which
you will be required to agree to a Non-Disclosure and General Terms of Use
Agreement. You will also have the option to participate in an exam tutorial in
this time.
Please note that you must agree to the Non-Disclosure and General Terms of
Use Agreement in order to sit your exam. Failure to do so will result in your not
being permitted to sit your exam.

Please make yourself familiar with the IFoA and Pearson VUE testing policies.
These can be found in the Guide to Module 0 and the Student Handbook as
well as by logging in to your Pearson VUE online account.

Institute and Faculty of Actuaries

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CAA Module 3 Resource Guide

Institute and Faculty of Actuaries

2014 Edition V4

Page 8

CAA Module 3 Resource Guide

2014 Edition V4

Module 3
Long Term Actuarial Mathematics
Certified Actuarial Analyst
Syllabus
Version 4 updated 10 July 2014

Institute and Faculty of Actuaries

Page 1

CAA Module 3 Resource Guide

2014 Edition V4

Aim
The aim of the Long Term Actuarial Mathematics syllabus is to provide a grounding in the
mathematical techniques which can be used to model and value cashflows dependent on
death, survival, or other uncertain risks arising in pensions and life insurance
Note: Where appropriate in the TOPICS within this syllabus only gross premium and
gross premium reserves are covered (net premium reserves are not required).

TOPIC 1
Simple Assurance and Annuity contracts; formulae for the mean and
variance of the present value of payments under these contracts
(assuming deterministic interest)
Indicative study and assessment weighting 10%

Learning Objectives

(i)

Define the following terms:


(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)

whole life assurance


term assurance
pure endowment
endowment assurance
critical illness assurance
whole life level annuity
temporary level annuity
guaranteed level annuity
premium
benefit

including assurance and annuity contracts where the benefits are deferred
(ii)

Define the following probabilities: n|mqx , n|qx together with their select
equivalents n|mq[x]+r , n|q[x]+r .

(iii)

Determine expressions in the form of sums for the expected present value of
benefit payments under each contract in 1(i) above, assuming that death benefits are
payable at the end of the year of death and that annuities are paid annually in
advance or in arrears. Where appropriate, simplify these expressions into a form
suitable for evaluation by table look-up or other means

(iv)

Define the symbols Ax , Ax:n , Ax:n , Ax1:n , ax , a x:n ,

a
m x:n

, ax , ax:n ,

ax:n

and their select and continuous equivalents


(v)

Apply the annuity factors in 1.(iv) above to allow for the possibility that payments are
more frequent than annual but less frequent than continuous

(vi)

Describe the different types of mortality table and be able to use them including ways
in which future improvements can be allowed for

Institute and Faculty of Actuaries

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CAA Module 3 Resource Guide

2014 Edition V4

TOPIC 2
Practical methods of evaluating the expected values of contracts
as defined in TOPIC 1
Indicative study and assessment weighting 15%

Learning Objectives

(i)

Describe the life table functions lx and dx and their select equivalents l[x]+r and
d[x]+r .

(ii)

Define the following life table probabilities in terms of the functions in 2(i)
n px , nqx , n|m qx

together with their select equivalents n p[x]+r , nq[x]+r , and

n|mq[x]+r .

(iii)

Define the expected values in objective 1 (iii) in terms of the functions in 2 (i) and 2
(ii)

(iv)

Evaluate the expected values in objective 1 (iii) by table look-up

(v)

Determine approximations for, and hence evaluate, the expected values in objective
1 (iv). in terms of those in objective 1 (iii)

Institute and Faculty of Actuaries

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CAA Module 3 Resource Guide

2014 Edition V4

TOPIC 3
Gross premiums for Life insurance and annuity contracts
Indicative study and assessment weighting 15%

Learning Objectives
(i)

List the types of expenses incurred in writing a life insurance contract

(ii)

Describe the types of expenses incurred in writing a life insurance contract

(iii)

Describe the influence of inflation on the expenses listed in 3(ii)

(iv)

Describe the premiums and reserves of simple insurance contracts

(v)

Calculate, using ultimate or select mortality, the premiums and reserves of simple
insurance contracts

(vi)

Define premiums for the insurance contract benefits in objective 1(iii). (Note:
Premiums and annuities may be payable annually or continuously. Benefits may be
payable at the end of the year of death, immediately on death, annually, or
continuous)

(vii)

Calculate premiums for the insurance contract benefits in objective 1(iii) using the
equivalence principle. (Note: Premiums and annuities may be payable annually or
continuously. Benefits may be payable at the end of the year of death, immediately
on death, annually, or continuous)

Institute and Faculty of Actuaries

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CAA Module 3 Resource Guide

2014 Edition V4

TOPIC 4
Gross Premium Reserves
Indicative study and assessment weighting 10%

Learning Objectives
(i)

State why an insurance company will set up reserves

(ii)

Describe prospective and retrospective reserves

(iii)

Define and evaluate prospective and retrospective reserves in respect of the


contracts in objective 1(iii), with premiums as in 3 (vi) and (vii)

TOPIC 5
Calculating gross premiums and gross premium reserves for increasing
and decreasing benefits and annuities using ultimate or select mortality
Indicative study and assessment weighting 15%

Learning Objectives
Note: These objectives extend the techniques identified in TOPIC 2
(i)

Calculate the expected present value of an annuity, premium, or benefit payable on


death, which increases or decreases

(ii)

Calculate premiums and reserves for contracts with premiums and benefits payable
on death, which increases or decreases

(iii)

Calculate the expected present value of an annuity, premium or benefit payable on


death, which increases or decreases by a constant monetary amount at various
times

(iv)

Calculate premiums and reserves for contracts with premiums or benefits which
increases or decreases by a constant monetary amount at various times

(v)

Define a with profits contract

(vi)

List the types of bonus that may be given to with profits contracts

(vii)

Calculate premiums and reserves for with profits contracts

Institute and Faculty of Actuaries

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CAA Module 3 Resource Guide

2014 Edition V4

TOPIC 6
Straightforward functions involving two lives
Indicative study and assessment weighting 10%

Learning objectives

(i)

Extend the techniques in TOPICS 1-5 to deal with cashflows dependent upon the
death or survival of either or both of two lives

TOPIC 7
Modelling cash flows contingent on risks
Indicative study and assessment weighting 5%

Learning objectives
(i)

Describe methods which can be used to model cashflows contingent upon competing
risks

(ii)

Use a multiple-state Markov Model to value the expected cashflows that are
contingent upon multiple transition events, in the case of discrete cashflows only,
including simple sickness insurance benefits and premiums

(iii)

Use a multiple decrement model to value the expected cashflows that are contingent
on multiple decrement events, such as simple pension scheme benefits (note:
commutation functions are not required)

(iv)

Describe the construction and use of multiple decrement tables, including the
relationships with associated single decrement tables, assuming forces of transition
are constant over single years of age

Institute and Faculty of Actuaries

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CAA Module 3 Resource Guide

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TOPIC 8
Techniques of discounting emerging costs for use in
pricing, reserving, and assessing profitability
Indicative study and assessment weighting 10%

Learning objectives

(i)

Describe the technique of discounted emerging costs, for use in pricing, reserving,
and assessing profitability

(ii)

Describe the main features of a unit-linked contract

(iii)

Evaluate expected cashflows for whole life, endowment and term assurances,
annuities, and unit-linked contracts

(iv)

Apply a profit test to simple annual premium contracts of the types listed in 8(ii) and
determine the profit vector, the profit signature, the net present value, and the profit
margin

(v)

Show how the profit test may be used to price a product

(vi)

Show how the profit test may be used to determine non-unit reserves for unit-linked
contracts

Institute and Faculty of Actuaries

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CAA Module 3 Resource Guide

2014 Edition V4

TOPIC 9
The principal forms of heterogeneity within a population
and the ways in which selection can occur
Indicative study and assessment weighting 10%

Learning objectives
(i)

State how the following factors contribute to the variation in


mortality and morbidity, specifically:
(a)
(b)
(c)
(d)
(e)
(f)

(ii)

occupation
nutrition
housing
climate/geography
education
genetics

Define the following forms of selection:


(a)
(b)
(c)
(d)
(e)

temporary initial selection


class selection
time selection
spurious selection
adverse selection

(iii)

Explain how selection can be expected to occur amongst individuals taking out each
of the main types of life insurance contracts listed in TOPIC 1, or amongst members
of large pension schemes

(iv)

Explain how decrements can have a selective effect

(v)

Explain why it is necessary to have different mortality tables for different classes of
lives

(vi)

Explain the theoretical basis of the use of risk classification in life insurance

(vii)

Explain the impact of the availability of genetic information on risk classification in life
insurance

(viii)

Explain the concept of a single figure index and its advantages and disadvantages for
summarising and comparing actual experience

(ix)

Define, and illustrate the use of the terms: crude mortality rate, directly standardised
and indirectly standardised mortality rate, standardised mortality ratio, and illustrate
their use

END OF SYLLABUS

Institute and Faculty of Actuaries

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CAA Module 3 Resource Guide

2014 Edition V4

APPENDIX TWO

Module 3
Long Term Actuarial Mathematics
Certified Actuarial Analyst
Specimen Examination Paper

Please Note: This Specimen Examination Paper acts as an example of


the types of questions that will appear in the Module 3 Exam Paper.
Although only 20 sample questions are listed in this specimen paper,
there will be a total of 65 questions in the actual Module 3 examination.
The questions found in the Module 3 Specimen Examination Paper will
not be included in the actual Module 3 examination.

Institute and Faculty of Actuaries

Page 9

CAA Module 3 Specimen Examination Paper

2014 Edition

A product pays out a sum assured if, and only if, the policyholder is alive at the end of a fixed
term is called.
Identify this type of product.
A

an endowment assurance

a pure endowment

a term assurance

a temporary annuity

Answer: B
2

An individual aged 65 exact purchases an annuity which is to be payable annually in advance


starting from age 75 and continuing for twenty years or until earlier death.
Identify which of the following symbols represents the value of the annuity described.
A

10

a65:20

10

a75:20

a65:20

65:20

Answer: A
3

Define what is represented by the symbol


A

The probability that a life aged [x], subject to select mortality, survives until age
[x]+r.

The probability that a life aged [x], subject to select mortality, dies before age [x]+r.

The number of lives still alive at age [x]+r out of lives alive at age [x], subject to
select mortality.

The number of lives who have died by age [x]+r out of lives alive at age [x], subject
to select mortality.

Answer: C

Institute and Faculty of Actuaries

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CAA Module 3 Specimen Examination Paper

2014 Edition

Consider the following information:

l35 = 9894.4299

l50

= 9712.0728

l40 = 9856.2863

l55

= 9557.8179

l45 = 9801.3123

l60

= 9287.2164

Calculate 1510 q35 on the basis of this information.


A

0.0094

0.0184

0.0429

0.0520

Answer: C
5

An endowment assurance policy of amount 1 is sold. The benefit is payable at the end of the
year of death to a life initially aged 35 exact, with a term of 10 years.

Basis
Mortality:
Interest:

AM92 Ultimate
6% per annum

Calculate the expected present value of this policy.


A

0.007

0.553

0.560

0.648

Answer: C
6

Identify which of the following would be classified as a direct expense on a life insurance
contract.
A

taxation on company profits

commission on policy sales

rent on office premises

dividends paid to shareholders

Answer: B

Institute and Faculty of Actuaries

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CAA Module 3 Specimen Examination Paper

2014 Edition

An insurance company issues a whole life assurance policy to a life aged 40 exact. The sum
assured of 100,000 is payable immediately on death. Premiums are payable annually in
advance for a term of twenty years or until earlier death.
Basis
Mortality:
Interest:
Expenses:

AM92 Select
6% per annum
Initial:
50% of the first premium payable
Renewal:
5% of the second and subsequent premiums payable
Terminal:
5,000 payable at the time of the claim

Calculate the premium payable for this policy, correct to the nearest 10.
A

1,020

1,050

1,180

1,210

Answer: D
8

A man aged 75 exact wishes to buy a single life non-increasing annuity. He has a lump sum of
250,000 available and has approached an insurance company for a quotation. The annuity will
be paid annually in advance until the policyholders death.
The insurance company uses the following basis to price annuities:

Basis
Mortality:
Interest:
Expenses:

AM92 Select
4% per annum
Initial:
5,000
Renewal:
5% of the annual benefit, payable from the start of the
second policy year

Calculate the annual benefit payable, correct to the nearest 100.


A

27,000

27,500

28,700

29,300

Answer: A

Institute and Faculty of Actuaries

Page 12

CAA Module 3 Specimen Examination Paper

2014 Edition

A life insurance company issued a number of endowment assurance policies to lives aged 25
exact. The policies had a term of 35 years with a benefit of $40,000 payable at the end of the
year of death, or on survival to the end of the term. The level premium , payable annually in
advance, was $600 per policy.
Basis
Mortality:
Interest:
Expenses:

AM92 Ultimate
4% per annum
Initial:
100% of the first premium payable
Renewal:
2% of the second and subsequent premiums payable
Terminal:
$500 payable at the time of the claim

Calculate, correct to the nearest $100, the gross prospective reserve per policy at the end of
the tenth year of one of these contracts.
A

$5,700

$6,100

$6,700

$15,500

Answer: B
10

Define, in the context of a life insurance contract, the expected present value of future outgo
minus the expected present value of future income.
A

the retrospective reserve

the prospective reserve

the sum assured

the gross premium

Answer: B
11

A contract is issued where the benefit can be increased, at the discretion of the insurer,
following a valuation showing a surplus of assets over liabilities.
Identify this type of contract.
A

a surplus contract

a unit-linked contract

a reinsurance contract

a with profits contract

Answer: D

Institute and Faculty of Actuaries

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CAA Module 3 Specimen Examination Paper

12

2014 Edition

A company issues whole life assurance contracts to policyholders aged 40 exact. The sum
assured, payable at the end of the year of death, is 100,000 in the first year, increasing each
year by 5,000. Premiums are payable annually in advance during the policyholders lifetime.
Basis
Mortality:
Interest:
Expenses:

AM92 Ultimate
4% per annum
Ignore

Calculate the annual premium payable, correct to the nearest 10.


A

1,150

1,210

3,080

3,140

Answer: C
13

A bonus system is used where the annual bonus is a percentage of the sum assured plus
bonuses added in the past, such that the total benefit increases exponentially over the term of
the policy.

Identify this type of bonus system.


A

a compound bonus system

a simple bonus system

an exponential bonus system

an increasing bonus system

Answer: A
14

A male and a female are both aged 65 exact.


Basis
Mortality (male life):
Mortality (female life):

PMA92C20
PFA92C20

Calculate the probability that exactly one of them will be alive in ten years time.
A

0.012

0.082

0.117

0.199

Answer: D

Institute and Faculty of Actuaries

Page 14

CAA Module 3 Specimen Examination Paper

15

2014 Edition

A life company issues an annuity contract to a male and female, both aged 55 exact. The
benefit is payable annually in advance under the following conditions:

While both lives are alive the benefit is $10,000 per annum.
Should the male life die first, the benefit falls to $5,000 per annum, ceasing on the death of
the female life.
Should the female life die first, the benefit ceases to be paid.
No benefit is payable once both lives have died.

Basis
Mortality (male life):
Mortality (female life):
Interest:
Expenses:

PMA92C20
PFA92C20
4% per annum
Ignore

Calculate the single premium payable, correct to the nearest $100.


A

$160,200

$166,900

$171,100

$177,900

Answer: C
16

In a pension scheme, the forces of decrement at age 55, that apply over the next year, are as
follows:

Retirement:
Death:
Withdrawal:

r55 = 0.600
d55 = 0.095
w55 = 0.250

Calculate the dependent rate of death at age 55, (aq)d55, correct to 3 decimal places.
A

0.061

0.091

0.162

0.388

Answer: A

Institute and Faculty of Actuaries

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CAA Module 3 Specimen Examination Paper

17

2014 Edition

A three year unit-linked policy issued to a life aged 60 exact has the following profit vector:
(454, 192, 88)
Basis
Mortality:
Interest:

AM92 Ultimate
7.5% per annum

Calculate the net present value of the profits of this policy, correct to the nearest 1.
A

651

657

659

661

Answer: B
18

Consider the following three statements relating to the reserves held in respect of a unit-linked
contract:
I

benefits payable in excess of the unit fund do not affect the non-unit reserves.

II

the annual management charges increase the unit reserves.

III

a unit allocation of 100% does not affect the non-unit reserves.

Identify which of the following responses is true.


A

Only statements I and II are correct.

Only statements I and III are correct.

Statements I, II and III are all correct.

Only statement III is correct.

Answer: D

Institute and Faculty of Actuaries

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CAA Module 3 Specimen Examination Paper

19

2014 Edition

The following table shows data for the population of a particular city, City B, in Country A,
together with the population of Country A

City B

Country A

Age range

Number of lives

Number of deaths

Number of lives

21-40

25,000

129

4,000,000

41-60

35,000

343

2,500,000

61-80

30,000

812

1,000,000

Calculate, correct to five decimal places, the Directly Standardised Mortality Rate for the
population of City B, using Country A as the standard population.
A

0.00963

0.00980

0.01401

0.01427

Answer: A
20

An event occurs that gives rise to one population having different mortality to another
population. The differences in mortality between the two populations are no longer apparent
after a period of five years.
Identify the type of selection observed in this situation.
A

Adverse selection.

Class selection.

Temporary initial selection.

Time selection.

Answer: C

Institute and Faculty of Actuaries

Page 17

CAA Module 3 Specimen Examination Paper

2014 Edition

DISCLAIMER The views expressed in this publication are those of invited contributors and not necessarily those
of the Institute and Faculty of Actuaries. The Institute and Faculty of Actuaries do not endorse any of the views
stated, nor any claims or representations made in this publication and accept no responsibility or liability to any
person for loss or damage suffered as a consequence of their placing reliance upon any view, claim or
representation made in this publication. The information and expressions of opinion contained in this publication
are not intended to be a comprehensive study, nor to provide actuarial advice or advice of any nature and
should not be treated as a substitute for specific advice concerning individual situations. On no account may any
part of this publication be reproduced without the written permission of the Institute and Faculty of Actuaries.

London
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Tel: +44 (0) 20 7632 2100 Fax: +44 (0) 20 7632 2111

Edinburgh
Maclaurin House 18 Dublin Street Edinburgh EH1 3PP
Tel: +44 (0) 131 240 1300 Fax: +44 (0) 131 240 1313

Oxford
1st Floor Park Central 40/41 Park End Street Oxford OX1 1JD
Tel: +44 (0) 1865 268 200 Fax: +44 (0) 1865 268 211

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Tel: +11 (0) 852 2147 9418 Fax: +11 (0) 852 2147 2497

www.actuaries.org.uk
2014 Institute and Faculty of Actuaries

Institute and Faculty of Actuaries

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