The Society of Actuaries

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The Society of Actuaries The Casualty
Actuarial Society is proud to present the
critically acclaimed game show, loved by
millions . . .

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Who Wants to be an Actuary?
Staring your host Regis Philbin
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How to Play

• Four levels of questions.
• Increasing in difficulty.

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Need Help?

• One lifeline
• Audience applause.

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• Good Luck!

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• Game 1

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What is an actuary?
A. A place where they bury dead actors
B. A person who prepares financial
statements
C. A person who evaluates the financial
implications of future events
D. What you get when you cross a
computer with a fortune teller
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What is an actuary?
C. A person who evaluates the financial
implications of future events
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The average starting salary for entry-level
actuaries who have completed one exam is
A. 25,500
B. 38,300
D. 78,230
C. 56,250
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The average starting salary for entry-level
actuaries who have completed one exam is
B. 38,300
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Which of the following benefits would NOT be
granted by a typical actuarial study program?
A. Paid study time
B. Exam materials
C. Bonuses and/or raises for passing
exams
D. Frequent flyer miles
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Which of the following benefits would NOT be
granted by a typical actuarial study program?
D. Frequent flyer miles
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Actuaries must comply with professional and
ethical standards that are spelled out in the
A. Code of Actuarial Ethics
B. Scout Oath
D. Hippocratic Oath
C. Code of Professional Conduct
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Actuaries must comply with professional and
ethical standards that are spelled out in the
C. Code of Professional Conduct
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• Congratulations!

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• Game 2

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What subject do actuaries need to have a solid
background in?
A. Science
B. Philosophy
D. Mathematics
C. Greek
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What subject do actuaries need to have a solid
background in?
D. Mathematics
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Most of the actuarial jobs in North America are
located in
A. Somewhere over the rainbow
B. Southern USA
D. Central USA
C. Eastern USA
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Most of the actuarial jobs in North America are
located in
C. Eastern USA
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Actuarial societies recommend how many hours of
study for a 4 hour exam?
A. 20 hours
B. 100 hours
D. An hour a day for a year
C. 400 hours
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Actuarial societies recommend how many hours of
study for a 4 hour exam?
C. 400 hours
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Which of the following is NOT an actuarial
organization?
A. SOA
B. CIA
D. ADA
C. CAS
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Which of the following is NOT an actuarial
organization?
D. ADA
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• Congratulations!

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• Game 3

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What do you have to do to become an actuary?
A. Ride a Harley Davidson
B. Walk chew gum at the same time
D. Get a bachelors degree
C. Pass a series of tests
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What do you have to do to become an actuary?
C. Pass a series of tests
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What type of organizations do actuaries work
for?
A. Insurance Companies
B. Consulting Firms
D. All of the above
C. Universities
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What type of organizations do actuaries work
for?
D. All of the above
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If your investment doubled in value in 6 years,
what annual effective rate of return did you
earn?
A. 10
B. 11
D. 13
C. 12
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If your investment doubled in value in 6 years,
what annual effective rate of return did you
earn?
C. 12
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What is the single most widely used statistic in
the analysis of insurance losses?
A. Loss ratio
B. Pure premium
D. Adjusters blood pressure
C. Loss adjustment expense
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What is the single most widely used statistic in
the analysis of insurance losses?
A. Loss ratio
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• Congratulations!

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• Game 4

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How many actuaries does it take to change a light
bulb?
A. 1
B. 2
D. However many the client wants it to be.
C. 32
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How many actuaries does it take to change a light
bulb?
A. 1
D. However many the client wants it to be.
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What language/symbols do actuaries use in
equations?
A. Hieroglyphics
B. Latin
D. Greek
C. Hebrew
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What language/symbols do actuaries use in
equations?
D. Greek
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If a coin is flipped twice and each time heads
appears, whats the odds of heads appearing on
the next flip?
A. 33
B. 50
D. 100
C. 75
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If a coin is flipped twice and each time heads
appears, whats the odds of heads appearing on
the next flip?
B. 50
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Recommended insurance rate changes are filed
with what state department?
A. Insurance Commissioners
B. Better Business Bureau
D. Parks Recreation
C. Health Human Services
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Recommended insurance rate changes are filed
with what state department?
A. Insurance Commissioners
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• Congratulations!

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• Game 5

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Which of the following computer applications do
most actuaries use to successfully complete
their work?
A. Screensavers
B. Free Cell
D. Sports Websites
C. Spreadsheets
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Which of the following computer applications do
most actuaries use to successfully complete
their work?
C. Spreadsheets
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How many North American universities offer
actuarial science programs?
A. 50
B. 113
D. 500
C. 253
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How many North American universities offer
actuarial science programs?
B. 113
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What is a mortality table?
A. A list of the probabilities of dying in
the next year
B. A list of which members of a given
group will die next year
C. A place where actuaries eat lunch
D. A popular Chicago restaurant
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What is a mortality table?
A. A list of the probabilities of dying in
the next year
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___________ statistics are key elements that
actuaries use in developing rates for insurance.
A. Frequency
B. Claim
D. Severity
C. Premium
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___________ statistics are key elements that
actuaries use in developing rates for insurance.
B. Claim
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• Congratulations!

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• Game 6

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Information about becoming an actuary and
schools offering actuarial science programs
can be found at which sites
A. www.soa.org
B. www.casact.org
D. All of the above
C. www.BeAnActuary.org
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Information about becoming an actuary and
schools offering actuarial science programs
can be found at which sites
D. All of the above
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What does FSA stand for?
A. Free Spirited Actuary
B. Financial Support Actuary
D. Fellow of the Society of Actuaries
C. Famous Spanish Actuary
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What does FSA stand for?
D. Fellow of the Society of Actuaries
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What term describes the average?
A. Mean
B. Median
D. Medium
C. Mode
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What term describes the average?
A. Mean
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What is a prime number?
A. Any number that can be divided by 2
B. Any number that can be divided by
only itself and 1
C. Any number that is positive and
follows 0
D. Any number that is not 0
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What is a prime number?
B. Any number that can be divided by
only itself and 1
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• Congratulations!

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• Game 7

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Jane has an investment that is guaranteed to
return 12. If it is worth 100 today, what will
it be worth in 1 year?
A. 92.00
B. 102.00
D. 112.00
C. 120.00
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Jane has an investment that is guaranteed to
return 12. If it is worth 100 today, what will
it be worth in 1 year?
D. 112.00
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About how many actuaries are there in North
America?
A. 50,000
B. 20,000
D. 2,000
C. 120,000
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About how many actuaries are there in North
America?
B. 20,000
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To be an actuary you must have a college degree
in
A. Math
B. Statistics
D. None of the above
C. Economics
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To be an actuary you must have a college degree
in
D. None of the above
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Who is the father of life insurance?
A. Orville Wright
B. Frank Lloyd Wright
D. Elizur Wright
C. Dudley Doright
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Who is the father of life insurance?
D. Elizur Wright
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• Congratulations!

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• Game 8

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Which is NOT an insurance company slogan?
A. The quiet company
B. Youre in good hands
D. Just do it
C. Like a good neighbor
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Which is NOT an insurance company slogan?
D. Just do it
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How many exams are needed to become a Fellow of
the Society of Actuaries as of the year 2000?
A. 5
B. 8
D. It depends
C. 10
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How many exams are needed to become a Fellow of
the Society of Actuaries as of the year 2000?
B. 8
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To become a member of the Society of Actuaries,
one must
A. Be a college graduate
B. Have 3 years of actuarial work
D. All of the above
C. Pass SOA courses 1 thru 6
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To become a member of the Society of Actuaries,
one must
C. Pass SOA courses 1 thru 6
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Which of the following is a mathematical graduati
on method?
A. Strom/ MacGinnitie
B. Nelson/ Heacox
D. Briggs/ Stratton
C. Whittaker/ Henderson
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Which of the following is a mathematical graduati
on method?
C. Whittaker/ Henderson
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• Congratulations!

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• Game 9

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Which of the following is commonly found in
an actuarial scientists laboratory?
A. Periodic Table
B. Fire Extinguisher
D. Calculator
C. Safety Goggles
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Which of the following is commonly found in
an actuarial scientists laboratory?
D. Calculator
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What is something typically NOT used to calculate
an individuals benefit calculation?
A. Service
B. Age
D. Earnings
C. Height
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What is something typically NOT used to calculate
an individuals benefit calculation?
C. Height
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With regards to pension plans, what does DC stand
for?
A. Defined Contribution
B. Definite Contribution
D. Dumb Calculator
C. Defined Calculation
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With regards to pension plans, what does DC stand
for?
A. Defined Contribution
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Which of the following is a defined benefit
type of plan?
A. 401(k) Plan
B. Cash Balance Plan
D. None of the above
C. Profit Sharing Plan
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Which of the following is a defined benefit
type of plan?
B. Cash Balance Plan
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• Congratulations!

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• Game 10

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Companies will pay actuarial students actuarial
exam fees, give study time and give raises for
exams passed.
A. True
B. False
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Companies will pay actuarial students actuarial
exam fees, give study time and give raises for
exams passed.
A. True
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Which of the following professional designations
requires passing the most actuarial exams?
A. FSA
B. ASA
D. MAAA
C. EA
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Which of the following professional designations
requires passing the most actuarial exams?
A. FSA
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What is the average amount of time it takes to
become an FSA?
A. 1-2 years
B. 2-4 years
D. 7-14 years
C. 4-8 years
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What is the average amount of time it takes to
become an FSA?
D. 7-14 years
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After passing the first 8 exams what more is
required to become an FSA?
A. Completing a project
B. Attending a series of seminars
D. Nothing
C. Both A B
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After passing the first 8 exams what more is
required to become an FSA?
C. Both A B
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• Congratulations!