Information to help with the study of this subject is included in the syllabus. It will walk you through the knowledge and abilities you need to acquire as well as how to apply what you have learned. There is additional information about this subject’s assessment.

This syllabus includes:

• Aim of the subject
• How this subject links across the Qualifications
• Subject topics and topic weightings
• Subject objectives
• Assessment information

The guide is split into two parts:

• Part 1 contains specific information about Subject SP2
• Part 2 contains general information about the Specialist Principles (SP) subjects

Gain a thorough understanding of the key concepts pertaining to the provision of life insurance, such as the primary products offered, the methodologies used for valuation, and the primary actuarial management and control techniques.

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The Subject SP2 course is divided into six sections. The sections are divided into chapters and cover relevant subjects. Each section concludes with an assignment that tests the knowledge covered in that section.

The relationships between the chapters and parts are displayed in the following table. The chapters relationships to the X Assignments and the days of the regular tutorials are depicted in the final two columns. Additionally, we have provided you with a general idea of how long each chapter will be. You should be able to arrange your study session progress with the aid of this table.

This is the syllabus for Subject SP2. The ActEd course chapter numbers that address each target are shown to the right of the objective.

Subject SP2’s goal is to thoroughly comprehend the key ideas that are pertinent to the supply of life insurance, comprising the primary goods offered, the techniques of

valuation, as well as the primary actuarial management and control techniques that apply to life insurance company.

Topics and topic weightings This subject covers the following topics:

1. Life insurance products and general business environment (15%)
2. Product design and specific features (25%)
3. Risks and risk management (30%)
4. Models and valuation (15%)
5. Monitoring experience and setting assumptions (15%)

The percentage of topics that are weighted indicates how much material each topic has within the subject and is therefore roughly correlated with the amount of marks given to each topic in the exam. For instance, if a topic makes up 20% of the overall subject, you can anticipate

that roughly 20% of the exam paper’s total attainable marks will be accessible on that subject.

Students should make sure they are ready for everything in the syllabus and have an comprehension of the key terms utilized in the course.

CP1 (Actuarial Core Practices)

• Analysing complex problems in terms of actuarial, economic and financial factors to a level where appropriate analytical techniques may be used
• assessing the implications and relevance of such factors, integrating the results into a coherent whole
• evaluating the results critically in a wider context, drawing appropriate conclusions
• proposing solutions and actions, or a range of possible solutions and actions, based on this evaluation.

• Exam skills In Subject SP2, the approximate split of assessment across the three skill types is: ·
• Knowledge – 25%
• Application – 50%
• Higher Order skills – 25%.

These skill types are described in Section 2.4.

Assessment

Assessment is in the form of a 3 hour 20 minute timed, online examination. This includes reading time, as well as the time taken for students to download and/or print the question paper. Answers must be constructed and typed in Microsoft Word.

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The purpose of the Syllabus, Core Reading, and additional ActEd content is explained in this section. In order to pass the test, it also provides advice on how to use these resources as efficiently as possible.

A portion of the data presented here is also included in the introduction to the Institute and Faculty of Actuaries Core Reading.

Syllabus

The Institute and Faculty of Actuaries have created the Subject SP2 Syllabus. Each course chapter begins with the pertinent individual syllabus objectives, and Section 1.2 of this study guide contains a copy of the whole syllabus. We advise you to make significant use of the syllabus in your studies

The Faculty of Actuaries and the Institute have established the Core Reading. Ensuring that tutors, students, and examiners comprehend the requirements of the syllabus for the qualification examinations for Fellowship of the Institute and Faculty of Actuaries is the aim of the Core Reading.

In order to guarantee that the Syllabus’s coverage is reinforced in terms of both breadth and depth, the Core Reading provides support. For this reason, it’s critical that students comprehend the ideas presented in the Core Reading.

Students must demonstrate in the examinations that they understand the concepts covered in the Syllabus and the Core Reading; this will be done by referencing professional guidelines, laws, and other relevant documents that are in effect on May 31, the year the Core Reading is published, which is when the examinations take place.

As a result, the syllabus and core reading as of May 31, 2023, will serve as the basis for the tests in April and September of 2024. It is always advised that you use the most recent version of the Core Reading to get ready for the tests.

This Core Reading will be available to examiners when they schedule the exams. Students are recommended to practice by going over previous exam questions; they may also find that extra tuition is beneficial. Every year, the Core Reading will be revised for clarity’s sake as well as to take into account modifications to the syllabus and contemporary practices.

It is crucial to understand that the substance presented and the abilities tested in the SP topic exams differ significantly from those in the Core Principles subject tests.

Compared to the Core Principles disciplines, the Core Reading and the exam papers themselves are typically far less quantitative and more “wordy.” It will be more of a verbal and linguistic explanation of a certain topic than a mathematical calculation or formula manipulation on the exam. Exam papers usually contain only a tiny portion of numerical questions. You should begin studying once more right away if you haven’t taken this kind of exam in a while.

You should begin studying once more right away if you haven’t taken this kind of exam in a while. Many students discover that getting used to the changing format of the SP subject test questions takes some time.

As usual, the secret to success is practice.

The purpose of the tests is to assess your ability to apply the fundamental ideas covered in the Core Reading to particular scenarios that are given to you in the form of test questions. Thus, your goal need to be to recognize and comprehend the fundamental ideas, then practice putting them into practice. For you to perform well and get through any knowledge-based questions fast, you will also need to be well-versed in the Core Reading.

Our recommendation is that you create a practical study schedule that includes downtime and buffer time. Recognize when your job schedule is hectic and you might not be able to take as much time off for studying as you would like. Once you’ve made a plan, commit to following it through.

At this point, you don’t need to be very strict about what you do every study day.

The most crucial thing is to be certain that you will complete all the necessary tasks in a timely way, and allot ample time for review and practice answering questions.

You’ll have taken a lot of tests in the past and will be an expert at using the study and exam strategies that work for you. It is imperative to acknowledge that the substantial workload associated with Subject SP2 precludes leaving all revisions to the last minute. Pupils who study extensively beforehand are more likely to pass the test on their first attempt.

We recommend that you prepare for the exam by practicing a large number of exam-style questions under timed conditions. This will:

• Help you to develop the necessary knowledge and understanding of the key principles described in the Core Reading
• Highlight exactly which are the key principles that crop up time and time again in many different contexts and questions
• Help you to practicing the specific skills that you will need to pass the exam.

The aim of Life Insurance(SP2) is to develop a student’s ability to apply the main principles and techniques of actuarial management and control that are relevant to life insurance.

It builds on material covered in earlier subjects to cover the key principles of life insurance.

3 hours and 20 minutes exam.

Scientific Calculator is allowed in exam. However, you can use only one of the models from the list below.
This can also be used for future exams.
1. Casio FX82 (ES/MS) (with or without any suffix)
2. Casio FX83 (ES/MS) (with or without any suffix)
3. Casio FX85 (ES/MS) (with or without any suffix)
4. Sharp EL531 (with or without any prefix or suffix)
5. Texas Instruments BA II Plus (with or without any suffix)
6. Texas Instruments TI-30 (with or without any suffix)
7. Hewlett Packard HP12c (with or without any suffix)

1 Life Insurance Products and General Business Environment (15%)

2 Product Design and Specific Features (25%)

3 Risks and Risk Management (30%)

4 Models and Valuation (15%)

5 Monitoring Experience and setting assumptions (15%)

In the SP subjects, the approximate split of assessment across these three skill types is 25% Knowledge, 50% Application and 25% Higher Order Skills.

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To sum up, the SP2 exam necessitates a thorough comprehension of intricate ideas. Academic Junction provides the best platform to make your experience of SP2 preparation rewarding. Our highly skilled teachers, creative instructional strategies, and goal-oriented approach have continuously yielded top performers.

Academic Junction is dedicated to assisting students in mastering SP2, as we recognize its significance. With the help of state-of-the-art resources and knowledgeable staff, we guarantee that our students receive the greatest preparation available.

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