Actuarial Science

Definitive Guide to SP1 (Health and Care Principles)

Health and Care Principles (SP1)

Introduction

The Health and Care concepts course aims to equip successful candidates with the skills necessary to apply the key actuarial planning and control concepts that are pertinent to the provision of health and care benefits in straightforward settings.

Aim & Competences

The Health and Care concepts subject seeks to develop in successful candidates the capacity to apply, in straightforward circumstances, the fundamental actuarial planning and control concepts that are pertinent to the provision of health and care benefits.

A candidate will be able to: 

  1. grasp the key concepts and methods of actuarial management and control that are pertinent to health and care insurance after successfully completing this course.
  2.  apply these ideas to straightforward circumstances in the context of health and care insurance.
  3.  examine fictitious situations, including exercising judgement to determine the effects of potential course of action and to create suitable proposals or recommendations pertaining to the administration of the health and care insurance industry.

Actuarial Science SP1 Demo Lectures

SP1

15,000.0022,500.00

Syllabus topics 

Health and care products and general business environment (15%) 

 Product design and specific features (25%) 

 Risks and risk management (30%) 

 Models and valuation (15%) 

 Monitoring experience and setting assumptions (15%)

These weightings represent the averaged over several examination sessions approximate balance of the evaluation of this subject amongst the major syllabus topics. The weightings correspond to the number of learning materials that each syllabus topic requires. The relative complexity of each topic, and consequently the amount of justification and support needed for it, will also be reflected in this.

  • The depth of prior knowledge that is anticipated; 
  • The requirement to give comprehensive foundation understanding on which to build the other objectives.
  • How much of each subject is knowledge- versus application-based.

Skill levels

The use of a certain command verb in a syllabus objective does not imply that this is the only way to enquire about the subject matter covered by that objective. The Examiners may use any of the authorised command verbs, which are detailed in the document “Command verbs used in the Associate and Fellowship written examinations,” to ask a question about any topic covered by the curriculum.

Any skill level may be represented by a question, including Knowledge (demonstration of thorough knowledge and understanding of the topic), Application (demonstration of the ability to apply the guiding principles of the topic within a given context), and Higher Order (demonstration of the ability to perform more in-depth analysis and assessment of situations, including making judgements, accounting for different points of view, comparing and contrasting situations, and suggesting solutions).

25% Knowledge, 50% Application, and 25% Higher Order skills are roughly the three skill types assessed in the SP disciplines.

Exam Fees:

SR. NO. SUBJECT FOR INDIA AND SAARC COUNTRIES (INR) FOR OTHER THAN SAARC COUNTRIES (INR)
Core Principles
1 CS1 – Actuarial Statistics 5000 Not Applicable
2 CS2 – Risk Modelling and Survival Analysis 5000 Not Applicable
3 CM1 – Actuarial Mathematics 5000 Not Applicable
4 CM2 – Financial Engineering and Loss Reserving 5000 Not Applicable
5 CB1 – Business Finance 3000 7500
6 CB2 – Business Economics 3000 7500
7 CB3 – Business Management 10000 10000
Core Practices
8 CP1 – Actuarial Practice 8000 20000
9 CP2 – Modelling Practice 10000 Not Applicable
10 CP3 – Communications Practice 8000 20000
Specialist Principles Stage (SP)
11 SP1 – Health and Care 6000 15000
12 SP2 – Life Insurance 6000 15000
13 SP4 – Pension and Other Benefits 6000 15000
14 SP5 – Investment and Finance  6000 15000
15 SP6 – Financial Derivatives 6000 15000
16 SP7 – General Insurance Reserving and Capital Modelling 6000 15000
17 SP8 – General Insurance – Pricing 6000 15000
Specialist Advanced Stage (SA)
18 SA1 – Health and Care 7500 18750
19 SA2 – Life Insurance 7500 18750
20 SA3 – General Insurance 7500 18750
21 SA4 – Pension and Other Benefits  7500 18750
22 SA7 – Investment and Finance 7500 18750

Exam dates:

Timetable – May 2023 Examination

Thursday 18th May – Saturday 27th May 2023

Day and Date Forenoon Afternoon
Subject From to Subject From to
18-05-2023

Thursday

CB1 Business Finance

SP1 Health and Care

10.15 – 13.30 Hrs.

10.15 – 13.30 Hrs.

CP1A Actuarial Practice 14.45 – 18.00 Hrs.
19-05-2023

Friday

CB2 Business Economics

SP2 Life Insurance

10.15 – 13.30 Hrs.

10.15 – 13.30 Hrs.

CP1B Actuarial Practice 14.45 – 18.00 Hrs.
20-05-2023

Saturday

SP5 Investment and Finance 10.15 – 13.30 Hrs. SA1 Health and Care

SA2 Life Insurance

SA3 General Insurance

SA4 Pensions and Other Benefits

SA7 Investment and Finance

14.45 – 18.00 Hrs.
23-05-2023

Tuesday

CS1A Actuarial Statistics

SP4 Pensions and Other

Benefits

10.15 – 13.30 Hrs.

10.15 – 13.30 Hrs.

CS2A Risk Modelling and Survival

Analysis

SP7 General Insurance

Reserving and Capital Modelling

14.45 – 18.00 Hrs.

14.45 – 18.00 Hrs.

24-05-2023

Wednesday

CM1A Actuarial Mathematics

SP6 Financial Derivatives

10.15 – 13.30 Hrs.

10.15 – 13.30 Hrs.

CM2A Financial Engineering and Loss

Reserving

SP8 General Insurance : Pricing

14.45 – 18.00 Hrs.

14.45 – 18.00 Hrs.

25-05-2023

Thursday

CS1B Actuarial Statistics

(Computer based-R)

 

10.15 – 12.00 Hrs. CS2B Risk Modelling and Survival

Analysis (Computer based-R)

14.45 – 16.30 Hrs.
26-05-2023

Friday

CM1B Actuarial Mathematics

(Computer based-Excel)

CP3 Communication Practice

(Computer Based- Word)  

10.15 – 12.00 Hrs.

10.15 – 13.30 Hrs

CM2B Financial Engineering and Loss Reserving (Computer based-Excel) 14.45 – 16.30 Hrs.
27-05-2023

Saturday

CP2A Actuarial Modelling

(Computer based-Excel)

10.15 – 13.30 Hrs. CP2B Actuarial Modelling

(Computer based-Excel)

14.45 – 18.00 Hrs.

 

AM: PM:
9.30  Room Preparation 14.00  Room Preparations
10.00  Students enter room 14.30 Students enter room
10.15 – 13.30  Exam Duration 14.45 – 18.00  Exam Duration

Exam centre:

Code Centre Name Code Centre Name
1 Mumbai 9 Jaipur
2 Delhi 10 Ahmedabad
3 Kolkata 11 Lucknow
4 Bangalore 12 Chandigarh
5 Gurgaon 13 Indore
6 Chennai 14 Kochi
7 Pune 15 Coimbatore
8 Hyderabad 16 Guwahati

Frequently Asked Questions

What is SP1 in actuarial science?

Health and Care SP1. Expert Principles. Aim. The Health and Care concepts course aims to equip successful candidates with the skills necessary to apply the key actuarial planning and control concepts that are pertinent to the provision of health and care benefits in straightforward settings.

What subjects in SP1?

  • Health and care products and general business environment (15%) 
  •  Product design and specific features (25%) 
  •  Risks and risk management (30%) 
  •  Models and valuation (15%) 
  •  Monitoring experience and setting assumptions (15%)

What is SP1 actuary?

Expert Principles. The goal of Health and Care Principles (SP1) is to improve a student’s capacity to apply, in straightforward circumstances, the key actuarial planning and control principles that are pertinent to the delivery of health and care services.