Foundations of Casualty Actuarial Science (Part I)
Insurance Institute of India: Fellowship Examination
One of eight actuarial papers for Fellowship. Based on the Casualty Actuarial Society text Foundations of Casualty Actuarial Science. Covers the foundations of casualty actuarial science: the role of the actuary, risk theory, ratemaking (pure premium and loss ratio methods, trending, loss development and increased limits), individual risk rating (experience and retrospective rating), loss reserving (chain ladder and Bornhuetter-Ferguson) and risk classification.
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IC-47 exam at a glance
| Level | Fellowship, compulsory for non-life candidates |
|---|---|
| Credit points | 40 |
| Exam | 2 hours, online, multiple choice |
| Pass mark | 60% (75% for distinction) |
Across 6 chapters, every question reviewed and exam-aligned.
Tap a chapter to see what it covers.
1Introduction to Casualty Actuarial Science67 questions67
Casualty actuarial science: history and role of the actuary, exams and main areas of actuarial work.
2Risk Theory67 questions67
Risk theory: meaning of risk, risk control and financing, and statistical and financial applications.
3Ratemaking67 questions67
Ratemaking: pure premium and loss ratio methods, trended losses, expense and profit loads, increased limits.
4Individual Risk Rating67 questions67
Individual risk rating: experience, schedule and retrospective rating, experience modification and credibility.
5Loss Reserving67 questions67
Loss reserving: reserve definitions, the reserving process, chain ladder and Bornhuetter-Ferguson methods.
6Risk Classification67 questions67
Risk classification: purpose, criteria for rating variables, adverse selection and estimating class relativities.
Draws from all 402 questions across every chapter, so no two attempts are the same.
IC-47: frequently asked questions
What does IC-47 cover?
IC-47 covers general insurance actuarial science: the actuarial profession, risk theory, ratemaking, individual risk rating, loss reserving and risk classification.
Is IC-47 compulsory?
Yes, for the non-life stream. IC-47 is a compulsory Fellowship paper worth 40 credit points. It is also paper A-1 of the Specialised Diploma in Casualty Actuarial Science.
What is the pass mark for IC-47?
60%. A score of 75% or more is a pass with distinction.
How long is the IC-47 exam?
2 hours. It is an online exam with multiple choice questions.
When will I know my result?
You see your score right after the online exam. The formal result usually follows within about a month.
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