CT-5 General Insurance, Life and Health Contegencies

CT-5 considered to be the most horrifying paper in the CT series among the students is actually heart of Actuarial Science. This subject trains you for the calculation of premium of an insurance policy, the most important work for actuaries. Also you will learn to test the profitability of policy for the company. Its knowledge will also enable you to have an idea about how much should the reserves be set aside for the unit linked policies etc. After all this knowledge you can be a pricing actuary.

It is recommended that this paper should be taken after all the other papers of the CT series, but I personally feel that you can go for this paper after CT-1 and CT-4. CT-1 will give you the knowledge of the annuity functions which is the base for CT-5 while CT-4 will help you in constructing models.

I have just finished the study material of CT-5 and let me tell you I have not studied CT-4 and with a little extra efforts I was able to get that brain storming concepts. The topic which I like the most is the profit testing of unit linked policies.

I hope my efforts will give me the fruitful result. Exams are approaching and I wish Best of luck to every student.

Results Declared

The results of Oct-Nov 2007 examination is released. The overall result is good but its really sad that something goes wrong with the CT-8 Financial Economics paper. This time its result is 0%. I hope students will work hard for it and next time the result will be better.

Introduction to Actuarial world

For those who don’t know about Actuarial Science, let me tell you first of all that it is a course which enables a person to make the financial decisions more accurately by considering the past experiences, future models, risk involved etc. Usually actuaries work for Insurance companies and their main functional area is risk management, price modeling of policies, pension schemes, gratuity, financial management, banking and the list goes on.

One can pursue Actuarial Science from the Institute of Actuaries of India (IAI). They provide you the study material and they conduct the exams twice every year. You can become a student member of IAI if you have scored more than 85% in mathematics in 12th standard or if you are a first class graduate from Mathematics(H) or Economics(H) or Statistics(H). For more details you can log on to http://actuariesindia.org

There are total of 14 papers in Actuarial Science giving you in depth knowledge of the actuarial work. But don’t worry, for getting a job you don’t need to clear all the exams first. After say, 4-5 papers students usually get a good placement. For those who have scored more than 85% in mathematics in 12th standard, I will suggest you to join IAI along with your graduation so that by the end of your graduation if you have cleared 3-4 papers you can have the good opportunity of campus placement. In Delhi, many companies are visiting Delhi University Colleges for fresher recruitment.

Good luck and welcome to the growing world of Actuaries.