III IC-92 study plan
III IC-92 · Give each week a clear focus.
8 weeks · About 7 hours per week
Actuarial Aspects of Product Development
Map the full domain 1 syllabus into a one-page outline covering pricing, reserving, profit testing, and product design trade-offs
Define and correctly apply present value, discounting, and equivalence principle to simple life insurance and annuity products
Build a formula sheet for net premium, gross premium, and reserve recursion that you can reproduce from memory
Solve 15 basic premium-calculation problems and log every error with its root cause
Your checkpoint
A one-page domain map plus a formula sheet and an error log with at least 15 solved premium problems
Actuarial Aspects of Product Development
Derive prospective and retrospective reserves and prove they are equal for a simple whole life policy
Compute reserves under a gross premium framework including expenses and per-policy fees
Explain how mortality table choice, interest basis, and lapse assumptions shift reserve levels
Work through 20 reserve problems under timed conditions (2.5 minutes each)
Your checkpoint
A worked reserve derivation comparing net and gross premium reserves for one policy, plus a 20-question timed set scored and reviewed
Actuarial Aspects of Product Development
Construct a profit test for a term or endowment product with mortality, lapse, expense, and investment return assumptions
Calculate profit signature, NPV, and internal rate of return for that product
Identify which assumption changes most affect profitability and quantify the sensitivity
Explain how profit testing feeds pricing decisions and product design changes
Your checkpoint
A complete profit test spreadsheet or hand-worked model with NPV and IRR plus a short sensitivity table for three assumptions
Actuarial Aspects of Product Development
Analyze how product design features (guarantees, options, participation, surrender values) create actuarial risk
Describe the roles of actuarial assumptions, margins, and adverse deviation in product development
Compare pricing bases for participating versus non-participating business
Consolidate weeks 1-3 into a single reference document
Your checkpoint
A consolidated reference document and a 30-question mixed practice set covering premiums, reserves, and profit testing, scored at 70 percent or higher
Actuarial Aspects of Product Development
Apply asset-liability matching concepts to product design and pricing decisions
Explain how investment return, inflation, and interest rate risk affect product viability
Work through embedded value and value-of-new-business concepts at a high level
Solve 20 problems combining pricing, reserving, and investment assumptions
Your checkpoint
A written summary of asset-liability and embedded value concepts plus a scored 20-question problem set
Actuarial Aspects of Product Development
Review the full domain 1 syllabus and close every gap flagged in your error logs
Re-derive all key formulas without notes
Practice explaining product development trade-offs in short written answers
Complete a full-length timed mock exam
Your checkpoint
A full-length timed mock exam scored and fully reviewed, with a gap-closure checklist marking each item as resolved
Actuarial Aspects of Product Development
Re-drill every missed question from weeks 1-6 until each is solved correctly twice
Sharpen speed on calculation-heavy items to under 2 minutes per problem
Build a one-page quick-reference card you can reconstruct from memory
Take a second full-length mock under exam conditions
Your checkpoint
A second mock exam score with a comparison against week 6 and a finalized one-page quick-reference card
Actuarial Aspects of Product Development
Run a final light review of the quick-reference card and error log only
Complete two short timed drills on the highest-error topics
Confirm exam-day logistics and timing strategy
Rest and avoid introducing new material in the final two days
Your checkpoint
A final readiness checklist signed off, with both drills scored at 75 percent or higher and logistics confirmed
Milestones
Week 2: Can derive net and gross premium reserves from memory and score at least 65 percent on the 20-question timed reserve set
Week 4: Profit test model produces correct NPV and IRR, and the mixed 30-question set is scored at 70 percent or higher
Week 6: Full-length mock exam completed under time with a score of at least 70 percent and every error categorized
Week 8: Second mock score improved over week 6, final drills at 75 percent or higher, and readiness checklist complete