Korea Insurance Actuary study guide
Korea Insurance Actuary · Work through your exam, one topic at a time.
The Korea Insurance Actuary Examination (보험계리사) is the domestic credential for actuarial work in the Korean insurance industry, administered through the national qualification system rather than by an international actuarial association. Candidates typically use it to establish technical credibility for roles in life and non-life insurers, reinsurance, consulting, and supervisory or research functions where Korean statutory reserving and product pricing are relevant. The Korea Insurance Actuary study guide has 8 sections and about 2,652 words.
01Actuarial Mathematics
This domain tests whether you can move cash flows through time correctly: effective and nominal interest, accumulation and discount, annuities, equation of value, yield rates, loan schedules, and duration. Korean exam questions often combine a simple product cash-flow pattern with a rate conversion, so the arithmetic must be clean and the timing convention explicit.
322 words, about 2 min02Life Contingencies
Life contingencies tests survival models, life tables, commutation functions, life insurance and annuity present values, net premiums, and reserves. Korean questions frequently ask you to convert between insurance and annuity values under a stated mortality and interest basis, or to compute a reserve prospectively.
369 words, about 2 min03Insurance Mathematics / Risk Theory
This domain covers aggregate loss models, frequency-severity decomposition, compound distributions, ruin theory, reinsurance, and credibility. Korean exam items often give a frequency distribution and a severity distribution and ask for the mean, variance, or an approximation to a tail probability.
329 words, about 2 min04Economics
Economics tests microeconomic foundations relevant to insurance-expected utility, risk aversion, information asymmetry-and the macro/policy environment in which insurers operate. Korean questions often require you to distinguish a certainty equivalent from an expected value or to identify the market failure created by hidden information.
324 words, about 2 min05Accounting and Finance
This domain tests financial reporting for insurers and solvency finance. In Korea the key frameworks are IFRS 17 for insurance contracts and K-ICS for capital adequacy, alongside traditional accounting for investments and expenses.
328 words, about 2 min06Insurance Law and Regulation
Insurance law and regulation tests the Insurance Business Act (보험업법), the Commercial Act (상법) insurance contract rules, and supervisory practice. Expect questions on disclosure, notification, insurable interest, subrogation, unfair sales practices, and licensing.
360 words, about 2 min07Insurance Products and Management
Insurance products and management tests product design, pricing, underwriting, claims, distribution, and performance monitoring. Korean-specific content includes life and non-life product categories, standard terms, sales channels such as 설계사 and GA, and profitability measures.
296 words, about 1 min08Statistics and Probability
Statistics and probability tests distribution theory, estimation, hypothesis testing, regression, and stochastic simulation as applied to insurance data. Korean exam questions often require correct standard errors and interpretation rather than long computation.
324 words, about 2 min