Korea Insurance Actuary study plan

Derive survival probabilities from a life table using commutation functions (Dx, Nx, Cx, Mx) and compute whole-life and term insurance net single premiums by hand for at least three age/term combinations

Build a one-page formula sheet covering annuity-immediate/due identities, increasing and decreasing benefits, and m-thly payment adjustments, then reproduce it from memory at week's end

Solve 20 practice problems on present value of benefits and verify each answer by an independent method (recursion or commutation-function shortcut)

Set up a personal error log categorizing mistakes by cause: formula recall, timing convention, arithmetic, or conceptual misunderstanding

Compute net level and gross premiums for term, whole-life, endowment, and annuity products, including expense-loaded premiums with per-policy and premium-proportional expenses

Calculate net and gross premium reserves prospectively and retrospectively and prove the two agree for at least two policies

Model reserves recursively and explain the annual change in reserve as premium plus interest minus expected claim cost

Work through at least 15 reserve and premium problems under a timed 2.5-minute-per-question constraint

Apply fractional-age assumptions (UDD, constant force, Balducci) and quantify how each assumption shifts death-benefit and annuity values

Handle multiple decrement tables: compute dependent and independent rates, associated single decrement rates, and net single premiums for decrement-triggered benefits

Incorporate select-and-ultimate mortality and demonstrate the select period's effect on premium levels

Complete 25 mixed-topic actuarial mathematics problems and log unresolved items for review

Sit a self-constructed 90-minute mock covering Domains 1 and 2 only, then score it blind against the formula sheet

Diagnose every missed item to a root cause and rewrite the relevant formula-sheet entry in your own words

Recompute the five hardest missed problems unaided and explain each step aloud in two minutes or less

Confirm mastery of the two heaviest domains before shifting weight to Domains 3 and 4

Classify and fit frequency and severity models (Poisson, negative binomial, binomial; exponential, gamma, lognormal, Pareto) and select among them using AIC or likelihood-ratio reasoning

Compute aggregate loss distributions by convolution for small cases and by Panjer recursion for compound Poisson models

Calculate ruin-theory quantities under the classical risk model: adjustment coefficient, Lundberg bound, and surplus process behavior

Explain the economics of insurance demand: expected utility, risk aversion, Arrow-Pratt measures, and the price of risk transfer

Describe moral hazard and adverse selection and connect each to concrete Korean market mechanisms such as deductible design and underwriting rules

Construct the three primary financial statements for a life insurer from a simplified set of transactions and identify where reserve changes and premium income appear

Distinguish statutory, IFRS, and solvency-based measurement of liabilities and explain why the same policy yields different reserve figures

Compute and interpret key solvency and profitability ratios, including risk-based capital style measures and reserve-to-premium ratios

Summarize the structure of Korean insurance regulation: licensing, product filing, solvency supervision, and policyholder protection arrangements, citing the governing statute categories rather than exact article numbers

Map each regulatory requirement to a concrete actuarial task it forces in practice

Compare major product lines (whole life, term, annuities, variable, health, and unit-linked) on cash-flow timing, guarantee structure, and pricing risk

Explain pricing, experience monitoring, and asset-liability management decisions for a single product from design through repricing

Compute and interpret confidence intervals, hypothesis tests, and regression output applied to mortality and claims data

Identify common statistical fallacies in insurance data analysis, including survivorship bias and confounding by age

Draft a short product memo recommending a design change with supporting actuarial and regulatory reasoning

Sit two full-length timed mock exams under exam conditions and record per-domain accuracy

Raise accuracy in the two weakest domains to at least 70 percent through targeted re-drilling

Rehearse the full formula sheet and error log in a single 60-minute review session

Finalize an exam-day plan covering time allocation per domain and a triage rule for questions that stall