Exam MLC is an odd combination of life contingencies, properties of aggregate distributions and Markov Chains so goes back and forth between old retiring, old people walking picking up coins and old people dying. There’s always a medium sample question where you have a bunch of old farts and you’re asked to determine the likelihood they’ll all die. The group isn’t large enough to assume normal distribution of deaths nor small enough that you can grind it out by hand in a reasonable period of time so you have to use stupid tricks that all start “assume seven people are one person” but somehow work. This one involved auto accidents and having no idea how to solve it swiftly wanted to put: “Probably that all 20 will die auto accidents before they’re 85 = 100%. Bus accident.” I know, I know. I’ll revolutionize risk management.
There was a question that I’m pretty sure was written in doublespeak and no matter how many times I read it I couldn’t make it out. It was something to the tune of “given accidents occur with the following intensity (equation) where each accident involves at least one victim, what’s the minimum average number of victims per accident.”
1) Minimum average is like saying “exact approximation” in that the words are fine next to each other but mean nothing.
2) Would the minimum be 1? Almost all the answer were less than one. Unless they were saying accident victims had it coming and should be counted as people.
The actual exam was fun if one enjoys being frisked for black market calculators and shims of paper. The next exam will probably involve either a cavity search or a polygraph test.
Hazaa to professional development.