CAS Exam 7C 2009
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Exam 7C is the pre-associateship exam for the Casualty Actuarial Society and the Canadian Institute of Actuaries. The Exam is designated 7C for Canadian specific content. It consists of 4 major sections: Law, Regulation, Government and Industry Insurance Programs, and Financial Reporting.[1]
This page summarizes the main concepts of the exam by using publicly available information. It is intended to serve as a secondary source of understanding for exam materials, as well as a summary of topics for people not in the actuarial profession. As the exam is graded by an examination committee using a number of materials that are not publicly available, it should be stressed that the information here may not always be what the exam committee would consider correct.
Contents |
[edit] Section A: Background Law and Insurance
[edit] Learning Objective A1: Identify and describe the key components of tort law.
[edit] Knowledge Statement A1a: Functions of Tort Law
According to Kerr et al., there are 5 functions of tort law.
1. Compensation: To compensate the victim for the harm done by restoring them to the position they were in before the tortious act.
2. Specific Deterrence: Damage awards and court costs serve to deter the wrongdoer from committing the same act again.
3. Punitive Damages: Serve to punish the defendant (not used very often in Canada).
4. General Deterrence: Damage awards and court costs serve to deter anyone else from committing the same act in the future.
5. Civil Rights: Tort law can be used to uphold civil rights through the court system.
[edit] Section B: Regulation of Insurance
[edit] Learning Objective B5: Describe the structure of the insurance industry in Canada
[edit] Knowledge Statement B5a: Types of insurance carriers
There are 4 corporate structures of property-casualty insurance:
1. Individual underwriters
2. Joint stock companies
3. Mutual insurance compaines
4. Reciprocal or interinsurance exchanges
[edit] Section C: Government and Industry Insurance Programs
Summary in progress.
[edit] Section D: Financial Reporting
Summary in progress.
[edit] References
[edit] Notes
[edit] Bibliography
- Kerr, et al. Canadian Tort Law in a Nutshell. Toronto: Carswell, 2005. ISBN 0-459-24248-2.
