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]

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[edit]

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.

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[edit]

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

Section C: Government and Industry Insurance Programs[edit]

Summary in progress.

Section D: Financial Reporting[edit]

Summary in progress.

Grading[edit]

The exam is graded by an examination committee using a number of materials that are not publicly available.

References[edit]

Notes[edit]

Bibliography[edit]

  • Kerr, et al. Canadian Tort Law in a Nutshell. Toronto: Carswell, 2005. ISBN 0-459-24248-2.

External links[edit]