Fall 2005 - Exam P (Probability)
Exam P Probability
The examination for this material consists of 3 hours of multiple-choice questions and is identical to CAS Exam 1. Exam P will be offered as a computer-based test in September 2005. Details on this appear earlier in the catalog in the Exam P Computer-Based Testing Administration Details section.
The purpose of this course of reading is to develop knowledge of the fundamental probability tools for quantitatively assessing risk. The application of these tools to problems encountered in actuarial science is emphasized. A thorough command of probability topics and the supporting calculus is assumed. Additionally, a very basic knowledge of insurance and risk management is assumed. A table of values for the normal distribution will be included with the examination.
LEARNING OUTCOMES
Candidates should be able to use and apply the following concepts in a risk management context:
General Probability
Set functions including set notation and basic elements of probability
Mutually exclusive events