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    A&J Flashcards For SOA Exam P/CAS Exam 1

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    anjstudymanual
    Now you can review your exam material anywhere, including using your iphone! These flashcards have 260 pages covering every topic in the syllabus of the exam. It is written in a way that helps you to remember the materials by listing the steps to solve for some particular questions and by generalizing formulas covered in the exam. As such, not only you are able to remember the material accurately, you are also able to apply the concepts to the exam questions more effectively.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd

    A&J Flashcards For SOA Exam P/CAS Exam 1

    Uploaded by

    anjstudymanual
    1K views28 pages
    Now you can review your exam material anywhere, including using your iphone! These flashcards have 260 pages covering every topic in the syllabus of the exam. It is written in a way that helps you to remember the materials by listing the steps to solve for some particular questions and by generalizing formulas covered in the exam. As such, not only you are able to remember the material accurately, you are also able to apply the concepts to the exam questions more effectively.

    Original Title

    A&J Flashcards for SOA Exam P/CAS Exam 1

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    Now you can review your exam material anywhere, including using your iphone! These flashcards have 260 pages covering every topic in the syllabus of the exam. It is written in a way that helps you to remember the materials by listing the steps to solve for some particular questions and by generalizing formulas covered in the exam. As such, not only you are able to remember the material accurately, you are also able to apply the concepts to the exam questions more effectively.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    1K views28 pages

    A&J Flashcards For SOA Exam P/CAS Exam 1

    Uploaded by

    anjstudymanual
    Now you can review your exam material anywhere, including using your iphone! These flashcards have 260 pages covering every topic in the syllabus of the exam. It is written in a way that helps you to remember the materials by listing the steps to solve for some particular questions and by generalizing formulas covered in the exam. As such, not only you are able to remember the material accurately, you are also able to apply the concepts to the exam questions more effectively.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 28
    At a glance
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    The document discusses various probability concepts and their applications to actuarial exams, including combinatorial analysis, probability distributions, random variables, and risk management.

    The flashcards cover many probability topics including basic probability, set theory, conditional probability, Bayes' formula, discrete and continuous random variables, probability distributions, and their applications.

    Laws and formulas discussed include the distributive law, De Morgan's law, law of total probability, and Bayes' formula.

    A&J Flashcards for

    Exam P/1
    1st Edition

    Alvin Soh
    Outline

    A) Combinatorial Analysis
    B) Basic Probability and Set Theory
    C) Conditional Probability and Bayes Formula
    D) Discrete Random Variables
    E) Discrete Probability Distribution
    F) Continuous Random Variables
    G) Continuous Probability Distribution
    H) Jointly Distributed Random Variables with its Applications
    I) Jensen Inequality and Chebyshev’s Inequality
    J) Application of Probability in Risk Management

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Basic Probabilities and Set Theory

    Distributive Law

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Basic Probabilities and Set Theory

     A  B C  AC  BC
     AB  C   AC    BC 

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Basic Probabilities and Set Theory

    De Morgan’s Law

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Basic Probabilities and Set Theory

    C
     n  n

      Ei    Ei
    C

     i 1  i 1

    C
     n  n

      Ei    Ei
    C

     i 1  i 1

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Basic Probabilities and Set Theory

    Law of Total Probability

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Basic Probabilities and Set Theory

    n  A  n  AB   n  AC   n  AD 

    Pr  A  Pr  AB   Pr  AC   Pr  AD 

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Conditional Probability and Bayes Formula

    Bayes Formula

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Conditional Probability and Bayes Formula

    Pr  AB  Pr  B | A Pr  A
    Pr  A | B   
    Pr  B     
    Pr  B | A Pr  A  Pr B | AC Pr AC

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Discrete Random Variables

    Characteristics of Probability Mass Function

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Discrete Random Variables

    1. f ( x)  Pr( X  x)
    2. f ( x)  0, x 

    3.  f ( x)  1
    x

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Discrete Random Variables

    k th moment

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Discrete Random Variables

      
    E Xk  x k f ( x)   xk Pr  X  x 
    x: f ( x ) 0 x: f ( x ) 0

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Discrete Probability Distribution

    If X follows binomial distribution, find:


    1. Probability Mass Function
    2. Expected Value
    3. Variance

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Discrete Probability Distribution

    The distribution is commonly represented by

    n
    X ~ Bin  n, p  , with Pr  X  x     p x 1  p  , where
    n x

     x
    x  0,1,..., n , n and p are parameters for this distribution.

    E  X   np Var  X   np 1  p 

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Continuous Random Variable

    Transformation of Random Variables


    using
    “CDF” Method

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Continuous Random Variable

      
    Pr Y  g  X    Pr X  g 1 Y  or Pr X  g 1 Y  
    depending on the function, g

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Continuous Random Variable

    Transformation of Random Variables


    using
    “Inverse Transformation” Method

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Continuous Random Variable

    If Y  g  X  , g '  X   0 , x  then the p.d.f of Y is


    fY  y   f X  h  y   h'  y  , where h  y   g 1  y 

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Continuous Probability Distribution

    If X follows Exponential distribution, find:


    1. Probability Density Function
    2. Expected Value
    3. Variance
    4. Moment-Generating Function

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Continuous Probability Distribution

     1 x
     e , x0
    f  x   
    0 ,
     elsewhere

    x
    1 y 
    x
    F  x    e  dy  1  e 
    0

    E X   Var  X    2

    1
    M X t  
    1t

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Application of Probability in Risk Management

    Relationship between the expected payment and the expected


    payment with deductible

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Application of Probability in Risk Management

    E  X   E  X ^ d   E  X  d   whereby,

    d  d
    E  X ^ d    xf ( x)dx  d  f ( x)dx   S  x  dx
    0 d 0

     
    E  X  d      x  d  f ( x)dx   S  x  dx
    d d

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Application of Probability in Risk Management

    Coinsurance

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Application of Probability in Risk Management

    E  Payment   E  1    X   1    E  X 

    A&J © 2010. These flashcards were purchased by [Candidate P].


    Application of Probability in Risk Management

    A&J © 2010. These flashcards were purchased by [Candidate P].

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