Continuing Education & Professional Development Flashcards
7 cards from real CAS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Continuing Education & Professional Development flashcards as text
An actuary discovers mid-project that the work requires expertise in a specialty they lack. According to the Code of Professional Conduct, they should:
Answer: Seek appropriate assistance or decline the engagement
Precept 2 requires actuaries to recognize the limits of their competence and either obtain necessary assistance or decline to perform the work.
The term 'principal' in the CAS Code of Professional Conduct refers to:
Answer: An entity or individual on whose behalf actuarial services are performed
A principal is defined as any client, employer, or other entity on whose behalf an actuary performs actuarial services.
Which organization jointly publishes Actuarial Standards of Practice (ASOPs) that apply to CAS members?
Answer: The Actuarial Standards Board (ASB)
The Actuarial Standards Board (ASB) is the independent body that promulgates ASOPs applicable to actuaries in the United States, including CAS members.
A CAS member on an extended leave of absence for 18 months wants to know how this affects their CE obligation. Which statement is most accurate?
Answer: The member should contact CAS to discuss leave provisions or extensions
CAS has provisions for members facing unusual circumstances; members should contact CAS directly to request any accommodation or extension during extended leave.
Which of the following is an example of a 'conflict of interest' that must be disclosed under the CAS Code of Professional Conduct?
Answer: Holding a financial interest in a company whose reserves you are certifying
A financial interest in an entity whose actuarial work you are performing creates a conflict of interest that must be disclosed to the principal under Precept 7.
CAS Continuing Education requirements apply to which membership categories?
Answer: Both ACAS and FCAS members
CE requirements under CAS policy apply to both Associates (ACAS) and Fellows (FCAS) who are active members.
Under ASOP No. 41, an actuarial communication must include which of the following?
Answer: Identification of the actuarial standard of practice used
ASOP No. 41 requires actuarial communications to disclose the actuarial standards of practice that were followed in performing the work.