FREE CAS Actuarial Standards & Ethical Guidelines Questions and Answers
Which organization is responsible for setting actuarial standards of practice in the U.S.?
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The Actuarial Standards Board (ASB) establishes and maintains actuarial standards of practice in the United States.
What is the primary purpose of actuarial standards of practice (ASOPs)?
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ASOPs provide guidance to actuaries on best practices, ensuring consistency and professionalism in their work.
What action should an actuary take when faced with a potential conflict of interest?
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Actuaries must disclose conflicts of interest to ensure transparency and ethical decision-making.
Why is ethical conduct important for actuaries?
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Actuaries must adhere to ethical standards to maintain public trust and ensure fairness in financial risk assessments.
What is a key requirement for actuaries under the CAS Code of Professional Conduct?
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The CAS Code of Professional Conduct requires actuaries to perform duties with integrity and competence.
What should an actuary do if they discover a significant error in their previous work?
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Actuaries must disclose and correct errors in their work to maintain professional integrity and accuracy.