If it has been awhile since you earned your actuarial credentials—and if you enjoyed taking exams as much as I did—this article should be entertaining as well as educational. In a nod to nostalgia, I have created an older-style exam; rather than short-answer format, it consists of six multiple–choice questions and four true/false questions. You can find the answers on page 20, along with explanation as appropriate.
Note that “Code” refers to the Code of Professional Conduct, “ASOP” to actuarial standard of practice, and “USQS” to Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States, Including Continuing Education Requirements. And Actuary (with a capital A) refers to an actuary who is a member of at least one of the five recognized U.S.-based actuarial organizations.
ALLAN RYAN is a member of the Actuarial Board for Counseling and Discipline.