Probability

Exam 1

Exam 1

About the Exam

About Exam 1

Exam 1 tests students on their knowledge of probability for the quantitative assessment of risk. A strong understanding of calculus is required as is basic knowledge of insurance and risk management.

Concepts Covered

Conditional Distributions, Identifying and Applying Discrete Random Variables, Conditional and Non-standard Expected Values and Variances, Marginal, Conditional, and Joint Density and Mass Functions, Setting Up Double Integrals, Moment Generating Functions, Using Distribution Functions – F(x), Central Limit Theorem, Transformations, Order Statistics

How to Register for Exam 1

Overview

Important Information

Exam Detail

30 Problem Multiple Choice Exam

Duration

3-Hour Exam

Next Exam Period

January 13-24

Registration Deadline

December 11

Exam Experts

Meet the Instructors

ActuaryExamTutor.com recruits only the best actuarial instructors in the profession who possess the knowledge, experience, and teaching ability to lead students to passing exam scores.

Meet Our Instructors

Dr. Geoffrey Apel, Ph.D

Dr. Geoffrey Apel helped develop the Actuarial Science Program at Aurora University. He specializes in providing instruction for exams P, FM, and IFM. Dr. Apel received his Ph.D. from Northern Illinois University in Computational Number Theory, an MS in Pure Math from the same institution, and his BS in Mathematics from Millikin University.

Dr. Yvonne Chueh, ASA, Ph.D

Dr. Yvonne Chueh is an Actuarial Science professor at Central Washington University. She earned a Ph.D. and M.S. in Mathematics & Actuarial Science at University of Connecticut. She earned a B.S. in Pure Mathematics from National Taiwan University. She has served as an SOA council member (2013-2017) and chair (2017) of SOA Education & Research. Dr. Chueh specializes in Exams STAM and LTAM instruction.

Dr. Jon Wu, FSA, MAAA, CERA, MBA

Mr. Wu has 30 years of experience as an executive in Life, Health, Annuity and Multi-Line businesses. He was responsible for product design, pricing and launching, US GAAP/SAP Financial reporting, MCEV, Solvency II, and ORSA implementation, and ERM. He currently provides instruction on ILA track exams including Life Product Management (LPM), Life Finance and Valuation – US (LFVU), Life ALM and Modeling (LALMM), aand ERM. Mr. Wu also participates in committees for the SOA and AAA.

Dr. Darren E. Mason, Ph.D

Dr. Darren E. Mason is currently professor and chair of mathematics and computer science at Albion College in Michigan. He also holds a visiting adjunct professorship with the Actuarial Science Program at Michigan State University. Over the past four years Darren has prepared students at MSU, Albion, and Guangzhou University (China) to pass the P/1, FM/2, and IFM/3F exams. Dr. Mason received his Ph.D. and B.S. from the University of Minnesota in mathematics and mechanics.

Todd Erkis, FSA, MAAA, CERA

Todd. Erkis is a Visiting Professor at Saint Joseph’s University. Mr. Erkis teaches and mentors actuarial students at Saint Joseph’s preparing for the P, FM, and IFM exams.

Prior to joining St. Joseph’s University in 2012, Mr. Erkis was a managing director at Towers Watson with a wide range of life insurance and risk management experience.  His career experience also includes being Chief Actuary and Corporate Risk Officer for Lincoln Financial.

Mr. Erkis has been active on many American Academy of Actuaries committees and participated in developing the new principle-based reserving standards for variable annuities and life insurance products.  He was the chair of the Life Reserves Practice Note covering principle-based reserve determination. Mr. Erkis has also been a member of several Society of Actuaries exam writing and grading committees.

Dr. Daniel C. Biles, Ph.D

Dr. Daniel C. Biles received his Ph. D. in mathematics from Vanderbilt University in 1987. He has 23 years experience as a professor, and is now in the mathematics and computer science department at Belmont University. He has been training students for Actuarial Exam P/1 many years, and offers a yearly course at Belmont University for Exam P/1 preparation. He has over 25 research publications, and has recently begun publishing in stochastic calculus, a sub field of probability theory.

William P. Cross, FSA, Ph.D

William P. Cross is an instructor for all actuarial science courses offered in the math department at IUPUI. He has also designed and led lectures for SOA exams. Before this, he had a 12-year career as an actuary in property/casualty and in supplemental health. He began the pursuit of his ASA in November 1993, completing it in November 1994, scoring a 10 on each exam, He completed his FSA in 2004.

Andy C. Ngwaba, Ph.D

Andy C Ngwaba received his PhD in Economics and Masters Degree in Applied Probability and Statistics from Northern Illinois University and an additional Masters degree in Applied Mathematics and Financial Economics from Ohio University. He has worked in corporate actuarial, performing retirement plans pricing and profitability analysis. Dr. Ngwaba specializes in helping students prepare for Exams P, FM, and IFM. Students and colleagues have described him as very knowledgeable, enthusiastic, and always willing to assist.

Joseph Perlman, FSA

Joseph Perlman is an Assistant Professor of Mathematics at Lander College, the honors division of Touro College. He has taught courses in pure mathematics, statistics and probability, bond mathematics and option pricing theory, and actuarial courses preparing students for the Society of Actuaries exams. In addition to teaching actuarial courses for the preliminary exams, he has also previously prepared students for examinations for the Fellowship of the Institute of Actuaries. Professor Perlman has also earned an MBA in Finance from the prestigious Master’s Program at Columbia University.

Joseph Perlman, FSA

Joseph Perlman is an Assistant Professor of Mathematics at Lander College, the honors division of Touro College. He has taught courses in pure mathematics, statistics and probability, bond mathematics and option pricing theory, and actuarial courses preparing students for the Society of Actuaries exams. In addition to teaching actuarial courses for the preliminary exams, he has also previously prepared students for examinations for the Fellowship of the Institute of Actuaries. Professor Perlman has also earned an MBA in Finance from the prestigious Master’s Program at Columbia University.

Charles Major

Charles Major has accumulated over 40 years of experience in leading students to academic and actuarial exam success. Professor Major leads classes at both New York University and University of North Florida for students preparing for their actuarial exams, specializing in Exams P, FM, and IFM. Professor Major holds a BS in Math and Statistics from University of New Hampshire, MS in Math, Statistics, and Operations Research for Finance from New York University, and is working towards a PhD in Math and Science from University of New Hampshire.

Dr. Geoffrey Apel helped develop the Actuarial Science Program at Aurora University. He specializes in providing instruction for exams P, FM, and IFM. Dr. Apel received his Ph.D. from Northern Illinois University in Computational Number Theory, an MS in Pure Math from the same institution, and his BS in Mathematics from Millikin University.

Dr. Geoffrey Apel

Dr. Yvonne Chueh, ASA, Ph.D is an Actuarial Science professor at Central Washington University. She earned a Ph.D. and M.S. in Mathematics & Actuarial Science at University of Connecticut. She earned a B.S. in Pure Mathematics from National Taiwan University. She currently teaches at Central Washington University. She has served as an SOA council member (2013-2017) and chair (2017) of SOA Education & Research. Dr. Chueh specializes in Exams STAM and LTAM instruction

Dr. Yvonne Chueh

Dr. Darren E. Mason is currently professor and chair of mathematics and computer science at Albion College in Michigan. He also holds a visiting adjunct professorship with the Actuarial Science Program at Michigan State University. Over the past four years Darren has prepared students at MSU, Albion, and Guangzhou University (China) to pass the P/1, FM/2, and IFM/3F exams. Dr. Mason received his Ph.D. and B.S. from the University of Minnesota in mathematics and mechanics.

Dr. Darren E. Mason

Dr. Mark R. Hoffmann, Ph.D.,FCAS, is currently an actuarial lecturer at Columbia University in New York City. Dr. Hoffmann holds a PhD from the University of Missouri and is also a Fellow of the Casualty Actuarial Society. He runs evening courses for Exam IFM as well as CAS exam 5 at The Columbia University School of Professional Studies. In addition, he has authored extensive study material for CAS exams 8 and 9.

Dr. Mark R. Hoffmann

Dr. Daniel C. Biles received his Ph. D. in mathematics from Vanderbilt University in 1987. He has 23 years experience as a professor, and is now in the mathematics and computer science department at Belmont University. He has been training students for Actuarial Exam P/1 many years, and offers a yearly course at Belmont University for Exam P/1 preparation. He has over 25 research publications, and has recently begun publishing in stochastic calculus, a sub field of probability theory.

Dr. Daniel C. Biles

Dr. Dan Cazacu studied applied mathematics at University of Bucharest. He earned a PhD in mathematics from University of Missouri. After completing the SOA preliminary actuarial examinations he obtained a Certificate in Quantitative Finance from Paul Wilmott. He has 21 years of insurance industry experience (after his PhD) in risk management and hedging roles. He also taught courses in Derivative Markets and Enterprise Risk Management at Maryville University. He specializes in Exam P and FM instruction.

Dr. Constantin Dan Cazacu

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