Enrolled Actuary Exam: Quiz!

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| By Gregorynaomi

Gregorynaomi

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Quizzes Created: 1462 | Total Attempts: 836,062

Questions: 10 | Attempts: 159 | Updated: Mar 21, 2023

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Enrolled Actuary Exam is an exam organized by the Enrolled Actuaries divided into segments according to applicants' choice. The exam focus on mathematics topics like compound interest, demographic analysis, and so on. Candidates should be aware that an examination may assume familiarity with the material covered in any requirement.

Questions and Answers

1.

How many exams are required to be written to be an actuary?
- A.
  
  8
- B.
  
  6
- C.
  
  5
- D.
  
  10
Correct Answer
D. 10

Explanation
To become an actuary, one must pass a series of exams. The number of exams required to become an actuary is typically 10. These exams cover various topics such as mathematics, statistics, finance, and insurance. Each exam tests the candidate's knowledge and understanding of these subjects. By successfully completing all 10 exams, individuals can demonstrate their proficiency and readiness to work as an actuary.

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1
0
2.

What is the maximum time required for attaining an associate actuarial certification?
- A.
  
  Four years
- B.
  
  Five years
- C.
  
  Six years
- D.
  
  Seven years
Correct Answer
C. Six years

Explanation
The maximum time required for attaining an associate actuarial certification is six years. This implies that individuals have a maximum of six years to complete the necessary exams and requirements to become an associate actuary. It is important to note that this time frame may vary depending on the individual's dedication, study habits, and ability to pass the required exams within the given time.

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3.

What is the passing rate of Exam P?
- A.
  
  70%
- B.
  
  60%
- C.
  
  50%
- D.
  
  40%
Correct Answer
D. 40%

Explanation
The passing rate of Exam P is 40%. This means that in order to pass the exam, a candidate needs to achieve a score equal to or higher than 40% of the total marks.

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4.

What is the first actuarial exam called?
- A.
  
  Exam G
- B.
  
  Exam P
- C.
  
  Exam B
- D.
  
  Exam C
Correct Answer
B. Exam P

Explanation
Exam P is the first actuarial exam. This exam, also known as Probability, covers the fundamentals of probability theory and its applications in actuarial science. It tests the candidate's understanding of basic probability concepts, including probability distributions, random variables, and statistical inference. Passing Exam P is a crucial step towards becoming an actuary and is required by many actuarial organizations as part of their certification process.

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5.

How many questions are on the P exam?
- A.
  
  10
- B.
  
  20
- C.
  
  30
- D.
  
  40
Correct Answer
C. 30

Explanation
The P exam consists of 30 questions.

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6.

Which examination is divided into two segments?
- A.
  
  EA-4
- B.
  
  EA-3
- C.
  
  EA-2
- D.
  
  EA-1
Correct Answer
C. EA-2

Explanation
EA-2 is the correct answer because it is the only option that is divided into two segments. The other options, EA-4, EA-3, and EA-1, do not mention any division or segmentation. Therefore, EA-2 is the most logical choice for the examination that is divided into two segments.

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7.

Which of these is not covered by Segment F?
- A.
  
  Actuarial cost method
- B.
  
  Actuarial assumption
- C.
  
  Tax
- D.
  
  Economy
Correct Answer
D. Economy

Explanation
Segment F covers actuarial cost method, actuarial assumption, and tax. However, it does not cover the economy. This means that the economy is not included within the scope of Segment F.

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8.

Which of these firms can actuary worked in?
- A.
  
  Prisons
- B.
  
  Government organization
- C.
  
  Accounting
- D.
  
  Human resources consulting
Correct Answer
A. Prisons

Explanation
An actuary can work in prisons because actuarial work involves analyzing and managing financial risks, which can be applicable to various industries including the prison system. Actuaries can help prisons assess and manage risks related to healthcare costs, liability claims, and other financial aspects. They can use their expertise in statistics, mathematics, and financial modeling to provide insights and recommendations to improve the financial stability and efficiency of the prison system.

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9.

Which department is Enrolled Actuary based in?
- A.
  
  Department of Aviation
- B.
  
  Department of Police
- C.
  
  Department of Treasury
- D.
  
  Department of Education
Correct Answer
C. Department of Treasury

Explanation
The Enrolled Actuary is based in the Department of Treasury. This department is responsible for managing the country's finances, including taxation, revenue collection, and financial regulation. The Enrolled Actuary is likely involved in providing actuarial expertise and analysis related to pension plans and other financial obligations of the government.

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10.

What is the number of actuaries as of 2016?
- A.
  
  4100
- B.
  
  4200
- C.
  
  4500
- D.
  
  4600
Correct Answer
B. 4200