Archives: Tooltips

Microsoft Access is a database management system from Microsoft that combines the relational Microsoft Jet Database Engine with a graphical user interface and software-development tools

Python is an interpreted high-level general-purpose programming language. Python’s design philosophy emphasizes code readability with its notable use of significant indentation.

RStudio is an Integrated Development Environment for R, a programming language for statistical computing and graphics. It is available in two formats: RStudio Desktop is a regular desktop application while RStudio Server runs on a remote server and allows accessing RStudio using a web browser.

SAS is a statistical software suite developed by SAS Institute for data management, advanced analytics, multivariate analysis, business intelligence, criminal investigation, and predictive analytics. SAS was developed at North Carolina State University from 1966 until 1976, when SAS Institute was incorporated.

For the first few policy years, we normally expect the claim experience to be lower than the ultimate experience – due to selection of risks from underwriting processes.

The abbreviation of Contractual Service Margin in IFRS17 Insurance Contract. The CSM, in most instances, represents the unearned profit that an entity expects to earn as it provides services.

In the context of an actuarial study, seriatim data refer to data that contain information of individual policies, without any grouping.

A conceptual framework that is useful in describing the processes needed for the development and ongoing management of a financial enterprise, product or scheme. It is based on a simple problem-solving algorithm: define the proble, design the solution and monitor the results. (Source: Understanding Actuarial Management: the Actuarial Control Cycle 2nd edition Page 3)

Sub-product code. A mandatory integer field in a Model Point field used in Prophet.

A record used in a model to represent a cohort of policies with similar characteristics (Pricing of Life Insurance and Annuity Products). In an actuarial model, a Model Point contains information relating to a policy, which is normally obtained from the policy administration system.