Associateship Professionalism Course
Created: Tue Mar 12, 2024
Associateship Professionalism Course
1 of 38
Associateship Professionalism Course
Created: Tue Mar 12, 2024
Contents
Associateship Professionalism Course ........................................................................... 1
1 Associateship Professionalism Course ........................................................................ 4
1.5 Testing ................................................................................................................... 4
1.5.1 Test ................................................................................................................. 4
1.5.2 Test ................................................................................................................. 5
1.5.3 Test ................................................................................................................. 6
1.5.4 Test ................................................................................................................. 7
1.5.5 Test ................................................................................................................. 8
1.5.6 Test ................................................................................................................. 9
1.5.7 Test ............................................................................................................... 10
1.5.8 Test ............................................................................................................... 11
1.5.9 Test ............................................................................................................... 12
1.5.10 Test ............................................................................................................. 13
1.5.11 Test ............................................................................................................. 14
1.5.12 Test ............................................................................................................. 15
1.5.13 Test ............................................................................................................. 16
1.5.14 Test ............................................................................................................. 17
1.5.15 Test ............................................................................................................. 18
1.5.16 Test ............................................................................................................. 19
1.5.17 Test ............................................................................................................. 20
1.5.18 Test ............................................................................................................. 21
1.5.19 Test ............................................................................................................. 22
1.5.20 Test ............................................................................................................. 23
1.5.21 Test ............................................................................................................. 24
Testing Answer Key ...................................................................................................... 25
1 Associateship Professionalism Course ................................................................... 25
1.1. Test ................................................................................................................. 25
1.2. Test ................................................................................................................. 25
1.3. Test ................................................................................................................. 26
1.4. Test ................................................................................................................. 26
1.5. Test ................................................................................................................. 27
1.6. Test ................................................................................................................. 27
1.7. Test ................................................................................................................. 28
1.8. Test ................................................................................................................. 29
1.9. Test ................................................................................................................. 29
1.10. Test ............................................................................................................... 30
1.11. Test ............................................................................................................... 31
1.12. Test ............................................................................................................... 31
1.13. Test ............................................................................................................... 32
1.14. Test ............................................................................................................... 33
1.15. Test ............................................................................................................... 33
1.16. Test ............................................................................................................... 34
1.17. Test ............................................................................................................... 35
1.18. Test ............................................................................................................... 35
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Associateship Professionalism Course
Created: Tue Mar 12, 2024
1.19. Test ............................................................................................................... 36
1.20. Test ............................................................................................................... 37
1.21. Test ............................................................................................................... 37
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Associateship Professionalism Course
Created: Tue Mar 12, 2024
1 Associateship Professionalism Course
1.5 Testing
1.5.1 Test
Which of the following statements about the Society of Actuaries (SOA) is/are true? (Choose all
that apply.)
Test
Circle the correct answer(s)
A. The SOA was formed by the merger of the Actuarial Society of America and the
American Institute of Actuaries in 1949.
B. The SOA is a full member association of the International Actuarial Association.
C. The SOA has more than 32,000 members.
D. There are SOA members employed by the SOA in both Canada and Malaysia.
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Associateship Professionalism Course
Created: Tue Mar 12, 2024
1.5.2 Test
As an Associate of the Society of Actuaries (ASA), or a Chartered Enterprise Risk Analyst
(CERA), you: (Choose all that apply.)
Test
Circle the correct answer(s)
A. May participate in the professional sections of the SOA
B. May serve on any SOA committee
C. Must meet the SOA’s CPD requirements to be listed as compliant in the Actuarial
Directory
D. Must have membership dues paid to use the ASA actuarial designation
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Associateship Professionalism Course
Created: Tue Mar 12, 2024
1.5.3 Test
Both the requirements for the ASA designation and the requirements for the CERA designation
include demonstration of an understanding of: (Choose all that apply.)
Test
Circle the correct answer(s)
A. Fundamentals of actuarial practice
B. Statistics for risk modeling
C. Predictive Analytics
D. Identification, measurement, and management of enterprise risk
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Associateship Professionalism Course
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1.5.4 Test
Which of the following statements about the SOA’s Continuing Professional Development (CPD)
requirements is/are true?
(Choose all that apply.)
Test
Circle the correct answer(s)
A. 60 units per rolling two calendar years cycle are required.
B. At least 15 units of Structured Credit per calendar year are required.
C. Successful completion of an FSA module earns Structured Credit.
D. At least 45 units in job-relevant skills per cycle are required.
E. At least 3 units of professionalism per cycle are required.
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Associateship Professionalism Course
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1.5.5 Test
Which of the following statements is/are true about professions? (Choose all that apply.)
Test
Circle the correct answer(s)
A. Professions exist to serve the public interest.
B. Professions exist for the orderly functioning of society.
C. Self-regulation is an important characteristic of a profession.
D. A profession’s discipline process ensures that the members of a profession are qualified.
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Associateship Professionalism Course
Created: Tue Mar 12, 2024
1.5.6 Test
Which of the following statements is/are true? (Choose all that apply.)
Test
Circle the correct answer(s)
A. When an Actuarial Candidate becomes a member of the SOA, he/she is subject to the
SOA member Code of Professional Conduct, and no longer subject to the Candidate
Code.
B. According to the definition of “Recognized Actuarial Organization (RAO)” in the SOA
member Code of Professional Conduct, an RAO must have a formal discipline process.
C. Where requirements of Law conflict with the SOA member Code of Professional
Conduct, the requirements of Law take precedence.
D. The definition of “Actuarial Communication” in the SOA member Code of Professional
Conduct does not include oral communications.
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Associateship Professionalism Course
Created: Tue Mar 12, 2024
1.5.7 Test
Which of the following statements is/are true? (Choose all that apply.)
Test
Circle the correct answer(s)
A. The International Actuarial Association is a worldwide association of professional
actuarial organizations.
B. To be a full member of the International Actuarial Association, an actuarial organization
must have a minimum syllabus and education guidelines.
C. The Actuarial Foundation is the charitable arm of actuarial organizations worldwide.
D. The mission of the Actuarial Foundation is to enhance math education and financial
literacy through the talents and resources of actuaries.
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Associateship Professionalism Course
Created: Tue Mar 12, 2024
1.5.8 Test
Which of the following statements is/are true? (Choose all that apply.)
Test
Circle the correct answer(s)
A. All five U.S.-based actuarial organizations were involved in the development of the Joint
Code of Professional Conduct.
B. All five U.S.-based actuarial organizations are represented on the Actuarial Board for
Counseling and Discipline.
C. Both the Actuarial Standards Board and the Actuarial Board for Counseling and
Discipline have nine members, appointed by a selection committee composed of the
presidents and presidents-elect of the American Academy of Actuaries, the Casualty
Actuarial Society, and the Society of Actuaries.
D. The Actuarial Board for Counseling and Discipline’s jurisdiction to investigate alleged
violations extends to the actuarial practice of the five U.S.-based organizations’ members
in every country.
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Associateship Professionalism Course
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1.5.9 Test
Which of the following statements is/are true? (Choose all that apply.)
Test
Circle the correct answer(s)
A. The profession’s special public interest can be expressed as: “To ensure the viability and
sustainability of financial security systems, especially those involving risk.”
B. The Actuarial Foundation and the Actuarial Foundation of Canada provide another way
the individual members of the actuarial profession and their organizations can support the
public interest.
C. The Precept 1 phrase, “to fulfill the profession’s responsibility to the public and to uphold
the reputation of the actuarial profession,” can be viewed as the goal of professionalism
in the actuarial profession.
D. The unprofessional practice of one actuary can reduce the effectiveness of the entire
profession.
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Associateship Professionalism Course
Created: Tue Mar 12, 2024
1.5.10 Test
Which of the following statements is/are true? (Choose all that apply.)
Test
Circle the correct answer(s)
A. A member of the SOA practicing outside the U.S. is subject to the SOA member Code of
Professional Conduct.
B. A member of the SOA practicing in Canada is subject to the Canadian Institute’s Rules of
Professional Conduct.
C. According to the Precepts of the SOA member Code of Professional Conduct,
confidential information shall not be disclosed to another party unless required to do so
by Law.
D. A member of the SOA practicing outside the U.S. must satisfy the Actuarial Standards of
Practice of the U.S. Actuarial Standards Board.
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Associateship Professionalism Course
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1.5.11 Test
According to Lauren Bloom, which of the following statements is/are true regarding malpractice?
(Choose all that apply.)
Test
Circle the correct answer(s)
A. Malpractice amounts to professional negligence.
B. A professional can commit malpractice either by failing to follow generally accepted
practice, or by failing to do what another reasonable professional would do under similar
circumstances.
C. Intentional wrongdoing also falls within the definition of malpractice.
D. Paying attention to professionalism in your work elevates your practice above generally
accepted practice.
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Associateship Professionalism Course
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1.5.12 Test
Which of the following statements is/are true regarding materiality? (Choose all that apply.)
Test
Circle the correct answer(s)
A. An understanding of materiality is critical to determining whether or not there has been a
violation of the SOA member Code of Professional Conduct.
B. According to Dick Robertson’s Up to Code article on materiality, the main test in
evaluating materiality is if it affects a client’s confidence in an actuary, or in the actuarial
profession.
C. According to Dick Robertson’s Up to Code article on materiality, repeating an immaterial
violation might make the violation material.
D. According to Dick Robertson’s Up to Code article on materiality, when performing
actuarial work, it is important to consider possible future adverse circumstances.
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Associateship Professionalism Course
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1.5.13 Test
Which of the following statements is/are true? (Choose all that apply.)
Test
Circle the correct answer(s)
A. The American Academy of Actuaries Committee on Professionalism released the
discussion document “The Application of Precept 13 of the Code of Professional
Conduct” because of the high number of cases involving Precept 13 reported to the
ABCD in recent years.
B. The U.S. Actuarial Standards Board is responsible for updating the Applicability
Guidelines for Actuarial Standards of Practice.
C. In Precept 12, Titles and Designations, “Designation” refers to a membership status
within a Recognized Actuarial Organization.
D. There are three Precepts and an Actuarial Standard of Practice directly related to
communication.
E. Peer review of both the content and the communication effectiveness of your actuarial
work is important.
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Associateship Professionalism Course
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1.5.14 Test
Which of the following statements is/are true with respect to Precept 13 and its Annotations?
(Choose all that apply.)
Test
Circle the correct answer(s)
A. Precept 13 is essential to the successful self-policing of the actuarial profession.
B. A violation of the Code is deemed to be material if it is important or affects the outcome
of a situation.
C. Knowledge of a possible violation of the Code of Professional Conduct requires action.
D. If you know of an apparent, unresolved, material violation of the Code by another
Actuary, you should consider discussing the situation with the other Actuary before
reporting the potential misconduct.
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Associateship Professionalism Course
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1.5.15 Test
Which of the following statements is/are true? (Choose all that apply.)
Test
Circle the correct answer(s)
A. The John Ruskin quote, “The work of science is to substitute facts for appearances, and
demonstrations for impressions” has been on FSA certificates for many years.
B. A common theme of the five U.S.-based actuarial organizations and the Canadian
Institute of Actuaries is service in the public interest.
C. The advertising and business solicitation activities noted in Precept 11 include all
communications except oral communications.
D. Individuals who can provide advice and counsel are an important professionalism
resource.
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Associateship Professionalism Course
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1.5.16 Test
Which of the following statements is/are true with respect to the American Academy of
Actuaries’ “Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the
United States”? (Choose all that apply.)
Test
Circle the correct answer(s)
A. The Qualification Standards apply only to Statements of Actuarial Opinion required by
law or regulation.
B. All Statements of Actuarial Opinion are subject to both General and Specific
Qualification Standards.
C. Being an Associate of the Society of Actuaries satisfies the basic education requirement
of the General Qualification Standard.
D. The continuing education requirement requires 30 credit hours annually.
E. Three years of responsible work experience in the relevant area of practice satisfies the
experience requirement of the Specific Qualification Standard.
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Associateship Professionalism Course
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1.5.17 Test
Lauren Bloom makes which of the following points in her videos? (Choose all that apply.)
Test
Circle the correct answer(s)
A. Only the very best actuaries can produce actuarial work results of better quality, faster
and cheaper than their competitors.
B. Professionalism builds good work habits and enhances professional relationships.
C. You should know your obligations with respect to the Code of Professional Conduct and
Standards of Practice.
D. Part of being a professional is learning to deliver bad news.
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Associateship Professionalism Course
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1.5.18 Test
Which of the following statements is/are true? (Choose all that apply.)
Test
Circle the correct answer(s)
A. Standards of practice serve to assure the public that actuaries are professionally
accountable.
B. Although actuaries are to use standards only as guidance, actuaries who have deviated
materially from the guidance are in violation of the SOA member Code of Professional
Conduct.
C. The Applicability Guidelines for ASOPs provide actuaries with authoritative guidance as
to which standards might apply to tasks that actuaries perform.
D. The appendices of an ASOP are not part of the ASOP and are nonbinding.
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Associateship Professionalism Course
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1.5.19 Test
In the survey of American Academy of Actuaries members regarding key ethical concerns,
which of the following unprofessional conduct situations did more than 25% of the respondents
rate a 4 or 5 level of concern? (Choose all that apply.)
Test
Circle the correct answer(s)
A. False or misleading representation of products or services in marketing, advertising, or
sales efforts
B. Failure of actuarial bodies to investigate and discipline violations of professional conduct
by actuaries
C. Conflicts of interest between opportunities for personal financial gain (or other personal
benefits) and proper performance of one's responsibilities
D. Responding to pressure from principals and/or management to select inappropriate
assumptions used in pricing or reserving
E. Failure to provide timely responses to inquiries from the principal
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Associateship Professionalism Course
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1.5.20 Test
Which of the following statements is/are true? (Choose all that apply.)
Test
Circle the correct answer(s)
A. The ABCD recommends discipline but does not implement discipline.
B. Since its inception, the ABCD has initiated only one inquiry based on a Request for
Guidance.
C. According to Lauren Bloom, very few actuaries intentionally do wrong.
D. Less than 10% of the ABCD’s inquiries since 1992 have resulted in discipline.
E. The total number of inquiries started by the ABCD since 1992 is more than double the
number of Requests for Guidance submitted to the ABCD during the same time frame.
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Associateship Professionalism Course
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1.5.21 Test
Which of the following statements is/are true? (Choose all that apply.)
Test
Circle the correct answer(s)
A. The U.S. actuarial organizations work together so that the discipline of an individual for
professional misconduct is the same for all actuarial organizations of which the individual
is a member.
B. The SOA has made compliance with CPD mandatory because continuing education is
important for maintaining competence for doing actuarial work.
C. Where a question arises with regard to the applicability of a standard of practice, an
Actuary must take into account generally accepted actuarial principles and practices.
D. A key characteristic of a profession is an external board that regulates the profession.
E. Failure to take appropriate action when another actuary misrepresents information is not a
violation of the Code of Professional Conduct.
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Associateship Professionalism Course
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Testing Answer Key
1 Associateship Professionalism Course
1.1. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. The SOA was formed by the merger of the Actuarial Society of America and the
American Institute of Actuaries in 1949.
Correct: Yes
Feedback:
B. The SOA is a full member association of the International Actuarial Association.
Correct: Yes
Feedback:
C. The SOA has more than 32,000 members.
Correct: Yes
Feedback:
D. There are SOA members employed by the SOA in both Canada and Malaysia.
Correct: No
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.2. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. May participate in the professional sections of the SOA
Correct: Yes
Feedback:
B. May serve on any SOA committee
Correct: No
Feedback:
C. Must meet the SOA’s CPD requirements to be listed as compliant in the Actuarial
Directory
Correct: Yes
Feedback:
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Associateship Professionalism Course
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D. Must have membership dues paid to use the ASA actuarial designation
Correct: Yes
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.3. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. Fundamentals of actuarial practice
Correct: Yes
Feedback:
B. Statistics for risk modeling
Correct: Yes
Feedback:
C. Predictive Analytics
Correct: No
Feedback:
D. Identification, measurement, and management of enterprise risk
Correct: No
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.4. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. 60 units per rolling two calendar years cycle are required.
Correct: Yes
Feedback:
B. At least 15 units of Structured Credit per calendar year are required.
Correct: No
Feedback:
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Associateship Professionalism Course
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C. Successful completion of an FSA module earns Structured Credit.
Correct: Yes
Feedback:
D. At least 45 units in job-relevant skills per cycle are required.
Correct: Yes
Feedback:
E. At least 3 units of professionalism per cycle are required.
Correct: Yes
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.5. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. Professions exist to serve the public interest.
Correct: Yes
Feedback:
B. Professions exist for the orderly functioning of society.
Correct: Yes
Feedback:
C. Self-regulation is an important characteristic of a profession.
Correct: Yes
Feedback:
D. A profession’s discipline process ensures that the members of a profession are qualified.
Correct: Yes
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.6. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
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Associateship Professionalism Course
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A. When an Actuarial Candidate becomes a member of the SOA, he/she is subject to the
SOA member Code of Professional Conduct, and no longer subject to the Candidate
Code.
Correct: Yes
Feedback:
B. According to the definition of “Recognized Actuarial Organization (RAO)” in the SOA
member Code of Professional Conduct, an RAO must have a formal discipline process.
Correct: Yes
Feedback:
C. Where requirements of Law conflict with the SOA member Code of Professional
Conduct, the requirements of Law take precedence.
Correct: Yes
Feedback:
D. The definition of “Actuarial Communication” in the SOA member Code of Professional
Conduct does not include oral communications.
Correct: No
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.7. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. The International Actuarial Association is a worldwide association of professional
actuarial organizations.
Correct: Yes
Feedback:
B. To be a full member of the International Actuarial Association, an actuarial organization
must have a minimum syllabus and education guidelines.
Correct: Yes
Feedback:
C. The Actuarial Foundation is the charitable arm of actuarial organizations worldwide.
Correct: No
Feedback:
D. The mission of the Actuarial Foundation is to enhance math education and financial
literacy through the talents and resources of actuaries.
Correct: Yes
Feedback:
Question Feedback
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Associateship Professionalism Course
Created: Tue Mar 12, 2024
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.8. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. All five U.S.-based actuarial organizations were involved in the development of the Joint
Code of Professional Conduct.
Correct: Yes
Feedback:
B. All five U.S.-based actuarial organizations are represented on the Actuarial Board for
Counseling and Discipline.
Correct: Yes
Feedback:
C. Both the Actuarial Standards Board and the Actuarial Board for Counseling and
Discipline have nine members, appointed by a selection committee composed of the
presidents and presidents-elect of the American Academy of Actuaries, the Casualty
Actuarial Society, and the Society of Actuaries.
Correct: Yes
Feedback:
D. The Actuarial Board for Counseling and Discipline’s jurisdiction to investigate alleged
violations extends to the actuarial practice of the five U.S.-based organizations’ members
in every country.
Correct: Yes
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.9. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. The profession’s special public interest can be expressed as: “To ensure the viability and
sustainability of financial security systems, especially those involving risk.”
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Associateship Professionalism Course
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Correct: Yes
Feedback:
B. The Actuarial Foundation and the Actuarial Foundation of Canada provide another way
the individual members of the actuarial profession and their organizations can support the
public interest.
Correct: Yes
Feedback:
C. The Precept 1 phrase, “to fulfill the profession’s responsibility to the public and to uphold
the reputation of the actuarial profession,” can be viewed as the goal of professionalism
in the actuarial profession.
Correct: Yes
Feedback:
D. The unprofessional practice of one actuary can reduce the effectiveness of the entire
profession.
Correct: Yes
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.10. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. A member of the SOA practicing outside the U.S. is subject to the SOA member Code of
Professional Conduct.
Correct: Yes
Feedback:
B. A member of the SOA practicing in Canada is subject to the Canadian Institute’s Rules of
Professional Conduct.
Correct: Yes
Feedback:
C. According to the Precepts of the SOA member Code of Professional Conduct,
confidential information shall not be disclosed to another party unless required to do so
by Law.
Correct: No
Feedback:
D. A member of the SOA practicing outside the U.S. must satisfy the Actuarial Standards of
Practice of the U.S. Actuarial Standards Board.
Correct: No
Feedback:
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Associateship Professionalism Course
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Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.11. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. Malpractice amounts to professional negligence.
Correct: Yes
Feedback:
B. A professional can commit malpractice either by failing to follow generally accepted
practice, or by failing to do what another reasonable professional would do under similar
circumstances.
Correct: Yes
Feedback:
C. Intentional wrongdoing also falls within the definition of malpractice.
Correct: No
Feedback:
D. Paying attention to professionalism in your work elevates your practice above generally
accepted practice.
Correct: Yes
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.12. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. An understanding of materiality is critical to determining whether or not there has been a
violation of the SOA member Code of Professional Conduct.
Correct: Yes
Feedback:
B. According to Dick Robertson’s Up to Code article on materiality, the main test in
evaluating materiality is if it affects a client’s confidence in an actuary, or in the actuarial
31 of 38
Associateship Professionalism Course
Created: Tue Mar 12, 2024
profession.
Correct: No
Feedback:
C. According to Dick Robertson’s Up to Code article on materiality, repeating an immaterial
violation might make the violation material.
Correct: Yes
Feedback:
D. According to Dick Robertson’s Up to Code article on materiality, when performing
actuarial work, it is important to consider possible future adverse circumstances.
Correct: Yes
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.13. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. The American Academy of Actuaries Committee on Professionalism released the
discussion document “The Application of Precept 13 of the Code of Professional
Conduct” because of the high number of cases involving Precept 13 reported to the
ABCD in recent years.
Correct: No
Feedback:
B. The U.S. Actuarial Standards Board is responsible for updating the Applicability
Guidelines for Actuarial Standards of Practice.
Correct: No
Feedback:
C. In Precept 12, Titles and Designations, “Designation” refers to a membership status
within a Recognized Actuarial Organization.
Correct: Yes
Feedback:
D. There are three Precepts and an Actuarial Standard of Practice directly related to
communication.
Correct: Yes
Feedback:
E. Peer review of both the content and the communication effectiveness of your actuarial
work is important.
Correct: Yes
Feedback:
32 of 38
Associateship Professionalism Course
Created: Tue Mar 12, 2024
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.14. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. Precept 13 is essential to the successful self-policing of the actuarial profession.
Correct: Yes
Feedback:
B. A violation of the Code is deemed to be material if it is important or affects the outcome
of a situation.
Correct: Yes
Feedback:
C. Knowledge of a possible violation of the Code of Professional Conduct requires action.
Correct: Yes
Feedback:
D. If you know of an apparent, unresolved, material violation of the Code by another
Actuary, you should consider discussing the situation with the other Actuary before
reporting the potential misconduct.
Correct: Yes
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.15. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. The John Ruskin quote, “The work of science is to substitute facts for appearances, and
demonstrations for impressions” has been on FSA certificates for many years.
Correct: Yes
Feedback:
B. A common theme of the five U.S.-based actuarial organizations and the Canadian
Institute of Actuaries is service in the public interest.
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Correct: Yes
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C. The advertising and business solicitation activities noted in Precept 11 include all
communications except oral communications.
Correct: No
Feedback:
D. Individuals who can provide advice and counsel are an important professionalism
resource.
Correct: Yes
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.16. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. The Qualification Standards apply only to Statements of Actuarial Opinion required by
law or regulation.
Correct: No
Feedback:
B. All Statements of Actuarial Opinion are subject to both General and Specific
Qualification Standards.
Correct: No
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C. Being an Associate of the Society of Actuaries satisfies the basic education requirement
of the General Qualification Standard.
Correct: Yes
Feedback:
D. The continuing education requirement requires 30 credit hours annually.
Correct: Yes
Feedback:
E. Three years of responsible work experience in the relevant area of practice satisfies the
experience requirement of the Specific Qualification Standard.
Correct: Yes
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
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Associateship Professionalism Course
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Incorrect Attempt
Partially Correct Attempt
1.17. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. Only the very best actuaries can produce actuarial work results of better quality, faster
and cheaper than their competitors.
Correct: No
Feedback:
B. Professionalism builds good work habits and enhances professional relationships.
Correct: Yes
Feedback:
C. You should know your obligations with respect to the Code of Professional Conduct and
Standards of Practice.
Correct: Yes
Feedback:
D. Part of being a professional is learning to deliver bad news.
Correct: Yes
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.18. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. Standards of practice serve to assure the public that actuaries are professionally
accountable.
Correct: Yes
Feedback:
B. Although actuaries are to use standards only as guidance, actuaries who have deviated
materially from the guidance are in violation of the SOA member Code of Professional
Conduct.
Correct: No
Feedback:
C. The Applicability Guidelines for ASOPs provide actuaries with authoritative guidance as
to which standards might apply to tasks that actuaries perform.
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Correct: No
Feedback:
D. The appendices of an ASOP are not part of the ASOP and are nonbinding.
Correct: Yes
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.19. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. False or misleading representation of products or services in marketing, advertising, or
sales efforts
Correct: Yes
Feedback:
B. Failure of actuarial bodies to investigate and discipline violations of professional conduct
by actuaries
Correct: No
Feedback:
C. Conflicts of interest between opportunities for personal financial gain (or other personal
benefits) and proper performance of one's responsibilities
Correct: Yes
Feedback:
D. Responding to pressure from principals and/or management to select inappropriate
assumptions used in pricing or reserving
Correct: Yes
Feedback:
E. Failure to provide timely responses to inquiries from the principal
Correct: No
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
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Associateship Professionalism Course
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1.20. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. The ABCD recommends discipline but does not implement discipline.
Correct: Yes
Feedback:
B. Since its inception, the ABCD has initiated only one inquiry based on a Request for
Guidance.
Correct: No
Feedback:
C. According to Lauren Bloom, very few actuaries intentionally do wrong.
Correct: Yes
Feedback:
D. Less than 10% of the ABCD’s inquiries since 1992 have resulted in discipline.
Correct: Yes
Feedback:
E. The total number of inquiries started by the ABCD since 1992 is more than double the
number of Requests for Guidance submitted to the ABCD during the same time frame.
Correct: No
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
1.21. Test
Weight: 10
Partial Scoring: Use Publishing Profile
Circle the correct answer(s)
A. The U.S. actuarial organizations work together so that the discipline of an individual for
professional misconduct is the same for all actuarial organizations of which the individual
is a member.
Correct: No
Feedback:
B. The SOA has made compliance with CPD mandatory because continuing education is
important for maintaining competence for doing actuarial work.
Correct: No
Feedback:
C. Where a question arises with regard to the applicability of a standard of practice, an
Actuary must take into account generally accepted actuarial principles and practices.
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Correct: Yes
Feedback:
D. A key characteristic of a profession is an external board that regulates the profession.
Correct: No
Feedback:
E. Failure to take appropriate action when another actuary misrepresents information is not a
violation of the Code of Professional Conduct.
Correct: No
Feedback:
Question Feedback
All Correct Correct.
All Incorrect Incorrect.
Partially Correct Partially correct.
Incorrect Attempt
Partially Correct Attempt
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