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More Section D and E material posted

Wed, 05 Feb 2020

Today we posted a number of new lessons in Sections D and E. In both sections all remaining material will be added onto the end of the PDFs currently posted, so you are safe to print anything you like. The existing page numbers will not change.

Flashcards available for Sections A–C

Sun, 26 Jan 2020

As of today, all flashcards in Sections A–C are available in the Supplementary and Review Material section of the course as well as our mobile Review apps for iPhone and Android. Flashcards for other sections will be posted in early February. You can always track the status of these items in the Revision History and … Continue reading

Section C materials available

Fri, 17 Jan 2020

Today we posted the full detailed study manual for Section C. All video lessons in Section C should be visible within the next 24 hours as well. Section C covers a mix of readings related to tax accounting, standard nonforfeiture law, an other regulatory topics. Some of the tax material is fairly challenging, but these … Continue reading

Section A flashcards available

Wed, 15 Jan 2020

Yesterday we posted the first batch of 2020 flashcards covering all of Section A. You can find these PDF-based flashcards in the Supplementary and Review Material section of the course. Flashcards for other sections will be posted there as well as they roll out. You can always track the status of these items in the … Continue reading

Introduction ... lessons ... min of video
- Introductory Material ...
  - Quick start guide: all you need to get started at a glance (sample) (handout)
  - Quick video explaining what to expect with the Spring 2020 LFM updates (watch first) (sample) (3:19)
  - Start Here (Orientation): Seminar Navigation, Using Downloads, and More (9:11)
  - Using the Online Seminar to Increase Your Chances of Passing (sample) (3:42)
  - Spring 2020 Study Schedule (sample) (5:59)
  - Revision History and Scheduled Updates (updated 2/17/2020) (handout)
  - Using the Course Forum (11:12)
  - I failed. What do I do now? (sample) (handout)
  - Video Player Keyboard Shortcuts (handout)
- Important: Understanding the Format of FSA Exams ...
  - First FSA Exam? Learn how FSA exams are different from the prelims. (sample) (17:53)
  - Meet the Verbs Part 1: The relative value of verbs used in past FSA questions (11:46)
  - Meet the Verbs Part 2: Verb definitions (5:58)
  - Meet the Verbs Part 3: Specific examples of how to answer questions based on the verb used (25:31)
Detailed Study Manual ... lessons ... min of video
- Study Manual Samples ...
  - Spring/Fall 2020 Detailed Study Manual Sample (sample) (handout)
- Spring & Fall 2020 LFMU Study Manual ...
  - Introduction (handout)
  - Section A (handout)
  - Section B (handout)
  - Section C (handout)
  - Section D (handout)
  - Section E (handout)
A. US Statutory Valuation and Reporting ... lessons ... min of video
- A.1 Formula-Based US Statutory Reserves ...
  - A.1 Video Lesson Handouts (handout)
  - A.1 Drill Problems (handout)
  - A.1.1. An Introduction to Reserves (24:12)
  - A.1.2. SVILAC Ch. 1-2: Valuation Overview & Product Classifications (Part 1 of 2) (12:49)
  - A.1.2. SVILAC Ch. 1-2: Valuation Overview & Product Classifications (Part 2 of 2) (8:46)
  - A.1.3. SVILAC Ch. 4: The Standard Valuation Law (Part 1 of 2) (18:57)
  - A.1.3. SVILAC Ch. 4: The Standard Valuation Law (Part 2 of 2) (8:51)
  - A.1.4. SVILAC Ch. 10: Valuation Assumptions (Part 1a of 2) (24:55)
  - A.1.4. SVILAC Ch. 10: Valuation Assumptions (Part 1b of 2) (7:17)
  - A.1.4. SVILAC Ch. 10: Valuation Assumptions (Part 2 of 2) (10:54)
  - A.1.5. Actuarial Math Review (Parts 1 and 2 of 3) (32:20)
  - A.1.5. Actuarial Math Review (Part 3 of 3) (10:19)
  - A.1.6. SVILAC Ch. 11: Valuation Methodologies - Lesson 1 (Part 1 of 4) (sample) (15:20)
  - A.1.6. SVILAC Ch. 11: Valuation Methodologies - Lesson 1 (Part 2 of 4) (sample) (17:40)
  - A.1.6. SVILAC Ch. 11: Valuation Methodologies - Lesson 1 (Part 3 of 4) (8:37)
  - A.1.6. SVILAC Ch. 11: Valuation Methodologies - Lesson 1 (Part 4 of 4) (13:11)
  - A.1.6. SVILAC Ch. 11: Valuation Methodologies - Lesson 2 (Part 1 of 2) (15:55)
  - A.1.6. SVILAC Ch. 11: Valuation Methodologies - Lesson 2 (Part 2 of 2) (8:54)
  - A.1.7. SVILAC Ch. 3: NAIC Annual Statement (Part 1 of 2) (15:17)
  - A.1.7. SVILAC Ch. 3: NAIC Annual Statement (Part 2 of 2) (17:05)
  - A.1.8. SVILAC Ch. 12: Whole Life (Part 1 of 4) (25:08)
  - A.1.8. SVILAC Ch. 12: Whole Life (Part 2 of 4) (16:11)
  - A.1.8. SVILAC Ch. 12: Whole Life (Part 3 of 4) (12:48)
  - A.1.8. SVILAC Ch. 12: Whole Life (Part 4 of 4) (7:08)
  - A.1.9. SVILAC Ch. 13: Term Life Insurance (Part 1 of 2) (32:27)
  - A.1.9. SVILAC Ch. 13: Term Life Insurance (Part 2 of 2) (12:04)
  - A.1.10. SVILAC Ch. 14: Universal Life (Part 1 of 5) (31:14)
  - A.1.10. SVILAC Ch. 14: Universal Life (Part 2 of 5) (17:57)
  - A.1.10. SVILAC Ch. 14: Universal Life (Part 3 of 5) (6:25)
  - A.1.10. SVILAC Ch. 14: Universal Life (Part 4 of 5) (10:56)
  - A.1.10. SVILAC Ch. 14: Universal Life (Part 5 of 5) (10:55)
  - A.1.11. LFM-822: Actuarial Guidelines 38 and 48 (Part 1 of 3) (20:46)
  - A.1.11. LFM-822: Actuarial Guidelines 38 and 48 (Part 2a of 3) (27:07)
  - A.1.11. LFM-822: Actuarial Guidelines 38 and 48 (Part 2b of 3) (18:44)
  - A.1.11. LFM-822: Actuarial Guidelines 38 and 48 (Part 3 of 3) (10:18)
  - A.1.12. Impacts of AG 48 (13:30)
  - A.1.13. SVILAC Ch. 16: Indexed Universal Life (Part 1 of 2) (23:27)
  - A.1.13. SVILAC Ch. 16: Indexed Universal Life (Part 2 of 2) (21:15)
  - A.1.14. SVILAC Ch. 18: Fixed Deferred Annuities (Part 1 of 5) (15:19)
  - A.1.14. SVILAC Ch. 18: Fixed Deferred Annuities (Part 2 of 5) (21:29)
  - A.1.14. SVILAC Ch. 18: Fixed Deferred Annuities (Part 3 of 5) (22:20)
  - A.1.14. SVILAC Ch. 18: Fixed Deferred Annuities (Part 4 of 5) (8:48)
  - A.1.14. SVILAC Ch. 18: Fixed Deferred Annuities (Part 5 of 5) (14:45)
  - A.1.15. SVILAC Ch. 20: Indexed Deferred Annuities (Part 1 of 3) (9:50)
  - A.1.15. SVILAC Ch. 20: Indexed Deferred Annuities (Part 2 of 3) (10:29)
  - A.1.15. SVILAC Ch. 20: Indexed Deferred Annuities (Part 3 of 3) (20:13)
  - A.1.16. SVILAC Ch. 21: Immediate Annuities (Part 1 of 2) (11:58)
  - A.1.16. SVILAC Ch. 21: Immediate Annuities (Part 2 of 2) (13:07)
  - A.1.17. SVILAC Ch. 22: Miscellaneous Reserves (15:53)
  - A.1.18. LFV-800: ISA Ch. 8 - IMR and AVR (Part 1 of 2) (18:27)
  - A.1.18. LFV-800: ISA Ch. 8 - IMR and AVR (Part 2 of 2) (11:40)
- A.2 US Statutory PBR Topics ...
  - A.2 Video Lesson Handouts (handout)
  - A.2.1. SVILAC Ch. 5: The Valuation Manual (Part 1 of 2) (13:37)
  - A.2.1. SVILAC Ch. 5: The Valuation Manual (Part 2 of 2) (7:07)
  - A.2.2. SVILAC Ch. 23: PBR for Life Products (Part 1 of 4) (14:52)
  - A.2.2. SVILAC Ch. 23: PBR for Life Products (Part 2a of 4) (25:33)
  - A.2.2. SVILAC Ch. 23: PBR for Life Products (Part 2b of 4) (7:27)
  - A.2.2. SVILAC Ch. 23: PBR for Life Products (Part 3a of 4) (21:25)
  - A.2.2. SVILAC Ch. 23: PBR for Life Products (Part 3b of 4) (11:27)
  - A.2.2. SVILAC Ch. 23: PBR for Life Products (Part 4 of 4) (24:48)
  - A.2.3. Interactive Principle-Based Reserves Model (Part 1 of 3) (18:20)
  - A.2.3. Interactive Principle-Based Reserves Model (Part 2 of 3) (22:18)
  - A.2.3. Interactive Principle-Based Reserves Model (Part 3 of 3) (23:01)
  - A.2.4. LFM-143: Fundamentals of the PBA to Statutory Reserves (Part 1 of 3) (6:57)
  - A.2.4. LFM-143: Fundamentals of the PBA to Statutory Reserves (Part 2 of 3) (17:50)
  - A.2.4. LFM-143: Fundamentals of the PBA to Statutory Reserves (Part 3 of 3) (14:29)
  - A.2.5. PBA Corner: VM-20 Mortality Credibility (15:03)
  - A.2.6. LFM-844: Life PBRs Under VM-20 (Part 1 of 3) (11:42)
  - A.2.6. LFM-844: Life PBRs Under VM-20 (Part 2 of 3) (14:52)
  - A.2.6. LFM-844: Life PBRs Under VM-20 (Part 3 of 3) (8:40)
  - A.2.7. ASOP 52: PBRs for Life Products (Part 1 of 4) (8:54)
  - A.2.7. ASOP 52: PBRs for Life Products (Part 2 of 4) (13:44)
  - A.2.7. ASOP 52: PBRs for Life Products (Parts 3-4 of 4) (6:58)
  - A.2.8. SVILAC Ch. 19: Variable Deferred Annuities (Part 1 of 2) (21:11)
  - A.2.8. SVILAC Ch. 19: Variable Deferred Annuities (Part 2 of 2) (16:40)
  - A.2.9. SVILAC Ch. 24: PBR for Variable Annuities (Part 1 of 2) (29:03)
  - A.2.9. SVILAC Ch. 24: PBR for Variable Annuities (Part 2 of 2) (33:20)
  - A.2.10. Reporting and Disclosure Requirements Under VM-31 (9:58)
B. US GAAP Valuation and Reporting ... lessons ... min of video
- B.1. FAS 60, FAS 97, and FAS 91 ...
  - B.1 Video Lesson Handouts (handout)
  - B.1.1. GAAP Ch. 3: Expenses and Capitalization (24:39)
  - B.1.2. GAAP Ch. 4 (FAS 60) (6:31)
  - B.1.3. GAAP Ch. 6: Universal Life Insurance (Part 1 of 2) (20:55)
  - B.1.3. GAAP Ch. 6: Universal Life Insurance (Part 2 of 2) (10:23)
  - B.1.4. GAAP Ch. 7: Deferred Annuities (Part 1 of 2) (16:03)
  - B.1.4. GAAP Ch. 7: Deferred Annuities (Part 2 of 2) (16:15)
  - B.1.5. GAAP Ch. 3, Section 3.11 - Sales Inducements (Part 1 of 2) (12:59)
  - B.1.5. GAAP Ch. 3, Section 3.11 - Sales Inducements (Part 2 of 2) (4:31)
  - B.1.6. GAAP Ch. 9 Payment Annuities (Part 1 of 3) (12:19)
  - B.1.6. GAAP Ch. 9 Payment Annuities (Part 2 of 3) (10:34)
  - B.1.6. GAAP Ch. 9 Payment Annuities (Part 3 of 3) (10:38)
- B.2. Targeted Improvements ...
  - B.2 Video Lesson Handouts (handout)
  - B.2.1. LFM-142: The New Accounting For Long-Duration Contracts (Part 1 of 6) (19:20)
  - B.2.1. LFM-142: The New Accounting For Long-Duration Contracts (Part 2 of 6) (30:36)
  - B.2.1. LFM-142: The New Accounting For Long-Duration Contracts (Part 3a of 6) (23:25)
  - B.2.1. LFM-142: The New Accounting For Long-Duration Contracts (Part 3b of 6) (21:37)
  - B.2.1. LFM-142: The New Accounting For Long-Duration Contracts (Part 4 of 6) (14:07)
  - B.2.1. LFM-142: The New Accounting For Long-Duration Contracts (Part 5 of 6) (30:55)
  - B.2.1. LFM-142: The New Accounting For Long-Duration Contracts (Part 6 of 6) (10:53)
  - B.2.2. LFM-841: Accounting and Disclosures For Long-Duration Contracts (9:42)
  - B.2.3. Targeted Improvements Interactive Model (12:29)
- B.3. Other GAAP Topics ...
  - B.3 Video Lesson Handouts (handout)
  - B.3.1. LFM-810: Practice Note on FAS 157 and 159 (28:35)
  - B.3.2. LFM-840: A Comprehensive Guide - Derivatives and Hedging (Part 1 of 3) (9:48)
  - B.3.2. LFM-840: A Comprehensive Guide - Derivatives and Hedging (Part 2 of 3) (24:10)
  - B.3.2. LFM-840: A Comprehensive Guide - Derivatives and Hedging (Part 3 of 3) (13:45)
  - B.3.3. GAAP Ch. 18: Other Topics (FV Reporting and Surplus Notes) (10:06)
  - B.3.4. GAAP Ch. 13: Investment Accounting (Part 1 of 4) (28:38)
  - B.3.4. GAAP Ch. 13: Investment Accounting (Part 2 of 4) (17:05)
  - B.3.4. GAAP Ch. 13: Investment Accounting (Parts 3-4 of 4) (15:02)
  - B.3.5. GAAP Ch. 17: Reinsurance (Part 1 of 4) (18:42)
  - B.3.5. GAAP Ch. 17: Reinsurance (Part 2 of 4) (14:14)
  - B.3.5. GAAP Ch. 17: Reinsurance (Part 3 of 4) (18:10)
  - B.3.5. GAAP Ch. 17: Reinsurance (Part 4 of 4) (10:48)
C. Federal Tax and Statutory Regulation Topics ... lessons ... min of video
- C.1. Insurance Company Taxation ...
  - C.1. Video Lesson Handouts (handout)
  - C.1.1. LFV-800 Ch. 12 Federal Taxation (Part 1 of 2) (13:20)
  - C.1.1. LFV-800 Ch. 12 Federal Taxation (Part 2a of 2) (17:13)
  - C.1.1. LFV-800 Ch. 12 Federal Taxation (Part 2b of 2) (21:31)
  - C.1.2. LFM-846: Company Tax - Introductory Study Note (Part 1a of 2) (30:27)
  - C.1.2. LFM-846: Company Tax - Introductory Study Note (Part 1b of 2) (9:00)
  - C.1.2. LFM-846: Company Tax - Introductory Study Note (Part 2 of 2) (31:08)
  - C.1.3. GAAP Ch. 18: Other Topics (Deferred Taxes) (28:30)
- C.2. Policyholder Taxation ...
  - C.2. Video Lesson Handouts (handout)
  - C.2.1. LFM-845: LIME Ch. 1 (Part 1 of 2) (35:26)
  - C.2.1. LFM-845: LIME Ch. 1 (Part 2 of 2) (17:41)
  - C.2.2. LFM-845: LIME Ch. 2, Part 1 - Overview of 7702 and 7702A (Video 1 of 2) (23:13)
  - C.2.2. LFM-845: LIME Ch. 2, Part 1 - Overview of 7702 and 7702A (Video 2 of 2) (10:01)
  - C.2.3. LFM-845: LIME Ch. 2, Part 2 - Assumptions and Computational Rules (Video 1 of 3) (17:27)
  - C.2.3. LFM-845: LIME Ch. 2, Part 2 - Assumptions and Computational Rules (Video 2 of 3) (31:37)
  - C.2.3. LFM-845: LIME Ch. 2, Part 2 - Assumptions and Computational Rules (Video 3 of 3) (10:50)
  - C.2.4. LFM-845: LIME Ch. 2, Part 3 - Calculation Methods (12:31)
  - C.2.5. TIA's LIME Illustrative Examples (18:37)
- C.3. Nonforfeiture and Illustration Regulations ...
  - C.3. Video Lesson Handouts (handout)
  - C.3.1. LFM-801: Standard Nonforfeiture Law for Life Insurance (35:53)
  - C.3.2. LFM-842: Standard Nonforfeiture Law for Deferred Annuities (15:51)
  - C.3.3. LFM-843: NAIC Life Insurance Illustrations Model Regulation (21:49)
  - C.3.4. LFM-832 & LFM-836: AG 49 (IUL Illustrations) (25:58)
D. Capital and Financial Management Topics ... lessons ... min of video
- D.1. Capital Topics ...
  - D.1 Video Lesson Handouts (handout)
  - D.1.1. SVILAC Ch. 29 Risk-Based Capital (Part 1 of 3) (24:54)
  - D.1.1. SVILAC Ch. 29 Risk-Based Capital (Part 2 of 3) (11:03)
  - D.1.1. SVILAC Ch. 29 Risk-Based Capital (Part 3 of 3) (16:46)
  - D.1.2. LFM-813: U.S. Insurance Regulation Solvency Framework (Part 1 of 2) (21:35)
  - D.1.2. LFM-813: U.S. Insurance Regulation Solvency Framework (Part 2 of 2) (8:12)
  - D.1.3. Economic Capital for Life Insurance Companies (Part 1 of 3) (22:58)
  - D.1.3. Economic Capital for Life Insurance Companies (Part 2a of 3) (13:41)
  - D.1.3. Economic Capital for Life Insurance Companies (Part 2b of 3) (25:11)
  - D.1.3. Economic Capital for Life Insurance Companies (Part 3 of 3) (10:20)
  - D.1.4. Economic Capital: A Case Study to Analyze Longevity Risk (21:09)
  - D.1.5. Multi-Stakeholder Approach to Capital Adequacy (Part 1 of 2) (16:17)
  - D.1.5. Multi-Stakeholder Approach to Capital Adequacy (Part 2 of 2) (25:54)
  - D.1.6. LFM-148: The Theory of Risk Capital in Financial Firms (Part 1 of 5) (17:01)
  - D.1.6. LFM-148: The Theory of Risk Capital in Financial Firms (Part 2 of 5) (27:47)
  - D.1.6. LFM-148: The Theory of Risk Capital in Financial Firms (Part 3 of 5) (23:00)
  - D.1.6. LFM-148: The Theory of Risk Capital in Financial Firms (Part 4 of 5) (6:00)
  - D.1.6. LFM-148: The Theory of Risk Capital in Financial Firms (Part 5 of 5) (12:08)
- D.2. Corporate Financial Management Topics ...
  - D.2. Video Lesson Handouts (handout)
  - D.2.1. LFV-136: LIPF Ch. 11 Profit Measures (10:02)
  - D.2.2. Embedded Value Practice and Theory (Part 1) (28:45)
  - D.2.2. Embedded Value Practice and Theory (Part 2) (20:28)
  - D.2.2. Embedded Value Practice and Theory (Part 3a) (14:37)
  - D.2.2. Embedded Value Practice and Theory (Part 3b) (24:28)
  - D.2.2. Embedded Value Practice and Theory (Part 4) (12:34)
  - D.2.2. Embedded Value Practice and Theory (Part 5) (7:08)
  - D.2.2. Embedded Value Practice and Theory (Part 6) (12:25)
  - D.2.3. LFV-106: Mergers & Acquisitions (Part 1 of 3) (18:07)
  - D.2.3. LFV-106: Mergers & Acquisitions (Part 2 of 3) (22:20)
  - D.2.3. LFV-106: Mergers & Acquisitions (Part 3 of 3) (6:02)
  - D.2.4. GAAP Ch. 15: Accounting for Business Combinations (Part 1 of 3) (13:41)
  - D.2.4. GAAP Ch. 15: Accounting for Business Combinations (Part 2 of 3) (28:35)
  - D.2.4. GAAP Ch. 15: Accounting for Business Combinations (Part 3 of 3) (17:29)
  - D.2.5. LFV-137: EVA/RAROC vs. MCEV Earnings (Part 1 of 5) (7:41)
  - D.2.5. LFV-137: EVA/RAROC vs. MCEV Earnings (Part 2 of 5) (11:02)
  - D.2.5. LFV-137: EVA/RAROC vs. MCEV Earnings (Part 3 of 5) (20:37)
  - D.2.5. LFV-137: EVA/RAROC vs. MCEV Earnings (Part 4 of 5) (11:34)
  - D.2.5. LFV-137: EVA/RAROC vs. MCEV Earnings (Part 5 of 5) (19:03)
  - D.2.6. LFV-138: Stockholders' Equity and Operating Leverage (Additional handout -->) (19:21)
  - D.2.7. Understanding VM-20 Results (Part 1 of 3) (24:58)
  - D.2.7. Understanding VM-20 Results (Part 2 of 3) (7:45)
  - D.2.7. Understanding VM-20 Results (Part 3 of 3) (20:15)
  - D.2.8. LFM-146: Creating an Understanding of Special Purpose Vehicles (24:51)
  - D.2.9. Model Audit Rule (Part 1 of 3) (11:36)
  - D.2.9. Model Audit Rule (Parts 2-3 of 3) (21:34)
E. International Valuation and Reporting ... lessons ... min of video
- E.1. IFRS 17 ...
  - E.1 Video Lesson Handouts (handout)
  - E.1.1. LFV-141: IFRS 17 Effects Analysis, Section 1 (19:08)
  - E.1.1. LFV-141: IFRS 17 Effects Analysis, Section 2a (33:47)
  - E.1.1. LFV-141: IFRS 17 Effects Analysis, Section 2b (6:34)
  - E.1.2. TIA's IFRS 17 Illustrative Example 1 (15:41)
  - E.1.2. TIA's IFRS 17 Illustrative Example 2 (6:12)
  - E.1.2. TIA's IFRS 17 Illustrative Example 3 (4:59)
  - E.1.2. TIA's IFRS 17 Illustrative Example 4 (6:04)
  - E.1.2. TIA's IFRS 17 Illustrative Example 5 (11:20)
  - E.1.3. LFV-141: IFRS 17 Effects Analysis, Section 4 (15:33)
  - E.1.3. LFV-141: IFRS 17 Effects Analysis, Section 6.1-2 (8:43)
Supplementary and Review Material ... lessons ... min of video
- Flashcards ...
  - PDF flashcards sample (sample) (handout)
  - 2020 LFMU Flash Cards - Sections A-C Available Now (handout)

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