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i. List four issues or events that should be considered when setting parameter values for use in a cashflow model of a life office.
ii. Explain the differences between a stochastic and deterministic model.
\([2]\)
iii. a. Briefly outline a proxy model.
[3]
b. Explain why a proxy model may be used.
in Actuarial Science by Platinum (91,198 points) | 16 views

1 Answer

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(i)
Any four of the following
- Regulations
- Taxation
- Cancellation terms
- Future investment returns
- Future inflation
- New business
- Lapses
- Mortality
- Expenses
(ii)
\(\underline{\text { Deterministic model }}\)
- contains no random components
- is deterministic in nature.
- gives one result for a single scenario.
Stochastic model
- recognizes the random nature of input components
- gives distributions of relevant results for a distribution of scenarios,
- output also random in nature

(iii)
Proxy Model
- a simplified formula of a Monte Carlo simulation
- developed to predict results with reasonable accuracy
- as a substitute for running the full model.
- It is used to replace full Monte Carlo simulation,
- to provide faster but less accurate results.
by Platinum (91,198 points)

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