1Describe different expressions of interest rates. Calculate an equivalent rate given another rate.

2Calculate the present value of a set of cash flows.

3Apply basic probability principles.

4Describe and apply different types of probabilities used by actuaries.

5Calculate the expected present value of a set of cash flows.

6Describe basic types of insurance and their characteristics.

7Define and apply basic components of insurance. Examples: premium, claim, deductible, coverage, limit, coinsurance, insured, owner.

8Describe the ratemaking process. Calculate the rate of a simple insurance product.

9Describe the pricing process. Calculate the price of a simple insurance product.

10Describe different accounting regimes and their purposes.

11Define a policy reserve. Calculate a simple policy reserve.

12Define a loss reserve. Calculate a simple loss reserve.

13Demonstrate a basic level of knowledge by applying Excel to solve problems.