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Exam P (CAS 1) | Exam FM (CAS 1) | Exam C (CAS 4) | Study Guides

The Exam MLC seminar will cover all topics for the SOA exam (life contingencies, Poisson processes and multi-state transition models).

For the Fall 2009 session, the Exam MLC review seminar will be offered in New York. The seminar fee is $575. The schedule is as follows.
  New York
Friday, October 9 to Sunday, October 11 (3 days, 9AM to 5PM each day)
SLC Conference Center,
352 – 7th Avenue, New York NY,
(note that the SLC Conference Center is not a hotel, it has meeting rooms only)
In the seminar, the aim is to review all course topics in as much detail as possible in the allotted time, with an emphasis on developing efficient problem identification and problem solving skills while reinforcing fundamental understanding of concepts. The seminar will be lecture format, in which important underlying concepts will be reviewed along with presentation of solutions to many former exam and exam-related problems. Prof. Broverman is available by e-mail and telephone, both before and after the seminar for questions that arise relating to the exam and the seminar study material. At the seminar, there will be time for questions in both a group and individual setting.

The advance study material for the Exam MLC review seminar are the notes and problem sets from Volumes 1 and 2 of the S. Broverman study guide for Exam MLC. This is sent out about 6 to 8 weeks in advance of the seminar. The practice exams from Volume 2 are sent out closer to the time of the seminar.

The seminar fee includes the study material. The contents of the Exam MLC Study Guide are given below. The table of contents and an excerpt from Volume I of the study guide in PDF form can be found at the following link:        
Exam MLC Study Guide Excerpt

EXAM MLC  STUDY GUIDE The study guide is separated into two volumes.

Volume I -Life Contingencies
  • The material is divided into 32 sections with topics presented in sequential order. The sections consist of comprehensive notes and summaries and include a total of about 150 detailed examples and about 160 exercises in the notes sections. There are also 8 problem sets with almost 300 problems and detailed solutions. Many of the examples and problems in the problem sets are from past SOA examinations.
Volume II – Probability Theory and Practice Exams
  • Multi-state transitional models and Poisson processes are covered in separate sections of notes with examples and with separate problem sets. There are also 12 practice exams with detailed solutions in Volume 2 and the May 2007 MLC exam with detailed solutions.

Exam MLC Study Guide Errata List

Participants are urged to thoroughly review the study guide material and exam catalog reference material prior to the seminar.

I have prepared a suggested pre-seminar study schedule for Exam MLC: Exam MLC Study Schedule

Exam MLC can be divided into the two topics of life contingencies (85%), probability (multi-state transition models, and Poisson processes) (15%); these are estimated weights, but the actual weights will become known when a sample exam is released.


The seminar will be conducted according to the following schedule:

 Day 1
9:00 – 10:00
- Bowers Chapter 3, mortality notation, force of mortality, life table, complete and curtate expectation
10:10 – 11:00 - DeMoivre’s Law, exponential survival model, additional life table functions, central rate of mortality, fractional age assumptions
11:10 – 12:00 - select and ultimate mortality, discrete term and whole life insurance
12:00 – 1:00 - Lunch
1:00 – 2:00 - Discrete and continuous life insurance valuation, present value random variable Z, actuarial present value E[Z], variance Var[Z], varying insurance
2:10 – 3:00 - Insurance valuation under DeMoivre’s Law and under the exponential survival model, the normal approximation applied to an aggregate present value random variable,
3:10 – 4:10 - Discrete and continuous life annuity valuation, additional annuity relationships, m-thly payable annuities
4:20 – 5:00 - The loss-at-issue random variable
Day 2
9:00 – 10:00
- Annual premium calculation methods and the equivalence principle, premiums for fully continuous and fully discrete policies
10:10 – 11:00 - The loss-at-issue variance, semicontinuous and m-thly policy premiums
11:10 – 12:00 - Prospective loss, prospective  reserve formulations, reserve relationships for whole life and endowment policies
12:00 – 1:00 - Lunch
1:00 – 2:30   Retrospective reserve formulations, reserves for general policies, recursive reserve relationships, policies whose death benefit includes the reserve
2:40 – 3:30 - The joint life and last survivor status, common shock model
3:40 – 5:00 - Joint life and last survivor insurance and annuity valuation, contingent probability and insurance
Day 3
9:00 – 10:00
- Multiple decrement probabilities and the service table   
10:10 – 11:00 - Associated single tables and relationship to multiple decrement probabilities, discrete decrements, valuation of multiple decrement benefits
11:10 – 12:00 - Expense loaded premiums and reserves, asset shares
12:00 – 1:00 - Lunch
1:00 – 2:15 - Poisson processes
2:30 – 3:45 - Multi-state models
To register for the seminar, you can use the on-line pre-registration form on the home page , or use the mail-in registration form , or e-mail me directly at

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