AFE, Learning About Being Accredited Financial Examiner

AFE, Accredited Financial Examiner (AFE) exam purpose is to provide the professionals with supreme knowledge of the finance which is an important part of organizations and hence is the most promising credential for the professionals that work n the financial sector of any organization. In this article, the professionals will be provided with the examination topics.

AFE, Accredited Financial Examiner (AFE) certification exam comprises of the following syllabus, it is however advised that the candidates should review the vendor’s version before taking the main exam.

Underwriting and Ratemaking is the first topic that covers The Underwriter's Need for Data, Staff Underwriting, Line Underwriting, Data Needs, Property and Casualty Rate, Aggregation of Premium and Loss Data and Expense Data.

Ratemaking Procedures covers the knowledge of Ratemaking is a Test of Current Rates, Actuarial and Regulatory Standards, Ratemaking Adjustments to Premiums and Losses, Loss Ratio Method, Pure Premium Method, Distribution to Overall Indication to Territories and Classes and Cost-Based v Average Pricing. The topic of Workers Compensation and Casualty Ratemaking Procedures in AFE, Accredited Financial Examiner (AFE) covers Overview of Ratemaking at NCCI, Determining an Employer's Premium - A Primer, Objectives of Ratemaking, NCCI Ratemaking, NCCI Overall Premium and CAS Statement of Principles.

Statistical and Financial Reporting: Introduction and Overview consists of the knowledge of Introduction to Financial Data, Statistical Data, Regulatory Needs, Financial v Statistical Data, Insurance Pricing and Aggregate Data, The Statutory Foundation for of Statistical Plans and Edits.

Statistical Agent Reports includes the Design of Reports Linked to Purpose, Three Basic Report Designs, Reporting Bases, Time Frames, Annual Statistical Compilations and Fast Track Monitoring System.

Insurance Services Office services cover the Statistical Plans, Structure of the Statistical Plans, Data Quality, ISO Receipt and Acceptance, Editing Criteria, Submission Analysis Report, Taking Corrective Action, Company Edit Package, Reconciliation of Statistical Data to Financial Data Handbook and the ISO's Role in Assisting Companies with Regulatory Requirements.

National Association of Independent Insurers consists of the AFE, Accredited Financial Examiner (AFE) certification exam knowledge of Introduction to Plans and Calls, Automobile, Casualty Lines Other Than Automobile, Verification of NAII Data, Completeness Checks, Editing of Codes, Distributional Checks, Validation of Aggregate Data, Company Performance Reports and Uses of Data.

Workers Compensation Data Collection includes important objectives which are National Council on Compensation Insurance, Overview and Major Functions, Policy Information Data Collection, Workers Compensation Statistical Plan, Unit Report Completion, Unit Report Control System, Unit Report Quality System, Financial Aggregate Calls and Detailed Claim Information, Financial Aggregate Calls Data Collection, Financial Aggregate Call Completion, Detailed Claim Information and Independent States.

Other Insurance and Data Collection Organizations consists of Residual Market Mechanisms and AIPSO, The Surety Association, Internet’s Association of Industrial Accident Boards and Commissions, Commonwealth Automobile Reinsurers, Insurance Bureau of Canada, Special State Situations of Insurance Services and National Independent Statistical Service.

The AFE, Accredited Financial Examiner (AFE) certification exam second part of this topic covers Loss Reserves, Loss Development, Calculating Loss Reserves, and Reserves for Loss Adjustment Expenses, Other Liabilities, and Policyholders Surplus, Assets, Non-admitted versus Admitted Assets, Bonds, Stocks, Other Investments, Other Assets, Income Statements, and Income’s Impact on Surplus, Financial Ratios and Analysis, Combined Ratio, Rate of Return, Profit Margin and Risk-based Capital knowledge and skills.

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