Cover Letter Critique

Can someone please give some feedback for my cover letter?
I don't have actuarial experience that I can write about.
Should I explain why I want to change career in the cover letter?

I also attach the resume. I modified the resume based on the feedback I got from the previous post. Any other feedback is appreciated.

Thanks in advance for the help.

Attached Files
File Type: doc CoverLetter_0427.doc (30.5 KB)
File Type: doc Resume_0427.doc (48.0 KB)


Cover Letter Critique

Where You Went to College Doesn't Matter...

....if you majored in a STEM subject:

http://ift.tt/1TElCyg

Quote:

Do Elite Colleges Lead to Higher Salaries? Only for Some Professions
A diploma from a highly selective college means higher pay in certain fields. In others, it makes almost no difference at all

.....
What we found: Diplomas from prestigious schools boost future earnings only in certain fields, while in other fields they simply don’t make a difference.

Specifically, for business and other liberal-arts majors, the prestige of the school has a major impact on future earnings expectations. But for fields like science, technology, engineering and math, it largely doesn’t matter whether students go to a prestigious, expensive school or a low-priced one—expected earnings turn out the same. So, families may be wasting money by chasing an expensive diploma in those fields.
.....
When prestige matters
In our study, we looked at about 7,300 college graduates 10 years after graduation. We divided their majors into several categories: business, engineering, science, social science, humanities, education and other. And we used three broad classifications for college type: selective, which covers elite schools and other highly competitive institutions; midtier; and less selective, which covers schools with open enrollment.

What we found startled us. For STEM-related majors, average earnings don’t vary much among the college categories. For example, we find no statistically significant differences in average earnings for science majors between selective schools and either midtier or less-selective schools. Likewise, there’s no significant earnings difference between engineering graduates from selective and less-selective colleges, and only a marginally significant difference between selective and midtier colleges.

What’s going on? For potential employers, the skills students learn in these fields appear to trump prestige—possibly because curriculums are relatively standardized and there’s a commonly accepted body of knowledge students must absorb. So, a student may not need to attend the best possible school to ensure a good salary after graduation. (It’s important to note that we controlled for numerous other factors that might influence postgraduation earnings, such as family income, race/ethnicity, gender, marital status, SAT score, postgraduate degree and age at graduation and more.)


Spoiler:



Where You Went to College Doesn't Matter...

Actuarial Life Consultants (Illinois #45342)

DW Simpson Global Actuarial Recruitment | Life Jobs

Growing life consulting firm seeks to hire actuarial life Consultants / Sr. Consultants through Principal level in several US offices. Past consulting experience and work within the modeling realm desirable but not required. (#45342)

The post Actuarial Life Consultants (Illinois #45342) appeared first on DW Simpson.



View and apply for this job at http://ift.tt/1TElChZ


Actuarial Life Consultants (Illinois #45342)

TIA Lesson D32 Question

ETA: James, I hope you don't mind me putting one of your paid-for questions on the AO. If this is a problem, let me know and it won't happen again.


Here's the question.

I did it close to right, where my final equation was:

18.57k = 10000 (1.04)^(-death) where I couldn't find the death variable, and got stuck.

However, the answer is:
18.57k = 10000


So, my question is... how do I know that the lump sum payment is paid at t=0 instead of t=death?

Is this just universal terminology that I need to memorize? It just seems weird to me that the lump sum is paid before the guy dies instead of right at this death.

Attached Images
 


TIA Lesson D32 Question

Five eyes

Anybody heard of this? Agreement between intelligence agencies in the U.S. UK Australia and New Zealand to share intelligence, and, conveniently allows them to spy on eachother to get around domestic surveillance concerns.

http://ift.tt/119FISY

In recent years, documents of the FVEY have shown that they are intentionally spying on one another's citizens and sharing the collected information with each other in order to circumvent restrictive domestic regulations on spying.


Five eyes

Exam C and Cat Modeling work

I'm curious - has anyone out there besides this guy (link below) taken Exam C and run Cat Models/done cat modeling?

http://ift.tt/1P7nUD0

If anyone has, what percentage of the exam do you feel was relevant to your work and what kind of work did you do? I'm a Cat Modeling Analyst with some exams wondering if it would give me a thorough understanding of frequency/severity distributions and stats I come across, or if it would just be massive overkill and i'd be better off just brushing up on stats and maybe skimming through "Loss Models"


Exam C and Cat Modeling work

Actuarial Services Manager (Pennsylvania #46016)

DW Simpson Global Actuarial Recruitment | Health Actuary Jobs

Northeastern health plan business looking to hire strong FSAs/ASAs to ensure that the Actuarial Department provides top service to internal and external clients in pricing, forecasting, benefits, underwriting, compliance, etc. You will work on federal filings like actuarial certification and supervise analysts. Provide pricing tools and advise senior management on financial impacts of any contracts and/or arrangements. Several years of health/managed care actuarial experience and solid relational database skills desired. (#46016)

The post Actuarial Services Manager (Pennsylvania #46016) appeared first on DW Simpson.



View and apply for this job at http://ift.tt/1TElChI


Actuarial Services Manager (Pennsylvania #46016)

Exposure Measurement and Ratemaking

Dear friends,

Hope you are doing great. I would like to know what are the commonly used measures of exposure for health insurance and if there is any document that talks about ratemaking in health insurance.

Any help and/or guidance will be greatly appreciated,

Best regards,

Paul


Exposure Measurement and Ratemaking

We lock people up too easily.

Quote:

Report Finds Record Number Of U.S. Exonerations In 2015

HOUSTON (CBSDW.COM/AP) – The U.S. saw a record number of exonerations in 2015, with nearly 40 percent of the cases involving individuals who were exonerated in homicides, a new report shows.

The National Registry of Exonerations said in its report Wednesday that 149 people falsely convicted of crimes were exonerated last year. That’s 10 more than in 2014, the year with the previous highest total since the group began keeping records in 1989. The registry is a project of the University of Michigan Law School and has documented more than 1,730 such cases in the U.S.

Since 2011, the annual number of exonerations has more than doubled and there are now an average of nearly three exonerations a week, said Samuel Gross, a University of Michigan law professor and registry editor.
....
More at the link:

http://ift.tt/1P7nRXP

Make it harder to lock people up. Easier to throw away the key, IMO.

:judge:


We lock people up too easily.

Is this racially insensitive, part 916

http://ift.tt/1TElEpP

Quote:

Observing two cultural celebrations at the same time can lead to controversy, the Sacramento Kings learned this week.

On Monday night, the team hastily removed free “Year of the Monkey” T-shirts for fans from arena seats after complaints that the giveaway was racially insensitive on the first night of Black History Month.

The Lunar New Year, an Asian festival that will start on Monday in the United States, is the highlight of the Chinese calendar. Each year is based on a symbol of the Chinese horoscope, and this is the Year of the Monkey, the ninth of 12 animals in the cycle. But the team’s effort to celebrate seemed misplaced to some at the start of the annual celebration of African-American heritage.

Images of workers removing the shirts from seats at the Sleep Train arena, where the Kings were playing the Milwaukee Bucks, were published on social media.[...]

“We all need a lesson in sensitivity,” the Kings’ president, Chris Granger, told The Sacramento Bee.
Apparently a very, very sensitive Kings star objected to the shirts.


Is this racially insensitive, part 916

Do you really save money owning a home vs renting?

I see so many drawbacks to home ownership in high property tax areas unless you have a whole lot of cash liquidity.

1) Owning means anything breaks, you must fix it. No office to call to take care of it

2) Property tax plus mortgage + homeowners + utilities + Oven and fridge = more than rent

3) if value of property depreciates, you can't move out if need to relocate without being screwed because home value is worth less than mortgage owed for years

4) if value of property does go up, you pay higher property tax, higher homeowners insurance, and do not have any life improvement due to this property value gain, not even if you sell, because a similar place of residence to replace the one you sold would now too be more expensive than before

5) in some cities and towns, the property tax is like a rent in itself that NEVER goes away

So why own?


Do you really save money owning a home vs renting?

Re-filing taxes

Situation:

- Only official income in 2015 was summer earnings from internship

- used free turbo tax and it said I should get all income returned to me

- I also contributed stupidly to the 401k while at my internship and at the end of the summer they ended the account and disbursed the small $400 amount that had accumulated

- found out day after I submitted via e-file that I needed to report this via a 1099-R

- now I have to re-file my taxes which requires me to print out tax returns and mail them and pay for $35 turbo tax deluxe

My questions is, can I just skip all the hassle and not refile? My income was low enough I highly doubt I will be audited. And the fact that I am re-filing means that I am wayyy more likely to get audited now right? I had scholarship income I wasn't going to report and now I feel like refiling might make them find that.


Re-filing taxes

CRVM reserves

CRVM standards are set with company solvency in mind.
Reserves start negative and move to 0 end of year 1.

Are they positive at t=0 with the DPA?
Otherwise - how does a negative reserve in year 1 help ensure solvency? Is CRVM saying nobody dies during the first policy year?


CRVM reserves

Practitioner's journals

What journals do actuaries actually read/subscribe to? NAAJ? IME?


Practitioner's journals

MATE Practice Problems for Sale

The complete Fall 2015 MATE practice problem set. $65 delivered. No highlighting and very minimal underlining.
Pay via PayPal. PM me if interested.

Good luck to all taking the exam in May!


MATE Practice Problems for Sale

Predictive modeling in health

What are some of the hot applications of predictive modeling in health insurance today? Any journal articles or conference presentations to check out?


Predictive modeling in health

Why don't stocks also report "Annual Returns when throwing out the bad days?

It would be good to know for example, the maximum possible return one could have earned on say Apple or Google or an S&P500 exchange traded fund, if one managed to time the market perfectly and expose risk to the fund only on positive return market days, and assume 0% returns for all days in the red.

That measure could be useful. It tells something volatility may not be able to tell, nor expected rate of return. Rather it tells for that year, how much potential there is for gains if you are skilled at timing the market.


Such that

rate of return under perfect lucky timing the market (only exposed on green days)
X
Rate of return under perfect unlucky timing the market (only exposed on bad days)

= Annual return


Why don't stocks also report "Annual Returns when throwing out the bad days?

Why not auction off ballot spots?

Currently, if someone wants to get on a ballot, they pay people to go get signatures. The people signing have no idea who this person is and just go off the platform they are told. They also might worry about being judged for their signature, or just not like being bothered.

What if instead of paying the signature gatherers, who often don't care about politics, we put that money into the general fund? Bloomberg says the only reason good independents don't run is how hard it is to get on the ballot. I'm sure he would not mind paying a fee. We could set 9 spots and hold an auction over a 3 month period. The highest payers get on the ballot. Sound undemocratic? Why can't people give $5 each instead of their signature? I'm sure that would be competitive.

The state would get more money.
Independent candidates could cut to the chase faster.
Voters could still vote for who they want or write in 1 name.
We could leave half of the spots open to signatures.


Also, I still say all candidates, including minor party nominees, should all be on one big open primary, assuming we vote twice.


Why not auction off ballot spots?

What voting system do you prefer?

What do you think is the best voting system? Any you would want to replace your existing one?

*Politicians just want a system that makes voters feel like they were heard and that the government is valid.
*Voters want to feel like they can vote for their favorite candidate without the risk of it harming the overall result if their favorite loses.
*Experts say no such system exists, citing Arrow's Impossibility Theorem.
*I want a primary to general election system that can handle several applicants, channel voter scrutiny to the most likely winners, give everyone the feeling of choice and discussion, but also be simple enough to avoid fraud risks.

The reason federal senators are elected by the populous is because shortly prior to the civil war, voter strategy inside legislatures resulted in gridlock that prevented them from electing anyone.

In most races, the candidate with the most votes wins, even if not a majority. Many have a runoff between the larges two if there is no majority.
*Proponents say it is simple and forces compromises.
*Opponents say votes feel they can't vote for their first choice, and must instead rely on media polls, which some worry are inaccurate, probably deliberately.

Instant runoff voting lets voters rank candidates. 1st choices are looked at first, and the candidate with the fewest 1st choice votes is eliminated. Voters who lost their 1st choice get their vote transferred to their 2nd choice. This continues until there is a majority.
*This is the most strongly proposed single seat method. Voters feel like they can vote for their 1st and maybe get their 2nd if their first loses. However, if their 2nd is a weak centrist, whose voters 2nd choice is candidate #3, then the Those who ranked their 1st choice 1st will see their 3rd choice elected instead. With a large number of candidates, IRV has the effect of randomly choosing a moderately off center candidate, eliminating extremists, but also squeezing out centrists. Incumbents don't like the random factor, nor the fact they can be squeezed between two similar candidates in the first round.
*The greater complexity of IRV could lead to ballot counting mistakes, accidental or deliberate.

Condorcet voting also uses ranked choice and simulates every possible head to head runoff based on the rankings. The number of races climbs with the square of the number of candidates. Also, it is possible to have a smith set greater than 1. My biggest complaint is that an unknown candidate would likely be ranked between a favorite and a known enemy, leading to the unknown candidate winning. IRV would immediately eliminate an unknown candidate.

Multiseat proportional voting has much bigger districts which cost more to campaign to, but it offers a voice to everyone. Often ranked choice voting is used, and the counting can be much more complex than IRV or condorcet, requiring computers, which can be programmed to miscount on purpose. Proponents feel that the losers of a normal race see their votes wasted, no matter how competitive the race was. Opponents of proportional voting say that those elected are not accountable to a single competitive district.

Sortition is where a legislative body is elected at random from the voter body, maybe having some pre-qualifications first. The idea is that if voters are sampled proportionately, the probability is good that the selected body will match the overall views of the population at large. The ancient Greeks thought this was the only valid way to govern, though they did not have any pre-qualifications. Opponents complain they are not accountable to anyone, whereas proponents say they don't need to be, since they are the people. Politicians in fear of embarrassment will vote against their best judgement, whereas those elected by lot would not.
*I believe the lower house of a state body should be elected by sorticion, half female, half above the median age, same race ratio, but all passing minimum reading comprehension and economics exams.


Borda Count lets you give, say, 1-5 points to each candidate. It's big problem is voters can easily bury another strong candidate. This is why the founders specifically said voters shall have only 1 vote.

Approval voting lets you vote for as many candidates as you want, from 1 to n-1. It lets you vote for your favorite while still voting for a backup just in case.
*I like the simplicity of counting the ballots and avoiding vote splitting and especially squeezing of similar candidates.
*Opponents say that giving approval to a backup could cause that backup to beat your favorite.
*To appease the opponents and encourage less competitive voting, I say we should also let people label their favorite candidate. The favorites should be counted first. If there is a majority, that candidate should win outright. If not, we just look at the approval votes.
*I think we should allow 1 write-in as well, to attract more voters and show them if their candidate lost.


I like my modified approval voting for state senators, and pre-qualified proportionately sampled sortition for the lower house. Maybe you have another idea or preference or insight?


What voting system do you prefer?

Reinsurance basics

My friend is joining a reinsurance company from a primary. She's wondering if there are any papers she should look into reading to get a good grasp of what she's going to expect? In other words, are there reinsurance versions of Werner & Modlin and Friedland? Right now, she's working on reading Dave Clarks's Basics of Reinsurance Pricing.


Reinsurance basics