Actuarial Science Interview and Coursework Prep

A set of vocabulary flashcards covering key concepts, project details, actuarial qualification definitions, and interview strategies from the lecture notes.

Actuary

A professional who uses mathematics, statistics, data, and financial concepts to analyze risk and uncertainty, estimate future claims, evaluate financial risks, set pricing, and communicate conclusions to support business decisions.

Amazon Business Model

A business model built around an ecosystem like Amazon Prime, where customers pay a recurring membership fee that generates predictable revenue and creates incentives for increased customer loyalty and purchases.

Blockbuster Failure Reason

A business failure caused by failing to adapt quickly enough to changing customer entertainment preferences and technology, specifically the shift toward mail delivery and online streaming competitors.

Estimation Framework

A five-step problem-solving approach for market sizing and estimation questions: Clarify $\rightarrow$ Assumptions $\rightarrow$ Break it down $\rightarrow$ Calculate $\rightarrow$ Sanity check.

Inflation

A general increase in prices over time, causing the purchasing power of a given amount of money to decrease so that it buys less than before.

Integrity

Doing what is right and being honest even when no one is watching, while taking responsibility for mistakes and ensuring data or financial records accurately reflect reality.

DePauw University

The academic institution where the student is a sophomore majoring in Actuarial Science with a minor in Data Science and participating in the Honors Scholar program.

Exam P and Exam FM

The preliminary actuarial exams planned to be taken in January (Exam P) and April or June (Exam FM).

Greenwood Parks and Recreation Work Experience

A supervisory role in a high-volume food and beverage environment serving over 1,000 guests per day, demonstrating delegation, fast decision-making, and teamwork.

Java Advising System Project

A computer science programming project utilizing Java and ArrayLists to track student progress, GPA, credits, competencies, and graduation requirements.

Building Permit Data Analysis Project

A data analysis project examining historical U.S. population and building permit data using Excel tools, including PivotTables, PivotCharts, formulas, and trend analysis.

OneAmerica

A life insurance company where the candidate previously completed a job shadow experience and is seeking an actuarial internship.

Actuarial Qualifications

A core set of professional competencies consisting of strong quantitative and analytical skills, attention to detail, problem-solving ability, technical tool proficiency (Excel, Java, Python), and effective communication.

Life Insurance Pricing Factors

Essential metrics for pricing life insurance products, including policyholder demographic risks (age), historical mortality claims data, coverage type/duration, administrative expenses, investment return expectations, and policy lapse rates.

Key Insurance Industry Threats

Major risk factors facing insurers, including interest-rate and economic uncertainty, changing longevity and mortality trends, technological advances/AI, cybersecurity threats, regulatory changes, and competitive pressures.