This page describes the changes made to the Finance & Valuation – US syllabus for the Fall 2020 exam.

There were several changes made to the Finance & Valuation syllabus for the Fall 2020 exam, and they are discussed below. Most of the changes were on the segment C side, but a couple minor changes were also made to segment A material.

The following study note was added:

  • GHFV-828-20: The Effects of Medicaid Expansion under the ACA: Updated Findings from a Literature Review Segment FV-C
    • This is a collection of results from studies over the past several years looking at the impact of the ACA Medicaid expansion on all aspects of healthcare.
    • The review groups outcomes into three broad categories: coverage, access, and economic measures. Most of the findings were positive for expansion.

The following articles were added:

  • Medicare Advantage Experience Data Segment FV-C
    • This article is a pretty simple and straightforward summary of data concerns that are specific to Medicare Advantage (MA) and the annual bid process.
  • Medicare Advantage Changes and Updates to Enhanced Benefits Segment FV-C
    • This article is a little more exciting than the prior. It discusses changes made by CMS so MA Enhanced plans can offer benefits that deviate from past requirements that plans must be offered uniformly to all plan enrollees.
    • For example: a plan can now offer nonuniform benefits for members with common medical conditions

No Actuarial Standards of Practice were added

The following items were modified:

  • GHFV-114-19: Canadian Institute of Actuaries Standards of Practice – Insurance, Feb 2018 Segment FV-A
    • Sections 2350.28-2350.31 are now included on the syllabus. This short section added is on “Anti-selective lapse”.
    • Sections 2350.10-2350.14 were removed from the syllabus. This was a section on “Annuitant mortality”.
  • CIA Educational Note – Valuation of Group Life and Health Policy Liabilities, sections 6-12 and Appendices C & D Segment FV-A
    • Sections 13-14 are no longer included in the syllabus.
    • Appendices C and D are now included on the syllabus. There are a couple of formulas added to from appendix C that will be important to memorize. These formulas deal with the liability reported by insurers for experience rated refunds.
  • GHFV-132-20: 2018 Embedded Value Report for Manulife’s Insurance Business Segment FV-A
    • This study note has been updated from the previous 2017 version. Nothing special to note here.
  • GHFV-800-20: AAA Issue Brief: Medicare’s Financial Condition, Beyond Actuarial Balance Segment FV-C
    • This study note has been updated from the previous 800-15 version. It is another simple update to the prior version’s assessment of Medicare’s financial condition.
  • GHFV-817-20: Section 1115 Medicaid Demonstration Waivers Segment FV-C
    • This study note has been updated from the previous 817-18 version. This new version differs from the prior by discussing the use of the waivers under the current administration.
  • GHFV-825-20: Medicare Part D Prescription Drug Benefits Segment FV-C
    • This study note has been updated from the previous 825-19 version, and it is almost entirely the same paper with just a few updated tables. There are no updates to general concepts presented in the paper.
  • GHFV-823-20: Recent Policy Changes: The Affordable Care Act Segment FV-C
    • This study note has been updated from the previous 823-19 version, but it added much more than updated material. Almost every section of the paper was updated to reflect the current environment of the ACA as of Dec 2019. The paper also added a Technical appendix that provides several new opportunities for math-based questions.

Finally, no items were removed from the syllabus