Basic Training Modules
These Basic Training Modules include some fundamental concepts that students may not be aware of, but can be important for the Actuarial Process and your MTFC projects. Try out some of the Basic Training Modules to get to know more of the fundamentals behind insurance, risk analysis, and using math to make informed recommendations!
Training Scenario One:
Training Scenario Two:
This Basic Training Module provides some simple data about three farms that have tracked their annual profits while also tracking basic information about the annual climate. Though the data is fictional, this scenario will give you some foundations on how to think about your full MTFC project.
The MTFC Sample Scenarios introduce students to new concepts in actuarial science and risk analysis. The Sample Scenarios are very similar to what your team will respond to during Phase 1 of the MTFC. These scenarios also provide valuable insights into the kinds of things you might want to consider in your Project Reports as well.
Sample Scenario One:
This Sample Scenario includes information about fictional farm insurance data; however, the concepts are the same as what would be used with real-world farm or crop insurance policies. This sample scenario introduces students to concepts such as probability distributions, expected values, basic statistics, incentives, and other insurance and risk analysis concepts. This scenario is very similar to the scenarios used in the 2019-20 competition.
Sample Scenario Two:
This Sample Scenario includes information about flooding and home building, insurance, and preventative measures. It includes some basic information about how to analyze insurance and other risk mitigation strategies. This scenario follows the structure of the Actuarial Process and is very similar to the scenarios used in the 2020-21 competition.
Sample Scenario Three:
This Sample Scenario includes information about mortgages, financing, and credit history . It asks students to define which loans a company should make and at what interest level. This scenario follows the structure of the Actuarial Process and is very similar to the scenarios used in the 2021-22 competition.