Our Basic Training Modules provide information and examples on some of the fundamental concepts with the Actuarial Process and MTFC. Our Sample Scenarios provide examples similar in structure to the Challenge Scenarios for each year of the competition. Download the examples through the links below!
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!
This Basic Training Module provides a simplified way to understand several insurance and risk analysis concepts including: premiums, deductibles and co-pays, and risk quantification. The scenario does not use a separate data file, but provides simplified data internally in the materials. The scenario can also be used to introduce students to mathematical concepts such as mean, expected values, and more.
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 MTF Challenge project.
Sample Phase 1 Scenarios
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 - 2020-21
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 scenarios follows the structure of the Actuarial Process and is very similar to the 2020-21 Challenge Scenarios for the competition.
Sample Scenario - 2019-20
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 training scenario introduces students to concepts such as probability distributions, expected values, basic statistics, incentives, and other insurance and risk analysis concepts.