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Old 03-13-2020, 11:12 AM
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Default Transition from Life to Health

I've recently took a position moving from life insurance to health. My FSA is almost complete, so I wont have an opportunity to study for health exams.

In order to hit the ground running I was thinking of reading the Group Insurance chapters on the FSA syllabi. Does anyone have a recommendation for something to read before this? Maybe an article that is only a few pages, but acts as a nice introduction for an actuarial view of health insurance? If it helps, I will be involved in rate filings in my new role.

Lastly, I would like to continue to add to my credentials after I get my FSA. My plan was to go for an EA or CFA if I stayed in life. However, with the new role in health these seem much less relevant. Are there any designations that would be a better match?

TIA
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Old 03-13-2020, 12:12 PM
Dr T Non-Fan Dr T Non-Fan is online now
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The important change you want to make in your professional mindset is that you want people to die immediately instead of spending $1 million in claims only to die in a few weeks.

More seriously, you'll be disappointed in the level of difficulty. Save for LTC or issue-age Med Supp, nearly all health insurance products are one-year, renewable with a possible rate increase. No crazy, years-long Reserve estimation required.
Every other field seems a lot more difficult (mainly because I don't know much about them).
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Old 03-13-2020, 12:15 PM
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As someone who moved from life to health, I was surprised at 1) how easily I picked things up, and 2) how boring it was. YMMV.

I'm going back to life in another week.
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Old 03-13-2020, 01:11 PM
Dr T Non-Fan Dr T Non-Fan is online now
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I'm happy with the boredom.
Save my excitement for outside work, like participating in sports or watching them, going to large gatherings of people, going to very busy places, etc.

The one thing that might differ is the amount of resistance you get from those unwilling to understand that selling a product that results in losses is "bad" and how much influence they have in the company relative to yourself.
Yes, The Sales Department.
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“That is reminiscent of Harry Truman’s famous saying, ‘The buck stops, uh, somewhere over there, maybe?' That is a level of dodging responsibility that Trump has been perfecting ever since he was very much not in Vietnam.” -- LWTwJO
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Old 03-13-2020, 01:46 PM
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Quote:
Originally Posted by Dr T Non-Fan View Post
The one thing that might differ is the amount of resistance you get from those unwilling to understand that selling a product that results in losses is "bad" and how much influence they have in the company relative to yourself.
Yes, The Sales Department.
This. I've had the "If your desired premium reduction causes us to have to price in a negative margin, there is literally no way for us to 'make it up on volume'" conversation more times than I care to remember.
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Old 03-15-2020, 10:48 AM
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Quote:
Originally Posted by Dr T Non-Fan View Post
The one thing that might differ is the amount of resistance you get from those unwilling to understand that selling a product that results in losses is "bad" and how much influence they have in the company relative to yourself.
Yes, The Sales Department.
Story of my life
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Old 03-15-2020, 10:35 PM
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Quote:
Originally Posted by Dr T Non-Fan View Post
No crazy, years-long Reserve estimation required.
Every other field seems a lot more difficult (mainly because I don't know much about them).
Unless you get into Long Term Disability. That's pretty fun.
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