Acttuary interview cheatsheet · updated August 2026
General insurance interview cheatsheet
A one-page refresher of the key terms, common questions and easy mistakes to review shortly before your interview.
This one is for members. Below is the sheet itself, with most of each section held back, so you can see what you would be printing: the key terms, the questions that come up most and the mistakes that are easy to make, on one side of A4.
Key terms
| Term | What to remember |
|---|---|
| Premium | Price paid for insurance cover. When using a ratio, check whether the premium is written or earned and whether it is gross or net of reinsurance. |
| Reserve | Estimate of future claim payments for events that have already happened. |
7 more on the full sheet
Questions to prepare for
| Question | What to cover |
|---|---|
| What does a GI actuary do? | Talk about pricing, reserving, capital and exposure or catastrophe modelling. Be ready to explain at least one of them clearly. |
| What is happening in the insurance market? | Give one current development, one sourced number and explain why it matters. Do not list statistics without explaining them. |
4 more on the full sheet
Three things to remember
- Ratios depend on the premium basis. For a combined ratio, make sure you are talking about earned premium rather than simply quoting written premium.
- Lloyd's is a market, not an insurance company. Actuaries generally work for managing agents, insurers, brokers, consultancies and related firms.
1 more on the full sheet
The other areas are in there too
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