SP1 - Health and Care Specialist Principles - Syllabus for 2024 Examinations

Sep 27, 2026

Uploaded by SANS

Institute of Actuaries of India SP1 Health and Care Specialist Principles syllabus for 2024 examinations outlines aims, learning pathways, and assessment guidance. It focuses on core principles for providing health and care benefits, including relevant products, valuation methods, and actuarial management and control. The syllabus explains how SP1 links within the fellowship qualification, then details topic areas and weightings across products, design, risks and risk management, and models and valuation.

LanguageEnglish

CategoryExam

FormatPDF

Pages6

Reading Time15 min

AccessFree to download

Aim

Links to other subjects

Fellowship Qualification

Topics and topic weighting

Objectives

1. Health and care products and general business environment

2. Product design and specific features

3. Risks and risk management

4. Models and valuation

Institute of Actuaries of India Subject SP1 – Health and Care Specialist Principles For 2024 Examinations SP1-Health and Care Syllabus for 2024 Examinations This syllabus includes information to support the study of this subject. It will guide you through what you need to learn, application of learning as well as the skills that you need to develop. Information regarding the assessment of this subject is also included. This syllabus includes: • Aim of the subject • How this subject links across the Qualifications • Subject topics and topic weightings • Subject objectives • Assessment information Aim Understand in detail the main principles that are relevant to the provision of health and care benefits, including the main products that are sold, the methods of valuation, and the main methods of actuarial management and control that are relevant to health and care business. Links to other subjects Fellowship Qualification There are two subjects covering health and care, Health and Care Specialist Principles (SP1) and health and Care Specialist Advanced (SA1) . Each subject develops a specific set of skills and knowledge needed by actuaries working in, or who wish to work in health and care. Health and Care Specialist Principles (SP1) provides an introduction to the main principles and knowledge required in health and care insurance, and how these principles can be applied in simple scenarios. Health and Care Specialist Advanced (SA1) builds upon the skills and knowledge covered in SP1, applied to more complex scenarios. In particular, it considers in much more detail the environment in which a health and care insurance company operates which will include health and care markets, regulation, legislation, taxation, financial management, monitoring and strategies, and state health and care benefit provision. Topics and topic weighting This subject covers the following topics: 1. Health and care products and general business environment [15%] 2. Product design and specific features [25%] 3. Risks and risk management [30%] 4. Models and valuation [15%] 5. Monitoring experience and setting assumptions [15%] Objectives 1 Health and care products and general business environment [15%] Understand the Health and Products which are commonly available and the environment in which they are sold. 1.1 Describe the main types of health and care contact and their purpose for the customer products: • Critical illness insurance • Income protection insurance • Long-term care insurance • Health cash plans • Major medical expenses • Private medical insurance • Group and individual covers 1.2 Understand the operating environments in which health and care insurance products and services are traded: • Distribution channels • Regulatory and taxation regimes • Professional guidance • Economic and political influences 1.3 Explain the role of the State in the provision of alternative or complementary health and care protection: • Objectives of State healthcare provision • Methods of State healthcare provision • Funding approaches 2 Product design and specific features [25%] Have a knowledge of the considerations taken in the design of Health and Products. 2.1 Demonstrate an understanding of and apply actuarial principles to the design of health and care products 2.1.1 Principles of health and care insurance contracts design and the interest of the various stakeholders in the process 2.1.2 Create a suitable design for a product in a given situation 2.1.3 Relative merits of different product designs 3 Risks and risk management [30%] Understanding potential risks faced by a health and care insurance company and how these risks can be managed. 3.1 Assess how the following can be a source of risk to a health and care insurance company • Data • Claim rates • Claim amounts • Investment performance • Expenses and inflation • Persistency • Mix

FAQs

What is the purpose of the SP1 Health and Care Specialist Principles syllabus for 2024?

It supports study of the SP1 subject by outlining what to learn, how to apply learning, the skills to develop, and information about assessment.

What topics are covered in SP1 and how are they weighted?

The syllabus covers health and care products and the business environment (15%), product design and specific features (25%), risks and risk management (30%), and models and valuation (15%).

How does SP1 relate to the Advanced subject SA1?

SP1 introduces the main principles and knowledge for health and care insurance and simple scenarios, while SA1 builds on SP1 and applies it to more complex scenarios and the operational environment of insurers.

Sep 27, 2026

Uploaded by SANS