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北美精算师考试之理念SOA真题（Course5）

来源：高顿网校 2014-07-02

　　APPLICATIONOFBASICACTUARIAL

　　PRINCIPLES

　　SECTIONA-WRITTENANSWER

　　COURSE5:Fall2005-1-GOONTONEXTPAGE

　　MorningSession

　　**BEGINNINGOFEXAMINATION**

　　COURSE5

　　MORNINGSESSION

　　1.(4points)Describethereasonsanindividualorabusinesswouldpurchase:

　　(a)lifeinsurance

　　(b)propertyandcasualtyinsurance

　　2.(4points)Indevelopingmedicalclaimscostsforagrouphealthplan:

　　(a)Describethefactorstoconsiderinselectingtheappropriatedatasources.

　　(b)Listtheconsiderationsinassessingthequalityofdataobtainedfromoutside

　　sources.

　　(c)Describeconsiderationswhennormalizinghistoricaldata.

　　COURSE5:Fall2005-2-GOONTONEXTPAGE

　　MorningSession

　　3.(6points)Giventhefollowinginformation:

　　AnnualNormalRetirementBenefit:1.5%offinalearningstimesservicefromhire

　　EarlyRetirementEligibility:Age60

　　EarlyRetirementBenefit:RetirementBenefitaccruedtodate,reducedby

　　1/15foreachyearbeforeage65

　　NormalformofPayment:LifeAnnuity,payablemonthly

　　CostMethod:ProjectedUnitCredit

　　ActuarialAssumptions:

　　Interest6%

　　SalaryIncreases4%

　　Pre-retirementdeathandterminations:None

　　(12)

　　a????62:11.61

　　(12)

　　a????65:10.87

　　Participantdata

　　EmployeeBirthdateHiredate2004earnings

　　Brown1/1/19651/1/200034,000

　　Smith1/1/19401/1/199560,000

　　Inprioryears,theassumedretirementagewas65.EffectivewiththeJanuary1,2005

　　actuarialvaluation,theassumedretirementageischangedto62.

　　CalculatethechangeintheactuarialliabilityasofJanuary1,2005duetothechangein

　　theassumedretirementage.

　　Showallwork.

　　4.(4points)Describetheexpensephilosophiesusedinpricingindividuallifeinsurance.

　　COURSE5:Fall2005-3-GOONTONEXTPAGE

　　MorningSession

　　5.(6points)

　　(a)Explainwhymortalityexperiencevariesfromcompanytocompany.

　　(b)Describehowbreakingagroupoflivesintoriskclassesaffectsassumptionsother

　　thanmortality.

　　(c)Youaredividinganexistinggroupintotworiskclassificationsandaregiventhe

　　followinginformation:

　　BeforeRiskClassificationAfterRiskClassification

　　TotalGroupGroupAGroupB

　　MortalityratioWeightWeightWeight

　　50%25.025.00.0

　　100%42.536.56.0

　　150%37.50.037.5

　　175%26.00.026.0

　　Product:Two-yeartermlifeinsurancepolicy

　　Faceamount:100,000

　　(q(50):0.0035

　　q(51):0.0039

　　Interest:6%perannum

　　Expenseloading:0%

　　Calculatethesinglepremiumissuedtoa50yearoldfromGroupBbeforeand

　　afterriskclassification.

　　Showallwork.

　　COURSE5:Fall2005-4-GOONTONEXTPAGE

　　6.(7points)

　　(a)Explainwhyitisdifficulttoapplythegeneralprinciplesofincometaxationtothe

　　lifeinsuranceindustryanditsproducts.

　　(b)DescribethepolicyholdertaxationoflifeproductsinCanadaandtheU.S.

　　7.(4points)

　　(a)Describethetypicalapproachesforprovidingold-agefinancialsecurity.

　　(b)Commentonthedifferencesbetweenpay-as-you-goandfundedfinancingof

　　publicplans.

　　8.(5points)

　　(a)Describetheproductfeaturesofaccumulationannuities.

　　(b)Describethetypesofincomeannuities.

　　COURSE5:Fall2005-5-GOONTONEXTPAGE

　　MorningSession

　　USETHISPAGEFORYOURSCRATCHWORK

　　COURSE5:Fall2005-6-GOONTONEXTPAGE

　　MorningSession

　　COURSE5

　　MORNINGSESSION

　　APPLICATIONOFBASICACTUARIAL

　　PRINCIPLES

　　SECTIONB-MULTIPLECHOICE

　　COURSE5:Fall2005-7-GOONTONEXTPAGE

　　MorningSession

　　1-6.Eachofquestions1through6consistsoftwolists.Inthelistattheleftaretwoitems,

　　letteredXandY.Inthelistattherightarethreeitems,numberedI,IIandIII.ONEof

　　thelettereditemsisrelatedinsomewaytoEXACTLYTWOofthenumbereditems.

　　Indicatetherelateditemsusingthefollowinganswercode:

　　LetteredItem

　　IsRelatedtoNumberedItems

　　(A)

　　IandIIonly

　　(B)

　　IIandIIIonly

　　(C)

　　IandIIonly

　　(D)

　　IandIIIonly

　　(E)

　　Thecorrectanswerisnotgivenby(A),(B),(C)or(D).

　　1.X.FlexiblePremiumUniversalLifeI.Lowercapitalrequirements

　　Y.VariableUniversalLifeII.Competitionhasamajoreffecton

　　thecreditedinterestrate

　　III.Pricedwithalowerprofitmargin

　　2.X.MarkovStateTransitionI.Designedforadata-poor

　　environment.

　　Y.RationalArtificialIntelligenceII.Utilizesbenchmarkdatabasefuture

　　costsdevelopedthroughaprocessof

　　triangulation.

　　III.Identifiespatternsofunderlyingdata

　　tofacilitatethepredictionoffuture

　　costs.

　　COURSE5:Fall2005-8-GOONTONEXTPAGE

　　MorningSession

　　3.X.Medicare–HospitalInsuranceI.Deductibleadjustedannually

　　Y.Medicare–SupplementaryMedical

　　Insurance

　　II.Coinsurance

　　III.PayrollTax

　　4.X.HMOI.Coversalocalservicearea

　　Y.PPOII.Doesnottaketheinsurancerisk

　　III.Performsutilizationreviews

　　5.X.PreferredrisksI.Higherplacementrate

　　Y.ResidualrisksII.Higherlapserates

　　III.Higheraveragepolicysize

　　6.X.NormalcostI.Pastservicebenefits

　　Y.SupplementalcostII.Futureservicebenefits

　　III.Retroactiveplanamendments

　　COURSE5:Fall2005-9-GOONTONEXTPAGE

　　MorningSession

　　7.Tolimitanti-selectionongroupsupplementallifeplans,insurersuseallofthe

　　followingEXCEPT:

　　(A)Limitedcoverageamountswithoutevidenceofinsurability

　　(B)Suicideexclusion

　　(C)StatementofGoodHealthrequiredforcertainamounts

　　(D)Minimumparticipationrequirementsthatarehigherthanforbasicgrouptermlife

　　(E)Step-ratedpremiumstructure

　　8.InCanada,theappointedactuaryisrequiredtofileareportwiththeannualstatements

　　thatprovidestheregulatoryauthoritieswithallofthefollowingEXCEPT:

　　(A)Adescriptionofanyapproximationsused

　　(B)Asignedstatementthataffirmscompliancewiththegenerallyaccepted

　　accountingprinciplespublishedbytheCanadianInstituteofChartered

　　Accountants(CICA)

　　(C)Anychangesintheassumptionsfromthepriorannualfilingandtheeffectthereof

　　(D)Acompletejustificationforeachassumption

　　(E)Asignedcopyoftheopinionoftheappointedactuary

　　COURSE5:Fall2005-10-GOONTONEXTPAGE

　　MorningSession

　　USETHISPAGEFORYOURSCRATCHWORK

　　COURSE5:Fall2005-11-GOONTONEXTPAGE

　　9-13.Eachofquestions9through13consistofanassertionintheleft-handcolumnanda

　　reasonintheright-handcolumn.Codeyouranswertoeachquestionbyblackening

　　space:

　　(A)Ifboththeassertionandthereasonaretruestatements,andthereasonisacorrect

　　explanationoftheassertion.

　　(B)Ifboththeassertionandthereasonaretruestatements,butthereasonisNOTa

　　correctexplanationoftheassertion.

　　(C)Iftheassertionisatruestatement,butthereasonisafalsestatement.

　　(D)Iftheassertionisafalsestatement,butthereasonisatruestatement.

　　(E)Ifboththeassertionandthereasonarefalsestatements.

　　ASSERTION

　　TheCanadianfederal

　　governmentcannotdetera

　　provincefromallowinguserfees

　　andextrabillinginitsprovincial

　　healthcareplan.

　　BECAUSE

　　REASON

　　UndertheCanadianConstitution,

　　mattersrelatingtohealthfall

　　underprovincialjurisdiction.

　　10.

　　ASSERTION

　　Personal-producinggeneral

　　agentsreceivehigher

　　commissionsthanotheragents.

　　BECAUSE

　　REASON

　　Unlikeothergeneralagents,

　　personal-producinggeneralagents

　　havenoagentsreportingtothem.

　　COURSE5:Fall2005-12-GOONTONEXTPAGE

　　MorningSession

　　11.

　　ASSERTION

　　IntheU.S.,theusualprocedureis

　　tofilepolicyformsinthestateof

　　domicilefirst.

　　BECAUSE

　　REASON

　　Manystatesrequirepriorapproval

　　ofpolicyformsfromthestateof

　　domicile.

　　12.

　　ASSERTION

　　Forindividualdisabilitybenefits,

　　undertherehabilitationclause,an

　　insuredmaynothavetocontinue

　　underthecareofaphysicianto

　　qualifyforbenefits.

　　BECAUSE

　　REASON

　　Forindividualdisabilitybenefits,

　　therehabilitationclauseprovides

　　thatinsuredswhojoinan

　　approvedprogramwillbe

　　consideredtotallydisabled.

　　13.

　　ASSERTION

　　Foraguaranteedinsurability

　　optiononanindividualdisability

　　policy,anoptionpassedonone

　　optiondatemaybepickedupat

　　thenextoptiondate.

　　BECAUSE

　　REASON

　　Theguaranteedinsurabilityoption

　　onanindividualdisabilitypolicy

　　doesnotrequirecompletionof

　　medicalunderwritingatagiven

　　optiondateinorderfortheinsured

　　topurchasetheincreasedcoverage

　　amount.

　　COURSE5:Fall2005-13-GOONTONEXTPAGE

　　MorningSession

　　14.Youaregiventhefollowinginformationonanaccumulationannuity:

　　Issuedate:January1,1996

　　Endofcurrentinterestguaranteeperiod:December31,2010

　　Currentguaranteedinterestrate:7%

　　Additionalmargin:0.25%

　　Interestratesavailablefornewdeposits:

　　NumberofyearsInterestrateguarantee

　　54.5%

　　105.0%

　　155.5%

　　CalculatethemarketvalueadjustmentonDecember31,2005.

　　(A)88%

　　(B)99%

　　(D)111%

　　(E)Noneoftheabove

　　COURSE5:Fall2005-14-GOONTONEXTPAGE

　　MorningSession

　　USETHISPAGEFORYOURSCRATCHWORK

　　COURSE5:Fall2005-15-GOONTONEXTPAGE

　　15.Youaregiventhefollowingforthefirstpolicyyearofadynamiclifeinsuranceproduct:

　　TargetPremium:8

　　PremiumPaid:20

　　CommissionRateHigh:70%

　　Low:20%

　　%AccountValue:5%

　　SalesExpenses:10%ofcommissions

　　YearOneSurvFactor:0.90

　　EndofYearOneAccountValue:50

　　Calculatethetotalcommissionandsalesexpenseforthefirstyear.

　　(A)10.40

　　(B)11.05

　　(D)11.55

　　(E)13.48

　　COURSE5:Fall2005-16-GOONTONEXTPAGE

　　MorningSession

　　USETHISPAGEFORYOURSCRATCHWORK

　　COURSE5:Fall2005-17-GOONTONEXTPAGE

　　MorningSession

　　16-18.Eachofquestions16through18consistsoftwolists.Inthelistattheleftaretwoitems,

　　letteredXandY.Inthelistattherightarethreeitems,numberedI,IIandIII.ONEof

　　thelettereditemsisrelatedinsomewaytoEXACTLYTWOofthenumbereditems.

　　Indicatetherelateditemsusingthefollowinganswercode:

　　LetteredItem

　　IsRelatedtoNumberedItems

　　(A)

　　IandIIonly

　　(B)

　　IIandIIIonly

　　(C)

　　IandIIonly

　　(D)

　　IandIIIonly

　　(E)

　　Thecorrectanswerisnotgivenby(A),(B),(C)or(D).

　　16.X.DynamicproductsI.Dividends

　　Y.Pre-scheduledproductsII.Partialwithdrawalbenefits

　　III.Pureendowmentbenefits

　　17.X.Jointlast-to-dieI.Variationsofthistypeofpolicycan

　　paydoublethedeathbenefitifboth

　　livesdiewithinashorttimeofeach

　　other.

　　Y.Jointfirst-to-dieII.Frasierizedmortalityrates

　　III.Commontoincreasemortalityfor

　　riskofjointaccidentaldeath.

　　COURSE5:Fall2005-18-GOONTONEXTPAGE

　　MorningSession

　　18.X.Factormethodfordetermining

　　claimreserves

　　I.Usuallyusedforreservesthatare

　　easilyestimatedduetoashortlagor

　　runoffperiod.

　　Y.Tabularmethodfordetermining

　　claimreserves

　　II.Morerecently,methodhasbegunto

　　includesexandeliminationperiodas

　　variables.

　　III.Usuallyusedforlong-termdisability

　　claimswhereregulatorystandards

　　haveestablishedminimumreserves.

　　COURSE5:Fall2005-19-GOONTONEXTPAGE

　　MorningSession

　　19.Youaregiventhefollowing:

　　DevelopmentYear

　　Accidentyear0123

　　PaidtoDateas

　　of12/31/2005

　　2002260330360390390

　　2003300360400380

　　2004330430420

　　2005350150

　　0/11/22/3

　　Incurredlossdevelopmentfactor1.251.11.1

　　CalculatethegrossIBNRasof12/31/2005.

　　(A)230

　　(B)337

　　(D)1,490

　　(E)Noneoftheabove

　　COURSE5:Fall2005-20-GOONTONEXTPAGE

　　MorningSession

　　USETHISPAGEFORYOURSCRATCHWORK

　　COURSE5:Fall2005-21-GOONTONEXTPAGE

　　MorningSession

　　20.Youaregiventhefollowingforagrouplifecontract:

　　EmployeeAmountExpectedAnnualMortalityRate

　　perthousand

　　A50,0000.11

　　B80,0000.16

　　C100,0000.23

　　Intheprioryear,thisgrouphadanactualannualclaimrateof0.28perthousand,whichis

　　20%credible.

　　Calculatetheexpectedclaimcostforthefollowingyear.

　　(A)41

　　(B)46

　　(D)64

　　(E)Noneoftheabove

　　COURSE5:Fall2005-22-GOONTONEXTPAGE

　　MorningSession

　　USETHISPAGEFORYOURSCRATCHWORK

　　COURSE5:Fall2005-23-GOONTONEXTPAGE

　　21-22.Eachofquestions21through22consistsoftwolists.Inthelistattheleftaretwoitems,

　　letteredXandY.Inthelistattherightarefouritems,numberedI,II,IIIandIV.EACH

　　ofthelettereditemsisrelatedinsomewaytoEXACTLYTWOofthenumbereditems.

　　Matchthelettereditems(XandY)withthenumbereditems(I,II,III,andIV)shown

　　below.

　　Indicatetherelateditemsusingthefollowinganswercode:

　　(A)

　　IandII

　　IIIandIV

　　(B)

　　IandIII

　　IIandIV

　　(C)

　　IandIV

　　IIandIII

　　(D)

　　IIandIII

　　IandIV

　　(E)

　　IIandIV

　　IandIII

　　21.X.Deferredtaxliabilitiescreatedby

　　timingdifferencesbetweenU.S.

　　solvencyandtaxstandards

　　I.Differentcarryingvalueforreal

　　estate

　　Y.Deferredtaxliabilitiescreatedby

　　permanentdifferencesbetween

　　U.S.solvencyandtaxstandards

　　II.Estimationofincurredbutnot

　　reportedclaims

　　III.Researchanddevelopmenttaxcredits

　　IV.Non-taxableinvestmentincome

　　22.X.CanadianfederaljurisdictionI.Workerscompensation

　　Y.CanadianprovincialjurisdictionII.Employmentinsurance

　　III.Automobileinsurance

　　IV.Maternitybenefit

　　COURSE5:Fall2005-24-GOONTONEXTPAGE

　　MorningSession

　　23.Ahomeownerinsurancecoverageisprovidedwithauniformlossdistributionoverthe

　　intervalrval0<X<200.

　　Calculatethedeductibleamountifthedesiredexpectedlossis50.

　　(A)43

　　(B)50

　　(D)69

　　(E)Noneoftheabove

　　COURSE5:Fall2005-25-GOONTONEXTPAGE

　　MorningSession

　　24.Givenajointlast-to-dielifeinsurancepolicyonlivesxandywithestimatedmortality

　　ratesof:

　　tqx(t)qy(t)

　　10.1100.050

　　20.1500.070

　　Determinetheprobabilityofapaymentinyeartwo.

　　(A)0.011

　　(B)0.019

　　(D)0.028

　　(E)Noneoftheabove

　　COURSE5:Fall2005-26-GOONTONEXTPAGE

　　MorningSession

　　25.Allofthefollowingaremajorconsiderationsinfinancialreportingforgroupinsurance

　　EXCEPT:

　　(A)Alternativefundingmethods

　　(B)Policyholderaccounting

　　(C)Excesssurplus

　　(D)Regulatoryrequirements

　　(E)Administrativearrangements

　　26.Allofthefollowingarecommonpurposesofperforminganactuarialvaluationofa

　　companypensionplanintheU.S.EXCEPT:

　　(A)Todeterminethemaximumcontributionthatthecompanycandeductinanyone

　　yearforfederalincometaxpurposes.

　　(B)Tocompletetheannualfilingrequiredunderstatelaw.

　　(C)Toestablishplancostsandliabilitiesinconnectionwithcorporatemergersand

　　spin-offs.

　　(D)Toprovideabasisfortheallocationoftheassetsofaterminatedplan.

　　(E)Toprovideinformationtoplanparticipantsconcerningthefundingstatusoftheir

　　benefits.

　　COURSE5:Fall2005-27-GOONTONEXTPAGE

　　MorningSession

　　27.Forguarantyassociations,allthefollowingaretrueEXCEPT:

　　(A)Theyprovidefortheindemnificationoflossessufferedbypolicyholdersof

　　insolventcompanies.

　　(B)Theygivethepublicconfidenceintheabilityoftheinsuranceindustrytodeliver

　　onobligations.

　　(C)Theguarantyassociationintheinsolventinsurer’sstateofdomicilepaysall

　　coveredclaims.

　　(D)Theyassesscompaniesinproportiontopremiumsreceived.

　　(E)Theygenerallyavoidassumingthebusinessofaninsolventcompany.

　　28.AllofthefollowingstatementsaretrueforadefinedcontributionplanEXCEPT:

　　(A)Employeeassumesinvestmentrisk.

　　(B)Valueofbenefitincreaseswithage.

　　(C)Benefitleveldirectlyaffectedbyinvestmentperformance.

　　(D)Hashighperceivedvalue.

　　(E)Limitedcapacitytoimprovepastservicebenefits.

　　COURSE5:Fall2005-28-GOONTONEXTPAGE

　　MorningSession

　　29.YouaregiventhefollowingwithrespecttothreeU.S.domiciledcompanies:

　　?CompanyYisanon-controlledcorporationwith25%ofitscommonsharesowned

　　byCompanyX.

　　?CompanyZisanunrelatedcorporationtobothCompanyXandCompanyY.

　　?Thecorporatetaxrateis40%.

　　?CompanyXpays$100individendstocompanyY.

　　?CompanyYthenpays100%ofafter-taxdividendrevenuetoCompanyZ.

　　Calculatethetotalincometaxpayableonthesetwodividendtransfers.

　　(A)0

　　(B)19

　　(D)64

　　(E)Noneoftheabove

　　COURSE5:Fall2005-29-GOONTONEXTPAGE

　　MorningSession

　　30-35.Eachofquestions30through35consistsofanassertionintheleft-handcolumnanda

　　reasonintheright-handcolumn.Codeyouranswertoeachquestionbyblackening

　　space:

　　(A)Ifboththeassertionandthereasonaretruestatements,andthereasonisacorrect

　　explanationoftheassertion.

　　(B)Ifboththeassertionandthereasonaretruestatements,butthereasonisNOTacorrect

　　explanationoftheassertion.

　　(C)Iftheassertionisatruestatement,butthereasonisafalsestatement.

　　(D)Iftheassertionisafalsestatement,butthereasonisatruestatement.

　　(E)Ifboththeassertionandthereasonarefalsestatements.

　　30.

　　ASSERTION

　　IntheU.S.,self-insuredgroup

　　medicalplansareregulatedat

　　boththefederalandstatelevels.

　　BECAUSE

　　REASON

　　IntheU.S.,federalregulations

　　applytoemployersponsored

　　benefitplansandstatelawapplies

　　tothebusinessofinsurance.

　　31.

　　ASSERTION

　　Individualriskassessment

　　techniquesarenolongerusedto

　　underwritesmallgroupmedical

　　insuranceplans.

　　BECAUSE

　　REASON

　　HIPAAdoesnotallowacarrierto

　　singleoutindividualemployees

　　forspecialratingtreatmentdueto

　　theirhealth.

　　COURSE5:Fall2005-30-GOONTONEXTPAGE

　　MorningSession

　　32.

　　ASSERTION

　　Nonmedicalunderwritingis

　　typicallyusedforunderwriting

　　largegroupsoflifeinsureds.

　　BECAUSE

　　REASON

　　Nonmedicalunderwritingusually

　　onlyrequiresthattheinsuredsare

　　activelyworkingwithno

　　significantmedicalabsences.

　　33.

　　ASSERTION

　　Incollectingmedicalclaimdata

　　todevelopmanualrates,an

　　experienceperiodofatleast

　　twelvemonthsisneeded.

　　BECAUSE

　　REASON

　　NovemberandDecemberoften

　　havefewerincurredmedical

　　claimsthanaverage.

　　34.

　　ASSERTION

　　IntheU.S.,withrespecttolarge

　　grouphealthinsurance,gender

　　cannotbeusedasarating

　　characteristic.

　　BECAUSE

　　REASON

　　TheU.S.governmentrestrictsthe

　　useofgender-basedemployee

　　contributionratesforlargegroups.

　　35.

　　ASSERTION

　　Inmostcountries,taxreserves

　　areidenticaltosolvencyreserves.

　　BECAUSE

　　REASON

　　Solvencyreservesproducethe

　　smallesttaxdeductionsfor

　　insurancecompanies.

　　COURSE5:Fall2005-31-GOONTONEXTPAGE

　　MorningSession

　　36-40.Eachofquestions36through40consistsoftwolists.Inthelistattheleftaretwoitems,

　　letteredXandY.Inthelistattherightarethreeitems,numberedI,IIandIII.ONEof

　　thelettereditemsisrelatedinsomewaytoEXACTLYTWOofthenumbereditems.

　　Indicatetherelateditemsusingthefollowinganswercode:

　　LetteredItem

　　IsRelatedtoNumberedItems

　　(A)

　　IandIIonly

　　(B)

　　IIandIIIonly

　　(C)

　　IandIIonly

　　(D)

　　IandIIIonly

　　(E)

　　Thecorrectanswerisnotgivenby(A),(B),(C)or(D).

　　36.X.CashbasisaccountingI.Methodusuallyusedtodetermine

　　non-businessincome.

　　Y.AccrualbasisaccountingII.Producesmoreaccurate

　　measurementofincomeoveran

　　accountingperiod.

　　III.Costofcapitalassetsamortizedover

　　theirusefullife.

　　37.X.No-faultsystemI.Subrogationofautoinsuranceclaims

　　Y.TortsystemII.Significantlyhigherpersonalinjury

　　protectionpremium

　　III.Workerscompensation

　　COURSE5:Fall2005-32-STOP

　　MorningSession

　　38.X.Waiverofpremiumbenefitfor

　　grouplifeinsurance.

　　I.Insuredreceivesmonthlyinstallment

　　benefit.

　　Y.Totalandpermanentdisability

　　benefitforgrouplifeinsurance.

　　II.Insuredmustremaincontinuously

　　disableduntildeath.

　　III.Insuredistypicallypaidareduced

　　deathbenefitattimeofdeath.

　　39.X.MultipleEmployerWelfare

　　Association(MEWA)

　　I.Collectivelybargained

　　Y.PurchasingallianceII.Self-insured

　　III.Typicallysmallaverageemployer

　　size(<50)

　　40.X.CanadianMCCSRTier1capitalI.Contributedcapital

　　Y.CanadianMCCSRTier2capitalII.Deductionfor100%ofnegative

　　reserves

　　III.Subordinateddebt

　　**ENDOFEXAMINATION**

　　MORNINGSESSION

　　COURSE5:Fall2005-33-STOP

　　MorningSession

　　COURSE5

　　AFTERNOONSESSION

　　APPLICATIONOFBASICACTUARIAL

　　PRINCIPLES

　　SECTIONA–WRITTENANSWER

　　COURSE5:Fall2005-1-GOONTONEXTPAGE

　　AfternoonSession

　　**BEGINNINGOFEXAMINATION**

　　COURSE5

　　AFTERNOONSESSION

　　BeginningwithQuestion9

　　9.(4points)DescribetheobjectivesofratemakinginPropertyandCasualtyinsurance.

　　10.(5points)

　　(a)Describethedifferencebetween:

　　i.yearlyrenewableterm(YRT)reinsurance

　　ii.coinsurance

　　(b)Describethedifferencebetween:

　　i.coinsurance

　　ii.modifiedcoinsurance

　　iii.coinsurancewithfundswithheld

　　(c)Describethedifferencebetween:

　　i.automaticreinsurance

　　ii.facultativereinsurance

　　(d)Alifeinsurancecompanyhas:

　　?anexcessreinsuranceagreementwitha$1,000,000retentionlimit

　　?a40%first-dollarquotasharereinsuranceagreement

　　Calculatetheexcessandquotasharereinsuranceamountsfor:

　　i.$800,000termpolicy

　　ii.$2,000,000termpolicy

　　Showallwork.

　　COURSE5:Fall2005-2-GOONTONEXTPAGE

　　AfternoonSession

　　11.(6points)Youaregiventhefollowingdataforaproposedlifeinsuranceproduct:

　　tAftTax

　　SolvEarn

　　Req

　　Cap

　　Solv

　　Res

　　Ben

　　ResDACTaxInvInc

　　TaxInvInc

　　1-50101219100-4000

　　210.29.82531926.80.60.24

　　310.29.53338846.80.590.24

　　AfterTaxInterestRateEarnedonAssets:3.6%

　　HurdleRate:10%

　　ReqCap(0):0

　　(a)Describetheconsiderationsindeterminingwhichaccountingbasisshouldbeused

　　todeterminetheprofitsofthisproduct.

　　(b)CalculateEmbeddedValue(3)usingdistributableearningsasprofits.

　　(c)Calculatethereturnonassetsforthefirstthreeyearsusingdistributableearnings

　　asprofitsanddiscountingattheaftertaxearningsrate.

　　12.(6points)Withrespecttoalifeinsurancecompany:

　　(a)Describetheobjectivesofinvestmentregulationandhowtheycanbeachieved.

　　(b)DescribetheNAICregulationfor:

　　i.thevaluationofassets

　　ii.thevaluationofreserves

　　COURSE5:Fall2005-3-GOONTONEXTPAGE

　　AfternoonSession

　　13.(6points)WithrespecttoU.S.medicalbenefitplans,describethevariousprovisionsthat

　　maybeusedforcostsharing:

　　(a)withtheinsured

　　(b)withtheprovider

　　14.(4points)

　　(a)Describethetypicalandalternatemethodsofdisclosingpolicyloansonalife

　　insurancecompany’sbalancesheetandincomestatement.

　　(b)Youaregiventhefollowing:

　　EndofYearInvestedAssets3,000

　　EndofYearPolicyLoansIn-Force500

　　EndofYearReserves3,500

　　BeginningofYearReserves3,300

　　Premiums300

　　InterestonInvestedAssets180

　　InterestonPolicyLoans25

　　BenefitsPaid215

　　Expenses30

　　TaxRate35%

　　Prepareabalancesheetandanincomestatementusingavalidmethodof

　　reflectingpolicyloans.

　　15.(5points)Regardlessofaccountingbasis,describethefourwidelyusedreservemethods

　　forindividuallifeinsurance.

　　COURSE5:Fall2005-4-STOP

　　AfternoonSession

　　16.(4points)Youaregiventhefollowinginformationregardingalong-termdisability

　　insuranceproduct:

　　Benefit:$5,000payablemid-monthfor3months

　　Eliminationperiod:1month

　　Monthlyinterestrate:1%

　　Pendingfactor:70%forallclaims

　　ContinuanceTable*

　　ClaimDuration(months)

　　0100

　　190

　　280

　　370

　　460

　　*Continuancetablevaluesforthemiddleofamonthcanbecomputedthrough

　　averaging

　　(a)Explainthereservemethodologyforopenclaims.

　　(b)Calculatethetabularreservesattheendofmonth1.

　　(c)Explainthereservemethodologyforpendingclaims.

　　(d)Calculatethependingreserveforaclaimreportedattheendofmonth3.

　　Showallwork.
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