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北美精算师考试soa经典大纲November2003Course5（最后一部分）

来源：高顿网校 2014-07-18

　　已经报名2014年北美精算师的考生们可按照高顿网校提供的习题进行复习！有事找我们高顿网校，一定负责到底！
　　32. A product has a 6% profit margin and a premium margin of 90%.

　　Calculate the breakeven sales percentage change needed to offset a 2% price reduction.

　　(A) 43% decrease

　　(B) 30% decrease

　　(C) 21% increase

　　(D) 30% increase

　　(E) 43% increase

　　COURSE 5: Fall 2003 - 26 - GO ON TO NEXT PAGE

　　Morning Session

　　THIS PAGE INTENTIONALLY LEFT BLANK

　　COURSE 5: Fall 2003 - 27 - GO ON TO NEXT PAGE

　　Morning Session

　　33. For the Canadian annual statement, each of the following is true EXCEPT:

　　(A) Claims in course of settlement are separately reported.

　　(B) Group life insurance in force is split by type of group covered.

　　(C) Group life insurance in force is split between term and permanent.

　　(D) Income is separately developed by line of business.

　　(E) Gross reserves are exhibited separately by line of business.

　　COURSE 5: Fall 2003 - 28 - GO ON TO NEXT PAGE

　　Morning Session

　　34. In Canada, for federal tax calculations related to one-year group term life insurance, each

　　of the following is true, EXCEPT:

　　(A) Acquisition expenses must be amortized over the term period.

　　(B) The reserve for known claims generally cannot exceed 95% of the statutory

　　reserve.

　　(C) The reserve for IBNR claims cannot exceed 95% of the statutory reserve.

　　(D) The actuarial reserve is limited to the equally apportioned unearned premium.

　　(E) The provision for experience refunds cannot exceed 25% of the annual premium.

　　35. In the U.S., for a group insurance minimum premium plan, all of the following are true

　　EXCEPT:

　　(A) Claims paid by the policyholder are exempt from premium tax in most states.

　　(B) It can be used with retrospective refunds.

　　(C) The accounting for claims is similar to that for reserveless arrangements.

　　(D) Premium equivalents are reported on the NAIC annual income statement.

　　(E) Policyholder funds the claim portion of the policy.

　　COURSE 5: Fall 2003 - 29 - STOP

　　Morning Session

　　36. For a property and casualty insurance product, you are given the following accident year

　　2000 information:

　　(i) Under Expected Loss Ratio method, the estimated ultimate losses are

　　500,000

　　(ii) The following paid loss-development factors from the Chain-Ladder

　　method

　　Ratio of Successive Development Years

　　1/0 2/1 3/2 4/3 5/4 6/5

　　average 1.51 1.43 1.22 1.05 1.03 1.00

　　Calculate the year-end 2002 estimated loss reserve using the Bornhuetter-Ferguson

　　method.

　　(A) 121,048

　　(B) 175,497

　　(C) 234,999

　　(D) 324,503

　　(E) 378,952

　　**END OF EXAMINATION**

　　MORNING SESSION

　　COURSE 5: Fall 2003 - 30 - STOP

　　Morning Session

　　COURSE 5

　　AFTERNOON SESSION

　　APPLICATION OF BASIC ACTUARIAL

　　PRINCIPLES

　　WRITTEN ANSWER

　　COURSE 5: Fall 2003 - 31 - GO ON TO NEXT PAGE

　　Afternoon Session

　　**BEGINNING OF EXAMINATION 5**

　　AFTERNOON SESSION

　　Beginning with Question 9

　　9. (6 points) Describe the assumptions used in the valuation of a defined benefit pension

　　plan.

　　10. (6 points) For a life insurance company:

　　(a) Describe the components of interest rate risk that should be reflected in required

　　capital.

　　(b) Describe the treatment of interest rate risk in the required capital formulas for

　　Canada and the U.S.

　　COURSE 5: Fall 2003 - 32 - GO ON TO NEXT PAGE

　　Afternoon Session

　　11. (4 points) With respect to a large block of group major medical business that has been in

　　force for a number of years:

　　(a) Define each type of claim reserve and claim liability needed to establish reserves

　　for this business.

　　(b) Describe the primary considerations in establishing these reserves.

　　(c) Describe the most appropriate claim reserve method for this type of business and

　　explain why you chose this method.

　　12. (7 points) Describe the product features that impact the cost of group long term disability

　　(LTD) benefits.

　　13. (7 points) For an insurance company:

　　(a) Describe solvency reserves, earnings reserves, and tax reserves.

　　(b) Describe the differences between taxable earnings and pre-tax solvency earnings.

　　COURSE 5: Fall 2003 - 33 - STOP

　　Afternoon Session

　　14. (5 points) For a life insurance product, you are given:

　　Year

　　Distributable

　　Earnings

　　After Tax

　　Stockholder

　　Earnings

　　Solvency

　　Reserves

　　Required

　　Capital

　　Stock

　　Liabilities

　　DAC

　　1 -6.00 0.10 1.00 0.40 5.30 10.00

　　2 1.50 0.30 1.20 0.50 3.80 7.00

　　3 2.30 0.45 0.00 0.00 0.00 0.00

　　(a) Describe the return on investment (ROI) and the return on equity (ROE).

　　(b) Calculate the ROE in the Year 1 using the average equity base.

　　(c) Calculate the 3 year weighted average ROE using the average equity base and a

　　9.5% discount rate.

　　Show all work.

　　15. (5 points) With respect to estimating expected claims for group life insurance, describe

　　the adjustments that can be made to a manual claims table, and the reasons for making

　　such adjustments.

　　**END OF EXAMINATION**

　　AFTERNOON SESSION
　　高顿网校之金玉良言：人之所以有一张嘴，而有两只耳朵，原因是听的要比说的多一倍。

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