高顿项目
北美精算师考试SOANovember2004Course8IC（第三部分）
来源：
高顿网校
2014-07-21
全世界的精算师学员们，来考今年下半年秋季的北美精算师么？北美精算师考试SOANovember2004Course8IC（第三部分），资料已备好。
7.(5points)YourcompanyisdesigningaproductfortheLotteryCommission.Winners
7.(5points)YourcompanyisdesigningaproductfortheLotteryCommission.Winners
haveachoicebetweenalumpsumpaymentandanequivalent25-yearperiodcertain
annuity.
(a)Describekeyconsiderationsindevelopingpricingassumptionsfortheannuity.
(b)Youareconsideringthefollowingproductdesignfeaturesfortheannuity:
?Surrenderprovision
?Medicalbailoutprovision
?Variablepayoutbasedoninvestmentresults
Describeadvantagesanddisadvantagesofincludingthesefeaturesintheproduct
design.
8.(4points)
(a)(3points)Describetheindicatorsbeingusedaspreferredriskcriteriaforlife
insuranceaccordingtotheReportoftheSocietyofActuariesTaskForceon
PreferredUnderwriting.
(b)(1point)Acompanywithasinglenon-smokerclasswouldliketointroducea
preferredclass.
Youaregiven:
?Maleage55aggregatemortalityis6.00perthousand.
?30%ofthenon-smokerclassisexpectedtoqualifyforthenewpreferred
class.
?A15%reductioninmortalityisexpectedforthenewpreferrednonsmoker
class.
Calculatetheexpectedmortalityrateforboththepreferrednon-smokerandthe
residualnon-smokerclasses.Showallwork.
**ENDOFEXAMINATION**
MORNINGSESSION
COURSE8I:Fall2004-9-GOONTONEXTPAGE
IndividualInsurance–Canada
AfternoonSession
**BEGINNINGOFEXAMINATION8**
INDIVIDUALINSURANCE–CANADA
AFTERNOONSESSION
BeginningWithQuestion9
9.(6points)ABCLifeoffersadisabilitypremiumwaiverbenefitridersoldwithlife
insuranceproducts.
(a)(5points)Explaintheassumptionsrequiredtocalculatetheexperiencepremiums
forthisrider.
(b)(1point)Youaregiventhefollowinginformationforanindividualinsured
age55:
?Levelannualpremiumwaivedis$100.
?Disabilityoccursatthemiddleofthepolicyyearwhentheinsuredisage55.
?Waiverbenefitsendatage60.
?Thereisa6-monthwaitingperiod,withcoverageretroactivetothedateof
disability.
?Premiumandbenefitpaymentsarepayablecontinuouslythroughoutthe
policyyear.
[1]1
x+k+2+s+211
22
i
xksD??++??++
11
22
i
xksD??++??++
[1]1
552+297.80100.16
[1]1
552+1293.1995.47
[1]1
552+2288.7290.94
[1]1
552+3284.3886.53
[1]1
552+4280.1882.27
[1]1
552+5276.0978.12
Calculatethepresentvalueofthenetbenefitattheendofthewaitingperiod.
Showallwork.
COURSE8I:Fall2004-10-GOONTONEXTPAGE
IndividualInsurance–Canada
AfternoonSession
10.(12points)Youaregiventhefollowingfeaturesforaproposedsingle-premiumequityindexed
annuityproduct:
IndexS&P500
IndexPeriod3years
IndexGrowthMethodPoint-to-Point
RatchetAnnual
ParticipationRate90%
Margin0.5%
Cap15%
Theparticipationrate,marginandcapfeaturesareappliedintheorder
listedabove.
TheproductprovidesaGuaranteedMinimumAccountValueof90%
ofthesinglepremium,accumulatedat3%annualinterestrate.
Youarealsogiventhefollowinginformation:
?Thenetearnedrateis5.5%.
?Themarketingareaestimatesitwillsell$100millioninsinglepremiuminthe
firstyear.
?Theannuityproductwillbemarketedprimarilythroughindependent
stockbrokers.
?Variableexpensesare4%ofthesinglepremium.
?Fixedexpensesare$1millionineachofthenext3years.
?Toimprovepolicyholderpersistency,themarketingareahasproposedaseries
ofdiscretionary“customerappreciationcampaigns”thatenhancethe
product’saccountvalues.Therevisedpresentvalueofindex-basedinterest
budgettosupportthesecampaignsisestimatedtoincreasefrom6%to9%.
COURSE8I:Fall2004-11-GOONTONEXTPAGE
IndividualInsurance–Canada
AfternoonSession
10.Continued
(a)(2points)YouaregiventhefollowingvaluesoftheS&P500index:
TimeS&P500
01000
11050
21250
31175
CalculatetheIndexAccountValueasapercentageofthesinglepremiumatthe
endoftheIndexPeriod.Showallwork.
(b)(5points)A100%increaseinthepresentvalueofindex-basedinterestbudget
generatesa150%increaseinthedemandfortheproduct,measuredindollarsof
singlepremiumsold.
(i)Describefactorsthataffectthepriceelasticityofdemand.
(ii)Determinethechangeinthepresentvalueofprofitsindollarsfrom
offeringtheproposedcampaignsandrecommendwhethertoproceed.
Showallwork.
(c)(5points)
(i)Explaintheconceptofpolicyholderreasonableexpectationswithrespect
toCanadianvaluationstandardsofpractice.
(ii)Assesstheimplicationstheproposedcustomerappreciationcampaigns
mayhaveonthevaluationofpolicyliabilitieswithrespecttopolicyholder
reasonableexpectations.
COURSE8I:Fall2004-12-GOONTONEXTPAGE
IndividualInsurance–Canada
AfternoonSession
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