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北美精算师考试SOA——真题必备Course8IU（三）

来源：高顿网校 2014-07-22

　　路过这里的北美精算师学子们，来我们高顿网校报名培训班哦。我们这里题库和网校资讯都俱全。
　　7.(7points)XYZLifeproducesvalue-basedfinancialstatements.

　　Youaregiven:

　　?Thehurdlerateis12%.

　　?Therisk-freerateofreturnis4.0%.

　　?Theinflationrateis1.5%.

　　?Betais2.0.

　　(a)(1point)DescribetheCAPMformulaandcalculatetheimpliedrateofreturnon

　　averageequityinvestments.

　　(b)(2points)Describevalidationtechniquesusedtoevaluatetheaccuracyand

　　reliabilityofmodelofficeprojectionsusedinvalue-basedfinancialanalysis.

　　(c)(4points)ABCLifeoffersthesametermlifeinsuranceproductasXYZ.XYZ’s

　　premiumsare5%higherthanABC’s.Bothcompanieshavethesameinflation,

　　investmentandhurdlerates.

　　XYZhaspricedtheproducttoachieveanIRRof13%.

　　(i)ComparefirstyearearningsforXYZforthefollowingreportingmethods.

　　?USGAAP,

　　?Value-basedfinancialreporting,and

　　?LevelROEfinancialreporting.

　　(ii)Determinewhichcompanywouldreporthigherfirstyearearningsunder

　　eachofthereportingmethods.Justifyyouranswer.

　　Course8I:Fall2005-8-GOONTONEXTPAGE

　　IndividualInsurance–U.S.

　　MorningSession

　　8.(4points)Seniormanagementwouldliketointroduceacommissionschedulethat

　　eliminatesvestingentirely.Inreturn,agentswillbepaidhighercommissions.Currently,

　　allcommissionsvesttoagentsatthetimeofasale.

　　Youaregiven:

　　Currentrenewalcommissionscale:

　　t123

　　rt3%3%3%

　　Ot000

　　Pt1.00.900.80

　　Proposedrenewalcommissionscale:

　　t123

　　rt5%5%5%

　　Ot00.050.10

　　Pt1.00.950.90

　　where:

　　t=policyyear

　　r=commissionsasapercentofthegrossannualpremium

　　Ot=probabilitythatpremiumonnewbusinessiswrittenbyagentswholeave

　　beforebusinessenterspolicyyeart

　　Pt=probabilitythattheannualpremiumforthepolicyyeartwillbepaid

　　?Thediscountrateis3%.

　　?Expectedsalesundercurrentcompensationscaleare$10.0millionofpremium.

　　?Expectedsalesunderproposedcompensationscaleare$10.5millionofpremium.

　　?Expectedexpensesexcludingcommissionsare10%ofpremium.

　　Selectthecommissionschedulethatproducesthehighestnetrevenueforthecompany.

　　Showallwork.

　　Course8I:Fall2005-9-STOP

　　IndividualInsurance–U.S.

　　MorningSession

　　9.(4points)ABCLifeisconcernedaboutthetrendofitsfixedannuitysalesrelativetothe

　　restoftheindustry.

　　(a)Describeavailablesourcesofdatathatmaybeusedtoevaluatethetrendinfixed

　　annuitysales.

　　(b)DescribeissuesforABCtoconsiderindecidingwhethertowithdrawfromthe

　　fixedannuitymarket.

　　**ENDOFEXAMINATION**

　　MORNINGSESSION

　　Course8I:Fall2005-1-GOONTONEXTPAGE

　　IndividualInsurance–U.S.

　　AfternoonSession

　　**BEGINNINGOFEXAMINATION8**

　　INDIVIDUALINSURANCE–U.S.

　　AFTERNOONSESSION

　　Beginningwithquestion10

　　Question10pertainstotheCaseStudy

　　10.(4points)MercuryLifeplanstoentertheindividualtermlifeinsurancemarketusinga

　　brokeragedistributionsystem.

　　(a)AssessthisplaninrelationtoMercury’sstrengthsandweaknesses.

　　(b)AssumingMercury’sgoalistoincreasemarketsharethroughbroker

　　relationships:

　　(i)Determinetheappropriatepricingobjective.

　　(ii)Describetheadvantagesanddisadvantagesofthisobjective.

　　(c)AssumingMercury’sgoalistoincreasemarketsharethroughconsumer

　　relationships:

　　(i)Determinetheappropriatepricingobjective.

　　(ii)Describetheadvantagesanddisadvantagesofthisobjective.

　　Course8I:Fall2005-2-GOONTONEXTPAGE

　　IndividualInsurance–U.S.

　　AfternoonSession

　　11.(6points)Yourcompanyisproposingtosellablockoflifeinsurancebusinesstoanother

　　company.

　　(a)Describefactorstoconsiderbeforedecidingtoselltheblock.

　　(b)Explainreinsurancestructuresavailabletofacilitatethesaleofablockoflife

　　insurancebusiness.

　　(c)Describegoodwillandexplainitsimpactonthetransaction.

　　Course8I:Fall2005-3-GOONTONEXTPAGE

　　IndividualInsurance–U.S.

　　AfternoonSession

　　Question12pertainstotheCaseStudy.

　　12.(8points)YouaregiventhefollowinginformationwithrespecttoSaturnLife’sterm

　　insurancefinancialstatements:

　　?SaturnusesthesamedefinitionofGAAPfreecashflowandGAAPsurplusasfound

　　inTSA38StrategicManagementofLifeInsuranceCompanySurplus.

　　?Solvency-basedreservesareequaltoGAAPincome-basedreserves.

　　?After-taxinvestmentincomeonrequiredcapitalfor2003is$2,750,000.

　　(a)WithrespecttoannualGAAPROE:

　　(i)Explainpossiblereasonsforanon-levelpattern.

　　(ii)ExplainpossiblereasonsaparticularyeardiffersfromthepricingROI.

　　(b)CalculateSaturn’s2003GAAPfreecashflow.Showallwork.

　　(c)SaturnisconsideringachangetoYRTreinsurancefromtheexistingcoinsurance

　　arrangement.

　　Youaregiventhefollowinginformation:

　　?TheYRTreinsuranceisona90%quotasharebasis.

　　?TheaverageYRTreinsurancepremiumon2003issuesis$0.55per$1000.

　　?AveragefirstyearmeanreservecreditonYRTreinsuranceis$0.60per

　　$1000.

　　?Averagefirstyearmeanreservecreditoncoinsuranceis$0.71per$1000.

　　?Therewerenodeathsoncontractsissuedin2003.

　　Revisethe2003pre-taxshareholderearningsassumingtermpoliciessoldin2003

　　arereinsuredundertheYRTarrangement,ignoringanyimpactonDACand

　　investmentincome.Showallwork.

　　Course8I:Fall2005-4-GOONTONEXTPAGE

　　IndividualInsurance–U.S.

　　AfternoonSession
　　高顿网校之名人哲学：美丽的相貌和优雅的风度是一封长效的推荐信。——伊莎贝拉

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