高顿项目

国内财会

国际财会

金融证书

公务员

考研

考研

继续教育

继续教育

在职硕博

学历学位

国企求职

军队文职

军队文职

职业提升

语言培训

出国留学

海外留学

SOA精算师考试2014——真题精选November2004Course8I（二）

来源：高顿网校 2014-07-25

　　下面是SOA精算师考试2014——真题精选November2004Course8I（二），请大家记熟各章节要点和难点与分数布局。
　　3. (12 points) ABC Life is selling a deferred variable annuity product that provides for a

　　return of premium death benefit. ABC is considering alternative death benefit designs.

　　(a) (3 points) List the sectors included in an environmental analysis and evaluate the

　　sectors as they relate to variable annuity death benefits.

　　(b) (3 points) The marketing area would like to add an annual ratchet design.

　　(i) Compare the risk associated with the annual ratchet design to other possible

　　death benefit designs. Explain your answer.

　　(ii) Describe techniques to manage the risks associated with alternative death

　　benefit designs.

　　(c) (6 points) You are given:

　　Account Value on valuation date $980.00

　　Separate Account Value on the valuation date $980.00

　　Net asset charges 1%

　　Valuation rate 7%

　　Assumed year 1 drop in Account Values -14%

　　Assumed recovery rate 14%

　　Surrender charges None

　　Highest Anniversary Account Value $1,000.00

　　Average Account Value year 1 $1,009.40

　　Average Account Value year 2 $1,069.96

　　Account Value at time 1 $1,038.80

　　Account Value at time 2 $1,101.13

　　Mortality rate for year 1 0.017

　　Mortality rate for year 2 0.019

　　Survival rate from time 0 to end of year 1 0.983

　　Survival rate from time 0 to end of year 2 0.964

　　Calculate the statutory reserve for the annual ratchet death benefit at time 0, 1 and

　　2 using the methodology prescribed in the Valuation of Living and Death Benefit

　　Guarantees for Variable Annuities note. Show all work.

　　COURSE 8I: Fall 2004 -4- GO ON TO NEXT PAGE

　　Individual Insurance – U.S.

　　Morning Session

　　4. (5 points)

　　(a) Describe the advantages and disadvantages of:

　　(i) YRT reinsurance, and

　　(ii) Coinsurance.

　　(b) You are given the following information for a level term life insurance product:

　　Total Face Amount $100,000,000

　　First Year Premium $1,000,000

　　Policy Fee None

　　Premium Tax 2%

　　First Year Commission 50% of first year premium

　　Other First Year Expenses $750,000

　　Solvency Reserve at Issue $50,000

　　Assume:

　　? Premium and reinsurance premium are paid annually at the beginning of

　　the year.

　　? Unearned portion of a one-year term insurance benefit equals 50% of the

　　YRT reinsurance premium.

　　? No federal income tax or required capital.

　　? Ceded percentage equals 90%.

　　? YRT reinsurance premium rate equals 0.20 per thousand of face amount.

　　? Coinsurance reinsurance allowance equals 90%.

　　Calculate the estimated first year strain at issue for

　　(i) YRT reinsurance, and

　　(ii) Coinsurance.

　　Show all work.

　　COURSE 8I: Fall 2004 -5- GO ON TO NEXT PAGE

　　Individual Insurance – U.S.

　　Morning Session

　　This question pertains to the Case Study

　　5. (6 points) You are Saturn Life’s product management actuary for the term life insurance

　　portfolio. Your responsibilities include:

　　? Monitoring term life new-business sales and in-force experience,

　　? Advising product development, investment and marketing departments of

　　current developments, and

　　? Reporting product profitability and capital requirements to senior

　　management.

　　(a) (1 point) Identify and describe the types of internal product management reports.

　　(b) (5 points) Explain how each would be used to manage Saturn’s term life

　　business.

　　COURSE 8I: Fall 2004 -6- GO ON TO NEXT PAGE

　　Individual Insurance – U.S.

　　Morning Session

　　6. (12 points) XYZ Life is developing a dual-life status flexible premium joint and last

　　survivor universal life insurance product (Survivor UL).

　　(a) (3 points) For pricing the Survivor UL product:

　　(i) Describe approaches to reflect the dual-life status including the advantages

　　or disadvantages of each approach.

　　(ii) Explain other factors to be considered in developing a mortality

　　assumption unique to a last survivor product.

　　(b) (3 points) XYZ Life’s current single-life UL products have experienced

　　withdrawal rates of 7% in policy year 1, grading to 5% by policy year 5.

　　(i) Describe considerations in setting persistency assumptions for Survivor

　　UL.

　　(ii) Propose changes to the lapse rate assumption to reflect persistency in a

　　volatile interest rate environment.

　　(c) (6 points) The following steps outline a procedure to determine minimum UL

　　reserves for duration t.

　　Revise or add information to make each step compliant with the NAIC UL Model

　　Regulation.

　　Step Procedure

　　1 Calculate a Guaranteed Maturity Premium (GMP) as the level premium

　　that provides an endowment at the latest maturity date under the contract,

　　calculated from the valuation date using valuation assumptions.

　　2 Calculate a set of Guaranteed Maturity Funds (GMF’s) as of the valuation

　　date using valuation basis assumptions, and assuming that gross premiums

　　are paid.

　　3 Produce a set of “guaranteed death benefits” and a “guaranteed maturity

　　benefit” by projecting forward from the valuation date t, using valuation

　　assumptions, tions, the GMFt and assuming gross premiums are paid. Calculate

　　the present value of these future benefits at time t ( ) PVFBt using

　　valuation assumptions.
　　高顿网校之名人心得：青年时代太放纵就会失去心灵的滋润，太节制就会变成死脑筋。 —— 圣堤布福

版权声明：本条内容自发布之日起，有效期为一个月。凡本网站注明“来源高顿教育”或“来源高顿网校”或“来源高顿”的所有作品，均为本网站合法拥有版权的作品，未经本网站授权，任何媒体、网站、个人不得转载、链接、转帖或以其他方式使用。经本网站合法授权的，应在授权范围内使用，且使用时必须注明“来源高顿教育”或“来源高顿网校”或“来源高顿”，并不得对作品中出现的“高顿”字样进行删减、替换等。违反上述声明者，本网站将依法追究其法律责任。本网站的部分资料转载自互联网，均尽力标明作者和出处。本网站转载的目的在于传递更多信息，并不意味着赞同其观点或证实其描述，本网站不对其真实性负责。如您认为本网站刊载作品涉及版权等问题，请与本网站联系(邮箱fawu@gaodun.com，电话：021-31587497)，本网站核实确认后会尽快予以处理。

展开全文咨询在线

严选名师全流程服务

其他人还搜了热门推荐