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2014年度SOA真题之北美精算师November2004Course8I（Part 3）

来源：高顿网校 2014-07-25

　　高顿网校小编友情提醒浴血奋战的北美精算师考生们：不能因为太拼命而不顾及自己的身体，面对考试，所谓劳逸结合才能考的更好！
　　4 Calculate a net level premium ( PNL ) based on the plan of insurance at

　　issue, using valuation assumptions, and assuming gross premiums are

　　paid.

　　5 Calculate the net level reserve at time t as NL NL

　　tV =PVFBt?P

　　6 Calculate the CRVM expense allowance (EACRVM) for the plan of

　　insurance generated at issue using valuation assumptions and assuming

　　that PNL is paid.

　　7 Calculate the CRVM reserve at time t as CRVM NL CRVM

　　tV =tV ?EA

　　COURSE 8I: Fall 2004 -7- STOP

　　Individual Insurance – U.S.

　　Morning Session

　　7. (5 points) Your company is designing a product for the Lottery Commission. Winners

　　have a choice between a lump sum payment and an equivalent 25-year period certain

　　annuity.

　　(a) Describe key considerations in developing pricing assumptions for the annuity.

　　(b) You are considering the following product design features for the annuity:

　　? Surrender provision

　　? Medical bailout provision

　　? Variable payout based on investment results

　　Describe advantages and disadvantages of including these features in the product

　　design.

　　8. (4 points)

　　(a) (3 points) Describe the indicators being used as preferred risk criteria for life

　　insurance according to the Report of the Society of Actuaries Task Force on

　　Preferred Underwriting.

　　(b) (1 point) A company with a single non-smoker class would like to introduce a

　　preferred class.

　　You are given:

　　? Male age 55 aggregate mortality is 6.00 per thousand.

　　? 30% of the non-smoker class is expected to qualify for the new preferred

　　class.

　　? A 15% reduction in mortality is expected for the new preferred nonsmoker

　　class.

　　Calculate the expected mortality rate for both the preferred non-smoker and the

　　residual non-smoker classes. Show all work.

　　**END OF EXAMINATION**

　　MORNING SESSION

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

　　Individual Insurance – U.S.

　　Afternoon Session

　　**BEGINNING OF EXAMINATION 8**

　　INDIVIDUAL INSURANCE – U.S.

　　AFTERNOON SESSION

　　Beginning with question 9.

　　9. (6 points) ABC Life offers a disability premium waiver benefit rider sold with life

　　insurance products.

　　(a) (5 points) Explain the assumptions required to calculate the experience premiums

　　for this rider.

　　(b) (1 point) You are given the following information for an individual insured

　　age 55:

　　? Level annual premium waived is $100.

　　? Disability occurs at the middle of the policy year when the insured is age 55.

　　? Waiver benefits end at age 60.

　　? There is a 6-month waiting period, with coverage retroactive to the date of

　　disability.

　　? Premium and benefit payments are payable continuously throughout the

　　policy year.

　　[ 1] 1

　　x+k+ 2 +s+ 2 1 1

　　2 2

　　i

　　x k s D ?? + + ??+ +

　　1 1

　　2 2

　　i

　　x k s D ?? + + ??+ +

　　[ 1] 1

　　55 2+ 2 97.80 100.16

　　[ 1] 1

　　552+12 93.19 95.47

　　[ 1] 1

　　552+ 22 88.72 90.94

　　[ 1] 1

　　552+ 32 84.38 86.53

　　[ 1] 1

　　552+ 42 80.18 82.27

　　[ 1] 1

　　552+ 52 76.09 78.12

　　Calculate the present value of the net benefit at the end of the waiting period.

　　Show all work.

　　COURSE 8I: Fall 2004 -9- GO ON TO NEXT PAGE

　　Individual Insurance – U.S.

　　Afternoon Session

　　10. (12 points) You are given the following features for a proposed single-premium equityindexed

　　annuity product:

　　Index S&P 500

　　Index Period 3 years

　　Index Growth Method Point-to-Point

　　Ratchet Annual

　　Participation Rate 90%

　　Margin 0.5%

　　Cap 15%

　　The participation rate, margin and cap features are applied in the order

　　listed above.

　　The product provides a Guaranteed Minimum Account Value of 90%

　　of the single premium, accumulated at 3% annual interest rate.

　　You are also given the following information:

　　? The net earned rate is 5.5%.

　　? The marketing area estimates it will sell $100 million in single premium in the

　　first year.

　　? The annuity product will be marketed primarily through independent

　　stockbrokers.

　　? Variable expenses are 4% of the single premium.

　　? Fixed expenses are $1 million in each of the next 3 years.

　　? To improve policyholder persistency, the marketing area has proposed a series

　　of discretionary “customer appreciation campaigns” that enhance the

　　product’s account values. The revised present value of index-based interest

　　budget to support these campaigns is estimated to increase from 6% to 9%.

　　COURSE 8I: Fall 2004 -10- GO ON TO NEXT PAGE

　　Individual Insurance – U.S.

　　Afternoon Session
　　高顿网校之名人名言：先付报酬的工作是肯定干不好的。 —— 约·弗洛里奥

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