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2014年份北美精算师考试经典讲义:SOA真题Course5（二）

来源：高顿网校 2014-07-28

　　高顿网校小编们时刻关注财经教育的*7动态，我们争做业界[*{1}*]，2014年份北美精算师考试经典讲义:SOA真题Course5（二），为您奉上。

　　claims than average.

　　34.

　　ASSERTION

　　In the U.S., with respect to large

　　group health insurance, gender

　　cannot be used as a rating

　　characteristic.

　　BECAUSE

　　REASON

　　The U.S. government restricts the

　　use of gender-based employee

　　contribution rates for large groups.

　　35.

　　ASSERTION

　　In most countries, tax reserves

　　are identical to solvency reserves.

　　BECAUSE

　　REASON

　　Solvency reserves produce the

　　smallest tax deductions for

　　insurance companies.

　　COURSE 5: Fall 2005 - 31 - GO ON TO NEXT PAGE

　　Morning Session

　　36-40. Each of questions 36 through 40 consists of two lists. In the list at the left are two items,

　　lettered X and Y. In the list at the right are three items, numbered I, II and III. ONE of

　　the lettered items is related in some way to EXACTLY TWO of the numbered items.

　　Indicate the related items using the following answer code:

　　Lettered Item

　　Is Related to Numbered Items

　　(A)

　　X

　　I and II only

　　(B)

　　X

　　II and III only

　　(C)

　　Y

　　I and II only

　　(D)

　　Y

　　I and III only

　　(E)

　　The correct answer is not given by (A), (B), (C) or (D).

　　36. X. Cash basis accounting I. Method usually used to determine

　　non-business income.

　　Y. Accrual basis accounting II. Produces more accurate

　　measurement of income over an

　　accounting period.

　　III. Cost of capital assets amortized over

　　their useful life.

　　37. X. No-fault system I. Subrogation of auto insurance claims

　　Y. Tort system II. Significantly higher personal injury

　　protection premium

　　III. Workers compensation

　　COURSE 5: Fall 2005 - 32 - STOP

　　Morning Session

　　38. X. Waiver of premium benefit for

　　group life insurance.

　　I. Insured receives monthly installment

　　benefit.

　　Y. Total and permanent disability

　　benefit for group life insurance.

　　II. Insured must remain continuously

　　disabled until death.

　　III. Insured is typically paid a reduced

　　death benefit at time of death.

　　39. X. Multiple Employer Welfare

　　Association (MEWA)

　　I. Collectively bargained

　　Y. Purchasing alliance II. Self-insured

　　III. Typically small average employer

　　size (<50)

　　40. X. Canadian MCCSR Tier 1 capital I. Contributed capital

　　Y. Canadian MCCSR Tier 2 capital II. Deduction for 100% of negative

　　reserves

　　III. Subordinated debt

　　**END OF EXAMINATION**

　　MORNING SESSION

　　COURSE 5: Fall 2005 - 33 - STOP

　　Morning Session

　　COURSE 5

　　AFTERNOON SESSION

　　APPLICATION OF BASIC ACTUARIAL

　　PRINCIPLES

　　SECTION A – WRITTEN ANSWER

　　COURSE 5: Fall 2005 - 1 - GO ON TO NEXT PAGE

　　Afternoon Session

　　**BEGINNING OF EXAMINATION**

　　COURSE 5

　　AFTERNOON SESSION

　　Beginning with Question 9

　　9. (4 points) Describe the objectives of ratemaking in Property and Casualty insurance.

　　10. (5 points)

　　(a) Describe the difference between:

　　i. yearly renewable term (YRT) reinsurance

　　ii. coinsurance

　　(b) Describe the difference between:

　　i. coinsurance

　　ii. modified coinsurance

　　iii. coinsurance with funds withheld

　　(c) Describe the difference between:

　　i. automatic reinsurance

　　ii. facultative reinsurance

　　(d) A life insurance company has:

　　? an excess reinsurance agreement with a $1,000,000 retention limit

　　? a 40% first-dollar quota share reinsurance agreement

　　Calculate the excess and quota share

　　reinsurance amounts for:

　　i. $800,000 term policy

　　ii. $2,000,000 term policy

　　Show all work.

　　COURSE 5: Fall 2005 - 2 - GO ON TO NEXT PAGE

　　Afternoon Session

　　11. (6 points) You are given the following data for a proposed life insurance product:

　　t AftTax

　　SolvEarn

　　Req

　　Cap

　　Solv

　　Res

　　Ben

　　Res DAC Tax InvInc

　　RC

　　TaxInvInc

　　RC

　　1 -50 10 12 19 100 -40 0 0

　　2 10.2 9.8 25 31 92 6.8 0.6 0.24

　　3 10.2 9.5 33 38 84 6.8 0.59 0.24

　　After Tax Interest Rate Earned on Assets: 3.6%

　　Hurdle Rate: 10%

　　ReqCap(0): 0

　　(a) Describe the considerations in determining which accounting basis should be used

　　to determine the profits of this product.

　　(b) Calculate EmbeddedValue (3) using distributable earnings as profits.

　　(c) Calculate the return on assets for the first three years using distributable earnings

　　as profits and discounting at the after tax earnings rate.

　　12. (6 points) With respect to a life insurance company:

　　(a) Describe the objectives of investment regulation and how they can be achieved.

　　(b) Describe the NAIC regulation for:

　　i. the valuation of assets

　　ii. the valuation of reserves

　　COURSE 5: Fall 2005 - 3 - GO ON TO NEXT PAGE

　　Afternoon Session

　　13. (6 points) With respect to U.S. medical benefit plans, describe the various provisions that

　　may be used for cost sharing:

　　(a) with the insured

　　(b) with the provider

　　14. (4 points)

　　(a) Describe the typical and alternate methods of disclosing policy loans on a life

　　insurance company’s balance sheet and income statement.

　　(b) You are given the following:

　　End of Year Invested Assets 3,000

　　End of Year Policy Loans In-Force 500

　　End of Year Reserves 3,500

　　Beginning of Year Reserves 3,300

　　Premiums 300

　　Interest on Invested Assets 180

　　Interest on Policy Loans 25

　　Benefits Paid 215

　　Expenses 30

　　Tax Rate 35%

　　Prepare a balance sheet and an income statement using a valid method of

　　reflecting policy loans.

　　15. (5 points) Regardless of accounting basis, describe the four widely used reserve methods

　　for individual life insurance.

　　COURSE 5: Fall 2005 - 4 - STOP

　　Afternoon Session

　　16. (4 points) You are given the following information regarding a long-term disability

　　insurance product:

　　Benefit: $5,000 payable mid-month for 3 months

　　Elimination period: 1 month

　　Monthly interest rate: 1%

　　Pending factor: 70% for all claims

　　Continuance Table*

　　Claim Duration (months)

　　0 100

　　1 90

　　2 80

　　3 70

　　4 60

　　*Continuance table values for the middle of a month can be computed through

　　averaging

　　(a) Explain the reserve methodology for open claims.

　　(b) Calculate the tabular reserves at the end of month 1.

　　(c) Explain the reserve methodology for pending claims.

　　(d) Calculate the pending reserve for a claim reported at the end of month 3.

　　Show all work.

　　**END OF EXAMINATION**

　　AFTERNOON SESSION
　　高顿网校之精品语录：平凡朴实的梦想，我们用那*10的坚持信念去支撑那梦想。

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