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北美精算师历年精选——SOA真题November2003Course5（一）

来源：高顿网校 2014-07-28

　　有正在四处找笔记和正品讲义的学生吗？这儿有北美精算师历年精选——SOA真题November2003Course5（一）。
　　COURSE 5

　　MORNING SESSION

　　APPLICATION OF BASIC ACTUARIAL PRINCIPLES

　　SECTION A-WRITTEN ANSWER

　　COURSE 5: Fall 2003 - 2 - GO ON TO NEXT PAGE

　　Morning Session

　　**BEGINNING OF EXAMINATION 5**

　　MORNING SESSION

　　1. (5 points) A large employer is considering offering a private pension plan.

　　(a) Describe the reasons for offering such a plan.

　　(b) Describe the process involved in designing and implementing such a plan.

　　2. (5 points)

　　(a) For basic group term life insurance, briefly describe each of the following items:

　　(i) Typical plan designs offered

　　(ii) Eligibility provisions

　　(iii) Continuity of coverage provisions

　　(b) Briefly describe how supplemental group term life insurance is different from

　　basic group term life insurance with respect to:

　　(i) Typical plan designs offered

　　(ii) Eligibility provisions

　　(iii) Continuity of coverage provisions

　　COURSE 5: Fall 2003 - 3 - GO ON TO NEXT PAGE

　　Morning Session

　　3. (5 points)

　　(a) Describe the reasons a life insurance company may reinsure its risk.

　　(b) ABC Life Insurance Company has a 40% quota share reinsurance treaty on a first

　　dollar basis. Its retention limit is $500,000 per policy.

　　Policy 1 Policy 2

　　Net Amount at Risk $750,000 X

　　Amount Retained R Y

　　Amount Reinsured on a First Dollar Basis S Z

　　Amount Reinsured on an Excess Basis T $100,000

　　Calculate the missing values in the table above.

　　Show all work.

　　4. (5 points) Explain the U.S. laws and regulations with respect to market conduct that

　　apply to a life insurance company and its agents.

　　5. (6 points) Mary and John, respectively 45 and 42 years old, are considering the purchase

　　of a non-participating whole life, joint last-to-die policy, paid-up at first death with:

　　? a 5 year term individual rider life insurance convertible and renewable up

　　to age 65 for Mary and John;

　　? a Critical Illness rider covering 50 illnesses for Mary and John;

　　? a Disability income rider providing a lifetime benefit with a 2 week

　　waiting period for Mary and John.

　　(a) Describe briefly the policy and its riders.

　　(b) Describe alternatives to each coverage that could reduce the cost to Mary and

　　John.

　　COURSE 5: Fall 2003 - 4 - GO ON TO NEXT PAGE

　　Morning Session

　　6. (7 points) For a defined benefit pension plan, you are given:

　　Pension plan formula:

　　1.5% of final year’s salary for each year of service up to 10 years, plus

　　2.0% of final year’s salary for each year of service after 10 years.

　　Interest Rate 6%

　　Salary Growth Rate 4%

　　Pre-retirement decrements None

　　Assumed retirement age 65

　　(12)

　　a&&65 12

　　Assets at 1/1/2003 300,000

　　Assets at 1/1/2004 320,000

　　Contribution made on 12/31/2003 5,000

　　Funding method Projected unit credit

　　Employee Age at Hire Age on 1/1/2003 Salary on 1/1/2003

　　A 30 40 30,000

　　B 30 60 50,000

　　(a) Calculate the unfunded accrued liability at 1/1/2003.

　　(b) The actual accrued liability on 1/1/2004 is 350,000.

　　Calculate the total experience gain/loss as of that date.

　　Show all work.

　　COURSE 5: Fall 2003 - 5 - GO ON TO NEXT PAGE

　　Morning Session

　　7. (5 points) For a property and casualty insurance policy issued January 1, 2000, you are

　　given:

　　Effective Date Rate Change

　　May 1, 2000 +5%

　　November 1, 2000 +10%

　　Calendar Year

　　Earned Premium

　　Expected effective incurred losses, trended

　　and developed through December 31, 2002

　　2000 120,000 100,000

　　2001 130,000 110,000

　　2002 140,000 120,000

　　Expense ratio: 30%

　　Present average manual rate: 45

　　Assume all policies have a one-year term and the premium is uniformly

　　distributed.

　　Calculate the indicated average gross rate as of January 1, 2003.

　　Show all work.8. (4 points) Describe the issues that must be considered for the design and pricing of:

　　(a) Group vision and hearing b

　　enefits

　　(b) Group legal benefits

　　COURSE 5: Fall 2003 - 6 - GO ON TO NEXT PAGE

　　Morning Session

　　COURSE 5

　　MORNING SESSION

　　APPLICATION OF BASIC ACTUARIAL PRINCIPLES

　　SECTION B-MULTIPLE CHOICE

　　COURSE 5: Fall 2003 - 7 - GO ON TO NEXT PAGE

　　Morning Session

　　1-7. Each of questions 1 through 7 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).

　　1. X. Canadian Employment Insurance

　　(EI)

　　I. Death benefits available

　　Y. Canadian Worker’s Compensation II. Supplemental unemployment

　　benefits

　　III. Employer premium reduction

　　program

　　2. X. Defined benefit pension plan I. Age neutral

　　Y. Defined contribution pension plan II. Golden handcuffs

　　III. Cash balance plan

　　3. X. Captive agents I. Commission overrides

　　Y. Banks II. Streamlined underwriting and issue

　　processes

　　III. Life insurance for estate planning

　　COURSE 5: Fall 2003 - 8 - GO ON TO NEXT PAGE

　　Morning Session

　　4. X. An employer with 5 employees I. Maternity coverage is mandatory.

　　Y. An employer with 40 employees II. For active employees, Medicare is

　　the secondary insurer.

　　III. The health plan carrier is not likely

　　to use a composite rating method.

　　5. X. Distributable earnings I. Used in return on equity (ROE)

　　calculation.

　　Y. Shareholder earnings II. Independent of required capital.

　　III. Better reflects owners’ expected

　　cash flows.

　　6. X. Aggregate method I. Benefit allocation cost method

　　Y. Projected unit credit method II. No unfunded actuarial liability

　　III. Actuarial losses not explicitly

　　recognized

　　7. X. Income annuity products I. Lapses are a key assumption in

　　pricing.

　　Y. Accumulation annuity products II. Longevity risk is a key concern.

　　III. In the U.S., the minimum solvency

　　reserves are calculated using the

　　Commissioners’ Annuity Reserve

　　Valuation Method (CARVM).

　　COURSE 5: Fall 2003 - 9 - GO ON TO NEXT PAGE

　　Morning Session

　　8-20. Each of questions 8 through 20 consists of an assertion in the left-hand column and a

　　reason in the right-hand column. Code your answer to each question by blackening

　　space:

　　(A) If both the assertion and the reason are true statements, and the reason is a correct

　　explanation of the assertion.

　　(B) If both the assertion and the reason are true statements, but the reason is NOT a

　　correct explanation of the assertion.

　　(C) If the assertion is a true statement, but the reason is a false statement.

　　(D) If the assertion is a false statement, but the reason is a true statement.

　　(E) If both the assertion and the reason are false statements.

　　8.

　　ASSERTION

　　Personal-producing general

　　agents receive higher

　　commissions than captive agents.

　　BECAUSE

　　REASON

　　Personal-producing general agents

　　typically provide training and

　　office space for captive agents.

　　9.

　　ASSERTION

　　In Canada, the licensing of

　　physicians falls under federal

　　jurisdiction.

　　BECAUSE

　　REASON

　　In Canada, the Federal

　　government sets national

　　standards for the provision of

　　health care.

　　10.

　　ASSERTION

　　For individual health insurance,

　　the loss ratio method is the most

　　common method of determining

　　premium rate changes.

　　BECAUSE

　　REASON

　　For individual health insurance,

　　under the loss ratio method, the

　　policyholder’s original rating class

　　does not have to be preserved.

　　COURSE 5: Fall 2003 - 10 - GO ON TO NEXT PAGE

　　Morning Session

　　11.

　　ASSERTION

　　In the U.S., small group carrier

　　s

　　can no longer require workers

　　compensation for all eligible

　　employers as a condition for

　　offering non-workers

　　compensation health benefits.

　　BECAUSE

　　REASON

　　In the U.S., the Health Insurance

　　Portability and Accountability Act

　　(HIPAA) requires small group

　　health carriers to offer all major

　　medical products on a guaranteed

　　acceptance and renewal basis.

　　12.

　　ASSERTION

　　In the U.S., underwriting a small

　　group has become less important

　　with the passage of the Health

　　Insurance Portability and

　　Accountability Act (HIPAA).

　　BECAUSE

　　REASON

　　In the U.S., HIPAA limits a

　　carrier’s ability to reject or rate-up

　　specific individuals within a small

　　group.

　　13.

　　ASSERTION

　　Under the individual level

　　premium cost method, the

　　actuarial liability cannot be less

　　than the plan termination

　　liability.

　　BECAUSE

　　REASON

　　Under the individual level

　　premium cost method, the implicit

　　supplemental liability for past

　　service benefits is not fully

　　amortized until the participant

　　reaches normal retirement age.
　　高顿网校之极品语录：青年人充满活力，像春水一样丰富。——拜伦

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