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SOA精算师考试2014年7月——真题Course8F（*9大点）

来源：高顿网校 2014-07-31

　　SOA精算师考试2014年7月——真题Course8F（*9大点），赶快看起来咯。*7最权威的考试辅导试题和笔记，我们都有！
　　COURSE 8: Fall 2005 - 1 - GO TO NEXT PAGE

　　Finance and Enterprise Risk Management; Core Segment

　　Morning Session

　　**BEGINNING OF EXAMINATION**

　　FINANCE AND ENTERPRISE RISK MANAGEMENT; CORE SEGMENT

　　MORNING SESSION

　　Questions 1-2 pertain to the Case Study.

　　Each question should be answered independently.

　　1. (13 points) Kelly Ratings recently completed their review of Zoolander and sent you the

　　results, which recommend a downgrade in the rating. Tomas Lyon has asked you to

　　provide a report about this situation.

　　You have gathered the following information as of December 31, 2004:

　　Term net amount at risk is $3,000 million.

　　Whole Life net amount at risk is $1,500 million.

　　The general account annuity business is 100% GICs.

　　Prepare a report that addresses the following points.

　　(a) (2 points) Describe the roles of rating agencies and how they serve the securities

　　markets and the public.

　　(b) (1 point) Describe how rating agencies develop and use liquidity ratios in

　　assessing a firm’s financial strength.

　　(c) (4 points) Calculate Zoolander’s capital adequacy ratio as of December 31, 2004,

　　based on Kelly’s rating methodology.

　　(d) (4 points) Describe aspects of Kelly’s ratings process and models that could be

　　considered inferior to those used by Standard & Poors, Moody’s and Fitch

　　Ratings.

　　(e) (2 points) List the requirements to become a nationally recognized statistical

　　ratings organization, as defined in the SEC’s proposed rule, and determine

　　whether Kelly meets those requirements.

　　COURSE 8: Fall 2005 - 2 - GO TO NEXT PAGE

　　Finance and Enterprise Risk Management; Core Segment

　　Morning Session

　　Questions 1 - 2 pertain to the Case Study.

　　Each question should be answered independently.

　　2. (10 points) Tomas Lyon, Zoolander’s CEO, has asked to speak with you about two

　　concerns: liquidity risk and credit risk.

　　(a) (2 points) Describe the forms of liquidity risk faced by in
　　高顿网校之金玉良言：很难说什么是办不到的事情，因为昨天的梦想，可以是今天的希望，并且还可以成为明天的现实。

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