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

北美精算师考试SOA精选真题大放送——Course8IU（第二块）

来源：高顿网校 2014-08-01

　　北美精算师考试SOA精选真题大放送——Course8IU（第二块），高顿网校的小编在这里给奋斗在北美精算师战场上的你打招呼啦。
　　Morning Session

　　Question 5 pertains to the Case Study.

　　5. (13 points) As the product actuary for Mercury Life, you have been asked to analyze the

　　feasibility of adding an equity indexed annuity to the fixed annuity product line.

　　(a) (5 points) You are given the following product design:

　　? The index period is 6 years.

　　? The investment earnings rate is 5.5%.

　　? The first year commission is 4.0% of premium.

　　? Other expenses and profit equal 5.0% of premium.

　　? Guaranteed minimum account value is calculated using 90% of premium and

　　3.00% interest.

　　? Index account value is calculated using 100% of premium and 100%

　　participation rate guaranteed for 6 years.

　　(i) Calculate the affordable option budget. Show all work.

　　(ii) Determine changes and additions to the product design that would reduce

　　the actual option costs down to the affordable option budget.

　　(b) (1 point) Explain the impact of equity volatility on equity indexed annuity

　　pricing.

　　(c) (5 points) You are given the results from the initial pricing run:

　　Time Profit

　　0 - 25

　　1 60

　　2 0

　　3 0

　　4 42

　　5 12

　　6 - 70

　　Assume Mercury Life is willing to pay 5% for borrowed money.

　　(i) Calculate the ROI for this product using the Generalized ROI

　　Calculation Method. Show all work.

　　(ii) Assess the calculated ROI compared to Mercury Life’s profit objective.

　　(iii) Explain practical problems related to calculating ROI.

　　(d) (2 points) Evaluate the feasibility of adding an equity indexed annuity with

　　respect to Mercury Life’s target market.

　　Course 8I: Fall 2005 -6- GO ON TO NEXT PAGE

　　Individual Insurance – U.S.

　　Morning Session

　　6. (9 points) You are reviewing a block of flexible premium UL policies.

　　(a) Describe steps to determine the minimum cash surrender value for this type of

　　product according to the NAIC Universal Life Model Regulation.

　　(b) Your analysis reveals a widening gap between value-based reserves and cash

　　values. You believe a new experience study is needed to revise the value-based

　　reserve lapse assumptions.

　　(i) You are given:

　　? The existing lapse assumption is based on an internal study conducted

　　in 1999 of lapses of permanent life policies during the period 1996 to

　　1998, which included data from an acquisition in 1996.

　　? Current portfolio lapse data cannot distinguish between fixed and

　　flexible premium UL policies.

　　? Industry experience is trending toward lower lapse rates.

　　Explain how the key principles in studying experience to set assumptions

　　provide guidance for these specific issues.

　　(ii) Describe considerations when adjusting a best estimate experience

　　assumption with provision for adverse deviation.

　　(c) An illustration for a male, issue age 45, flexible premium UL policy indicates the

　　coverage remains level for the life of the policy assuming the policyowner

　　continues to pay the same annual premium since issue.

　　You are given:

　　Current Annual Premium $160

　　Guaranteed Maturity Premium $200

　　CRVM Net Level Premium $150

　　Valuation Net Level Premium $125

　　Guaranteed Maturity Fund at Duration 10 $900

　　Actual Fund at Duration 10 $700

　　Cash Value at Duration 10 $650

　　PV of Benefits at Duration 10 $2,500

　　45:50 a???? 13.75

　　55:40 a???? 11.25

　　Calculate the 10th year

　　(i) CRVM minimum terminal reserve.

　　(ii) Statutory gain or loss upon surrender.

　　Show all work.

　　Course 8I: Fall 2005 -7- GO ON TO NEXT PAGE

　　Individual Insurance – U.S.

　　Morning Session

　　7. (7 points) XYZ Life produces value-based financial statements.

　　You are given:

　　? The hurdle rate is 12%.

　　? The risk-free rate of return is 4.0%.

　　? The inflation rate is 1.5%.

　　? Beta is 2.0.

　　(a) (1 point) Describe the CAPM formula and calculate the implied rate of return on

　　average equity investments.

　　(b) (2 points) Describe validation techniques used to evaluate the accuracy and

　　reliability of model office projections used in value-based financial analysis.

　　(c) (4 points) ABC Life offers the same term life insurance product as XYZ. XYZ’s

　　premiums are 5% higher than ABC’s. Both companies have the same inflation,

　　investment and hurdle rates.

　　XYZ has priced the product to achieve an IRR of 13%.

　　(i) Compare first year earnings for XYZ for the following reporting methods.

　　? US GAAP,

　　? Value-based financial reporting, and

　　? Level ROE financial reporting.

　　(ii) Determine which company would report higher first year earnings under

　　each of the reporting methods. Justify your answer.

　　Course 8I: Fall 2005 -8- GO ON TO NEXT PAGE

　　Individual Insurance – U.S.
　　高顿网校之为人处世：拥有梦想的人是值得尊敬的，也让人羡慕。当大多数人碌碌而为为现实奔忙的时候，坚持下去，不用害怕与众不同，你该有怎么样的人生，是该你亲自去撰写的。加油！让我们一起捍卫最初的梦想。——柳岩

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