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SOA真题November2004Course5（Paet8）：北美部分历年考试精选

来源：高顿网校 2014-08-04

　　大家（北美精算师亲们）请再接再厉，拿下几个月后的考试哦——SOA真题November2004Course5（Paet8）：北美部分历年考试精选。
　　39. X. Hazard I. Collision

　　Y. Peril II. Poor wiring

　　III. Dishonesty

　　40. X. Variable universal life products I. Passes full investment risk to the

　　policyholder

　　Y. Unitised-with-profit products II. Uses bid/offer spread as hidden

　　expense charge

　　III. Uses front-end loads to cover

　　acquisition costs

　　COURSE 5: Fall 2004 - 44 - GO ON TO NEXT PAGE

　　Afternoon Session

　　COURSE 5

　　AFTERNOON SESSION

　　APPLICATION OF BASIC ACTUARIAL PRINCIPLES

　　SECTION A-WRITTEN ANSWER

　　COURSE 5: Fall 2004 - 45 - GO ON TO NEXT PAGE

　　Afternoon Session

　　**BEGINNING OF EXAMINATION**

　　COURSE 5

　　AFTERNOON SESSION

　　Beginning With Question 9

　　9. (5 points) In Canada, describe the design of extended health plans in the group market.

　　10. (3 points) Describe the reasons why a plan sponsor would switch from a defined benefit

　　pension plan to a defined contribution pension plan.

　　COURSE 5: Fall 2004 - 46 - GO ON TO NEXT PAGE

　　Afternoon Session

　　11. (5 points) You are pricing the latest version of a life insurance company’s flexible

　　premium universal life (UL) product.

　　With respect to the company, you are given the following:

　　?? Superior ratings from the major ratings agencies

　　?? Strong reputation in the estate planning market

　　?? Target market consists of affluent, sophisticated retirees

　　?? Average face amount on policies is significantly higher than the industry

　　average

　　?? UL sold for many years

　　?? New UL product is similar to its best-selling product

　　The new product has the following features:

　　Commissions:

　　First-year: 50% of first-year premium up to the target commissionable

　　premium, plus 3% of first-year premium in excess of the

　　target commissionable premium

　　Renewal: 3% of premium in policy year 2 onwards

　　Chargeback: 100% of first-year commissions for lapses in the first 3

　　policy years

　　Bonus refund: return of COI charges at the end of policy year 25

　　Surrender charges: 15% in policy year 1, grading linearly to 0% in policy year

　　16

　　(a) Describe how the information given above would influence your lapse

　　rate assumption.

　　(b) Describe the effect of the surrender charge on the investment risk and

　　the investment strategy for this product.

　　COURSE 5: Fall 2004 - 47 - GO ON TO NEXT PAGE

　　Afternoon Session

　　12. (7 points) For a property and casualty insurance company, you are given the following:

　　Gross premium rates In effect for 6 months

　　Policy length 3 months

　　Trend factors Increase at an exponential rate

　　δ 0.133

　　Distribution of claims Uniform

　　Additional loadings:

　　Commissions 0.00

　　General Expenses 12.0%

　　Taxes 3.5%

　　Profit 4.0%

　　Incurred losses for reported claims by development year

　　Accident Year Development Year

　　0 1 2

　　2001 10,432,532 12,414,789 12,787,542

　　2002 12,503,672 15,248,731

　　2003 14,813,156

　　No further development beyond year two.

　　Accident Year

　　Earned Exposure Units

　　Number of Incurred

　　Claims

　　Credibility Factor

　　2001 106,454 5,569 0.0%

　　2002 107,127 5,603 40.0%

　　2003 107,962 5,691 60.0%

　　(a) (2 points) Calculate the expected ultimate incurred losses by accident year.

　　(b) (5 points) Calculate the gross premium rate that will take effect at May 1,

　　2004.

　　COURSE 5: Fall 2004 - 48 - STOP

　　Afternoon Session

　　13. (5 points) With respect to group health insurance:

　　(a) List the criteria that should be considered when underwriting large groups.

　　(b) Indicate why these criteria are important.

　　14. (5 points) Describe the considerations in group insurance financial reporting for:

　　(a) Alternative funding arrangements

　　(b) Administrative arrangements

　　15. (5 points) In the context of U.S. insurance company solvency regulation:

　　(a) Describe the role of State Guaranty Funds.

　　(b) Explain the effect of reinsurance regulation.

　　16. (5 points) With respect to group long term disability and group long term care insurance

　　contracts:

　　(a) Describe the features that are important when calculating claim reserves.

　　(b) Describe the considerations in preparing an actual to expected (A/E) claim

　　termination rate study.

　　(c) Describe the steps in calculating IBNR reserves by the loss ratio method.

　　**END OF EXAMINATION**

　　AFTERNOON SESSION
　　高顿网校之名人信念：尽管责任有时使人厌烦，但不履行责任，只能是懦夫，不折不扣的废物。——刘易斯

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