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SOA真题November2004Course8E（一）：北美精算师往年考试经典

来源：高顿网校 2014-08-04

　　SOA真题November2004Course8E（一）：北美精算师往年考试经典，无论你来自何方，北美精算师考试请100%全力去考。
　　COURSE 8: Fall 2004 - 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 1-3 pertain to the Case Study.

　　Each question should be answered independently.

　　1. (7 points) Zoolander Life is very concerned about being able to secure reinsurance for its

　　term life insurance business line after January 1, 2005. Richard Scarlet, the reinsurance

　　intermediary, has been unable to secure a replacement for Rose Re’s YRT reinsurance

　　program at a reasonable price.

　　As an alternative, Richard Scarlet has proposed accepting a 100% funds withheld

　　coinsurance contract which is available from Cranberry Reinsurance Solutions. Under

　　that arrangement, the reinsurance allowance is set at 10% of ceded premiums, and the

　　risk charge is 1% of the outstanding surplus account for the prior year.

　　A simplified income statement for the term life insurance business line follows:

　　Zoolander Life

　　Projected 2005

　　Term Life Business Line

　　Before Reinsurance

　　Premiums

　　Gross 33,000,000

　　Ceded 0

　　Net Premiums 33,000,000

　　Investment Income

　　Gross 1,650,000

　　Ceded 0

　　Net Investment Income 1,650,000

　　Reinsurance Allowance 0

　　Total Revenue 34,650,000

　　Claims & Surrenders

　　Gross 19,000,000

　　Ceded 0

　　Net Claims & Surrenders 19,000,000

　　Reserve Increase

　　Gross 11,000,000

　　Ceded 0

　　Net Reserve Increase 11,000,000

　　Total Benefits 30,000,000

　　Expenses & Commissions 3,500,000

　　Gain from Operations 1,150,000

　　COURSE 8: Fall 2004 - 2 - GO TO NEXT PAGE

　　Finance and Enterprise Risk Management; Core Segment

　　Morning Session

　　(a) For Zoolander Life, show:

　　i. the change in the income statement for 2005 under a 100% funds

　　withheld coinsurance arrangement

　　ii. the outstanding surplus account as of December 31, 2005.

　　(b) Explain, from Zoolander’s perspective, the benefits of their existing YRT

　　reinsurance as compared to the benefits of Cranberry’s proposed arrangement.

　　(c) Recommend if Zoolander should purchase the reinsurance from Cranberry Re or

　　should retain the risk. Defend your answer.

　　COURSE 8: Fall 2004 - 3 - GO TO NEXT PAGE

　　Finance and Enterprise Risk Management; Core Segment

　　Morning Session

　　Questions 1-3 pertain to the Case Study.

　　Each question should be answered independently.

　　2. (11 points) Bonnie Hawke, Zoolander Life’s 2nd Vice President of Capital Planning,

　　proposes to allocate capital by line of business using the GAAP required surplus

　　methodology. You are given the following information.

　　Zoolander Life Proposed Capital Allocation

　　Line of Business 2003 Projected

　　2004

　　Annuity 100.0 103.0

　　Disability 150.0 160.0

　　Life Insurance 200.0 240.0

　　Variable 215.0 225.0

　　Corporate 367.6 390.0

　　Total 1,032.6 1,118.0

　　(a) Explain why a company might choose to allocate capital by line of business.

　　(b) Evaluate the appropriateness of the proposed allocation method chosen by Bonnie

　　Hawke as compared to other capital allocation methods.

　　(c) Using Bonnie Hawke’s proposed allocation, determine whether each line of

　　business is projected to create or destroy economic value in 2004 and whether

　　each line of business is projected to generate free cash flow. Show your work.

　　(d) Explain the implications of the results in (c) above.

　　COURSE 8: Fall 2004 - 4 - GO TO NEXT PAGE

　　Finance and Enterprise Risk Management; Core Segment

　　Morning Session

　　Questions 1-3 pertain to the Case Study.

　　Each question should be answered independently.
　　高顿网校之经典总结：以感恩的心态面对一切、包括失败，你会发现，人生其实很精彩。

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