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

SOA精算师考试真题大汇集Course8IU（2005年第4课）

来源：高顿网校 2014-08-05

　　全国地区的北美精算师伙计，还是在卖力的复习么？SOA精算师考试真题大汇集Course8IU（2005年第4课），有学过吗？无则加勉啊。
　　13. (13 points) Your company is proposing to offer a new flexible premium UL product in

　　the Canadian market with the following features:

　　? The introductory credited interest rate is 12% and is guaranteed for the first

　　12 months.

　　? The credited rate after the first 12 months is based on one of two options:

　　- The return on fixed income assets, or

　　- An equity index based on the S&P 500.

　　? Commission of 60% on all premiums paid in the first year.

　　? Production bonus of 100% on first year commission earned.

　　? There are no commission chargebacks.

　　? Surrender charges apply for the first 10 years.

　　? Every five years, a contingent bonus of 1% of account value is paid, provided

　　the average credited rate has exceeded 4% over the life of the policy.

　　(a) (4 points)

　　(i) Describe each of the following prohibited sales practices:

　　? Misrepresentation

　　? Twisting and churning

　　? Rebating

　　(ii) Evaluate the exposure of the proposed product to each of these practices.

　　(b) (1 point) Explain the advantages and disadvantages of flexible premium UL

　　compared to fixed premium UL.

　　(c) (4 points) Determine the impact on lapsation for policies with the fixed income

　　crediting option under a declining return scenario, assuming the credited rate is:

　　(i) The earned rate less a targeted spread.

　　(ii) The market rate less a targeted spread.

　　(d) (4 points) Explain the factors used to determine the amount of DAC amortization

　　in the first policy year for this UL product with respect to U.S. GAAP.

　　Course 8I: Fall 2005 -5- GO ON TO NEXT PAGE

　　Individual Insurance – U.S.

　　Afternoon Session

　　14. (12 points) ABC Life currently sells a guaranteed, 10-year level premium term product

　　in the U.S. market. After the initial 10-year period, coverage is annually renewable.

　　Recent sales results have been disappointing. ABC is developing an indeterminate

　　premium version to replace the current product. Under the new design, premium rates

　　will be guaranteed for the first two years of the contract.

　　(a) Describe the types of product innovations as outlined in LOMA.

　　(b) With respect to indeterminate premium term products:

　　(i) Describe the product design.

　　(ii) Explain the advantages and disadvantages compared to a guaranteed

　　premium product design from the company’s perspective.

　　(c) ABC has no mortality experience for an indeterminate premium product.

　　Describe factors ABC needs to consider in using its own existing mortality data to

　　set the mortality assumption used to price the new product.

　　(d) Describe the following methods of calculating reserves for renewable term

　　products:

　　(i) Unitary method.

　　(ii) Contract Segmentation method.

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

　　Individual Insurance – U.S.

　　Afternoon Session

　　15. (8 points)

　　(a) Describe the following methods of matching assets and liabilities.

　　(i) Exact matching,

　　(ii) Duration matching,

　　(iii) Horizon matching, and

　　(iv) Product cash flow matching.

　　(b) You are given:

　　Time Liability Cash Flow

　　1 25

　　2 25

　　3 100

　　4 100

　　5 0

　　6 0

　　Calculate the modified duration and convexity of the liability cash flows using an

　　interest rate of 7%. Show all work.

　　(c) The investment department suggests an asset portfolio with modified duration

　　equal to the liability cash flow modified duration, with the following asset cash

　　flows:

　　Time Asset Cash Flow

　　1 4.68

　　2 0.32

　　3 234.07

　　4 0.32

　　5 0.00

　　6 10.72

　　(i) Evaluate the effectiveness of using the proposed asset portfolio to

　　immunize the liability cash flows.

　　(ii) Describe ways to improve the asset and liability matching for this

　　portfolio.

　　Show all work.

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

　　Individual Insurance – U.S.

　　Afternoon Session
　　高顿网校之极品语录：别说别人可怜，自己更可怜，自己修行又如何？自己又懂得人生多少？

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