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SOA考试往年真题北美精算师Course8IC（第四点）2005回忆版

来源：高顿网校 2014-08-07

　　高顿网校的小编在这里给奋斗在战场上的你编辑了官方大纲：SOA考试往年真题北美精算师Course8IC（第四点）2005回忆版。
　　10. (4 points) Mercury Life plans to enter the individual term life insurance market using a

　　brokerage distribution system.

　　(a) Assess this plan in relation to Mercury’s strengths and weaknesses.

　　(b) Assuming Mercury’s goal is to increase market share through broker

　　relationships:

　　(i) Determine the appropriate pricing objective.

　　(ii) Describe the advantages and disadvantages of this objective.

　　(c) Assuming Mercury’s goal is to increase market share through consumer

　　relationships:

　　(i) Determine the appropriate pricing objective.

　　(ii) Describe the advantages and disadvantages of this objective.

　　11. (6 points) Your company is proposing to sell a block of life insurance business to another

　　company.

　　(a) Describe factors to consider before deciding to sell the block.

　　(b) Explain reinsurance structures available to facilitate the sale of a block of life

　　insurance business.

　　(c) Describe goodwill and explain its impact on the transaction.

　　Course 8I: Fall 2005 -11- GO ON TO NEXT PAGE

　　Individual Insurance – Canada

　　Afternoon Session

　　Question 12 pertains to the Case Study.

　　12. (8 points) You are given the following information with respect to Saturn Life’s term

　　insurance financial statements:

　　? Saturn uses the same definition of GAAP free cash flow and GAAP surplus as found

　　in TSA 38 Strategic Management of Life Insurance Company Surplus.

　　? Solvency-based reserves are equal to GAAP income-based reserves.

　　? After-tax investment income on required capital for 2003 is $2,750,000.

　　(a) With respect to annual GAAP ROE:

　　(i) Explain possible reasons for a non-level pattern.

　　(ii) Explain possible reasons a particular year differs from the pricing ROI.

　　(b) Calculate Saturn’s 2003 GAAP free cash flow. Show all work.

　　(c) Saturn is considering a change to YRT reinsurance from the existing coinsurance

　　arrangement.

　　You are given the following information:

　　? The YRT reinsurance is on a 90% quota share basis.

　　? The average YRT reinsurance premium on 2003 issues is $0.55 per $1000.

　　? Average first year mean reserve credit on YRT reinsurance is $0.60 per

　　$1000.

　　? Average first year mean reserve credit on coinsurance is $0.71 per $1000.

　　? There were no deaths on contracts issued in 2003.

　　Revise the 2003 pre-tax shareholder earnings assuming term policies sold in 2003

　　are reinsured under the YRT arrangement, ignoring any impact on DAC and

　　investment income. Show all work.

　　Course 8I: Fall 2005 -12- GO ON TO NEXT PAGE

　　Individual Insurance – Canada

　　Afternoon Session

　　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 MCCSR for an equity index-linked UL product for:

　　(i) Asset default.

　　(ii) Changes in interest rate environment.

　　Course 8I: Fall 2005 -13- GO ON TO NEXT PAGE

　　Individual Insurance – Canada

　　Afternoon Session
　　我宁愿以诚挚获得一百名敌人的攻击，也不愿以伪善获得十个朋友的赞扬。-裴多菲——高顿网校生活感悟

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