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2004年度11月份SOA考试真题珍藏精算师Course8IC（*9节）

来源：高顿网校 2014-08-08

　　2004年度11月份SOA考试真题珍藏精算师Course8IC（*9节），高顿网校小编有责任提醒您认真仔细学习北美精算师。
　　Individual Insurance – Canada

　　Morning Session

　　**BEGINNING OF EXAMINATION 8**

　　INDIVIDUAL INSURANCE – CANADA

　　MORNING SESSION

　　1. (5 points) ABC Life has a career agency distribution system. ABC’s management is

　　reviewing their financing plan for new agents.

　　(a) Describe the different types of financing plans for new agents and explain the

　　advantages and disadvantages of each according to LIMRA.

　　(b) You are given the following information:

　　Year Average

　　Annualized First

　　Year Premium

　　Agent

　　Termination

　　Rate

　　Subsidy Validation

　　Schedule

　　Commission

　　1 $60,000 50% 120% $20,000

　　2 $80,000 25% 80% $25,000

　　3 $100,000 10% 40% $30,000

　　4+ $120,000 0% 0% $0

　　? Commissions are paid on annualized first year premium.

　　? Agent termination occurs at the end of the year.

　　? 6% of first year premium is priced into products to cover agent financing.

　　? The interest rate is 0%.

　　(i) Calculate the average financing cost for a new agent as a percentage of

　　first year premium for each of the first three years. Show all work.

　　(ii) Determine the number of years it will take for ABC to recover the

　　financing costs on 100 new agents. Show all work.

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

　　Individual Insurance – Canada

　　Morning Session

　　2. (11 points) XYZ Life is evaluating a block of identical special life contingent annuities

　　issued January 1, 2004 by ABC Life. You are given:

　　? Total required capital as a percentage of solvency reserves is 5%.

　　? Assumed investment interest rate on required capital is 4%.

　　? Hurdle rate is 15%.

　　? Each annuity payment is $71,280.

　　? Payments are made at the end of each year during the annuitant’s lifetime.

　　? Deaths occur at the end of the year before the annuity payment.

　　? No taxes or maintenance expenses.

　　Actual Projected

　　1/1/2004 12/31/2004 12/31/2005 12/31/2006

　　Policy count 100 75 50 25

　　Solvency reserves (‘000s) $9,864 $5,011 $1,697 $0

　　Premium (‘000s) $10,000 $0 $0 $0

　　Commission (‘000s) $400 $0 $0 $0

　　Benefits (‘000s) $0 $5,346 $3,564 $1,782

　　Investment income on

　　solvency reserves and

　　cashflows (‘000s)

　　$0 $838 $426 $144

　　(a) (3 points) With respect to Minimum Continuing Capital & Surplus Requirements

　　for Life Insurance companies and each of the following risks:

　　? Mortality

　　? Pricing interest margin

　　? Change in the interest rate environment.

　　(i) Describe the nature of the risks.

　　(ii) Calculate the minimum capital requirement at December 31, 2004 for the

　　risks. Show all work.

　　(b) (4 points) Calculate the embedded value of this block at January 1, 2004. Show

　　all work.

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

　　Individual Insurance – Canada

　　Morning Session

　　2. (Continued)

　　(c) (3 points) You are given the following binomial distribution:

　　n q f(25) F(25)

　　100 0.25 0.0918 0.5525

　　Calculate the probability of solvency earnings exceeding $250,000 in 2004.

　　Show all work.

　　(d) (1 point) On January 1, 2005, XYZ Life buys the remaining block of 75

　　contracts.

　　Calculate the maximum amount of assets ABC transfers to XYZ assuming no

　　transaction expenses. Show all work.

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

　　Individual Insurance – Canada

　　Morning Session
　　一个人在科学探索的道路上，走过弯路，犯过错误，并不是坏事，更不是什么耻辱，要在实践中勇于承认和改正错误。——高顿网校名言警句

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