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SOA北美精算师2003年收藏真题NovemberCourse8I（五）

来源：高顿网校 2014-08-19

　　8月19号上午10点20分高顿网校小编汇总了SOA北美精算师2003年收藏真题NovemberCourse8I（五）。
　　13. (9 points) Mercury Life has entered into an agreement with Old World Insurance (OWI),

　　which is ceasing operations.

　　Under the terms of the agreement, Mercury Life will:

　　? Assume OWI’s inforce business.

　　? Become the endorsed insurer for Old World Clubs of the USA, an affinity

　　group located in several cities across the country.

　　Old World Clubs of the USA was attracted to Mercury Life because of its modern and

　　competitively priced whole life, term, and universal life products. OWI’s policies were

　　marketed solely to Old World Club members and their families.

　　You are given:

　　? OWI’s in force business is individual participating life insurance.

　　? Marketing to Old World Club members is primarily through direct mail,

　　supplemented by informational programs at Club meetings and telephone

　　solicitations at life events such as births, graduations, and marriages.

　　? The average attained age of OWI’s policyholder is higher than that of

　　Mercury Life’s whole life policyholders and the average face amount is

　　lower.

　　? More than 80% of Old World Club members have at least one life

　　insurance policy with OWI, and most do not have any other life insurance.

　　? The Membership in the Old World Clubs has been slowly declining.

　　(a) Categorize OWI and Mercury Life as separate business units, and describe the

　　marketing strategies suggested for each by the Boston Consulting Group’s Market

　　Share/Market Growth Matrix.

　　(b) Describe considerations in determining whether an across-the-board replacement

　　of OWI business with Mercury’s products would be in the best interest of OWI

　　policyholders.

　　(c) Assess whether Old World Club membership meets the criteria for an effective

　　market segment for purposes of future marketing by Mercury Life.

　　(d) Recommend changes that Mercury Life should consider, if any, to the distribution

　　system for Old World Club members.

　　COURSE 8I: Fall 2003 -16- GO ON TO NEXT PAGE

　　Individual Insurance

　　Afternoon Session

　　14. (7 points) ABC Life, a U.S. based life insurance company, would like to introduce a

　　flexible premium deferred annuity with the following features:

　　? Each deposit receives a guaranteed interest rate for the first five years based

　　on new money rates, with an annual renewable interest rate thereafter.

　　? Minimum interest rate credited on funds and in determining minimum

　　nonforfeiture amounts is guaranteed to be no less tha n 3%.

　　? Surrender charge = 20% of the current contract year premium, plus 10% of the

　　prior contract year premium.

　　? Surrender charges are waived upon annuitization.

　　? No bailout or medical bailout provision.

　　? Return of principal is guaranteed during the 1st contract year.

　　? No death benefit provided during the deferral period.

　　? Two percent annuitization bonus.

　　? Annual contract charge = $100.

　　(a) Assess the appropriateness of this annuity design with respect to the Standard

　　Nonforfeiture Law, and identify any necessary changes.

　　(b) Evaluate the proposed product design.

　　COURSE 8I: Fall 2003 -17- GO ON TO NEXT PAGE

　　Individual Insurance

　　Afternoon Session

　　Questions 15 and 16 pertain to the case study.

　　15. (7 points) As the valuation actuary for Mercury Life, you have been asked to conduct a

　　cash flow analysis of the universal life reserves under fifty economic scenarios. Mercury

　　Life is concerned about the adequacy of its universal life reserves given the following

　　current economic conditions:

　　? Low interest rate environment

　　? Poor stock market performance

　　(a) (1 point) Explain how the following two methods are used to generate interest

　　rate scenarios to be used in the cash flow analysis:

　　(i) Transitional probability approach

　　(ii) Successive ratios approach

　　(b) (2 points) Categorize the forms of risk Mercury Life faces on its universal life

　　product.

　　(c) (4 points) Analyze risks inherent in Mercury Life’s universal life asset portfolio.

　　COURSE 8I: Fall 2003 -18- GO ON TO NEXT PAGE

　　Individual Insurance

　　Afternoon Session

　　Questions 15 and 16 pertain to the case study.
　　“恶”，恐人知，便是大恶。“善”，欲人知，不是真善。——高顿网校做人道理

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