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北美精算师历届考试SOA大纲November2003Course8I（六）

来源：高顿网校 2014-08-19

　　北美精算师历届考试SOA大纲November2003Course8I（六），这部分大纲全理解透彻可满怀信心在考试的这部分拿满分了哦。
　　16. (10 points) Mercury Life’s traditional insurance product offerings have been successful

　　with its existing agency distribution. Mercury is expanding its distribution through a

　　bank channel. The Sales Department believes a term product may be more viable in this

　　market.

　　The actuary in charge of experience studies has determined that Mercury’s term mortality

　　experience is not credible. In setting a pricing basis for the bank channel term product,

　　the pricing actuary has decided to blend company experience with a similar industry

　　table.

　　(a) List the steps of the product development process described by LOMA, including

　　the tasks involved with each step.

　　(b) Describe criteria used in a screening process and assess the feasibility of

　　Mercury’s initiative using screening.

　　(c) Explain factors for Mercury to consider when relying on an industry table for the

　　development of the mortality assumption.

　　(d) You are given:

　　Mortality Rates (qx) Per

　　Thousand Lives in Force

　　Age Company Industry

　　0 0.1 0.2

　　1 0.3 0.5

　　2 0.5 0.7

　　3 0.7 0.9

　　4 1.0 1.0

　　Calculate the blended mortality rates for each age given above, assuming a 50/50

　　mix of Company and Industry mortality at age zero. Show all work.

　　COURSE 8I: Fall 2003 -19- STOP

　　Individual Insurance

　　Morning Session

　　17. (5 points) You are given the following information for the calendar year 2002 on a

　　closed block of 1,000 whole life policies in force on January 1, 2002.

　　Policy Specifications

　　Face amount of each policy $100,000

　　Annual Premium per $1,000 $30

　　Policy Fee $30

　　Pricing Assumptions

　　Maintenance Expense per

　　Policy

　　$10, though actual in 2002 was $12, which will be

　　used for projection in 2003 and beyond.

　　Maintenance Expense Percent

　　of Premium

　　5%, though actual in 2002 was 6%, which will be

　　used for projection in 2003 and beyond.

　　Renewal Commissions Percent

　　of Premium 15%

　　Hurdle rate 10%

　　Shareholder dividend is equal to statutory gain/loss each year (i.e., the year end

　　statutory surpluses are equal to zero)

　　Premiums and commissions are paid at the beginning of the calendar year

　　Expenses are paid at the end of the calendar year based on policies effective

　　beginning of the year

　　Target surplus and taxes are zero

　　Financial Information

　　Total benefits paid in 2002 $3,000,000

　　Total investment income received in 2002 $900,000

　　12/31/2001 statuary reserves in force $10,000,000

　　12/31/2002 statuary reserves in force $12,000,000

　　12/31/2001 economic value $10,000,000

　　12/31/2001 PV of projected maintenance

　　expenses

　　$2,000,000

　　Calculate the actual value-based earnings as of December 31, 2002 on this closed block.

　　Assume that 2002 actual experience matched expectations, except for maintenance

　　expenses noted above. Show all work.
　　扶危周急固为美事。能不自夸，则其德厚矣！——高顿网校做人原则

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