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精算师资格考试北美专区SOA真题Course8INovember2002（第三节课）

来源：高顿网校 2014-08-20

　　全国所有的北美精算师考友们，下面是精算师资格考试北美专区SOA真题Course8INovember2002（第三节课），跟上高顿网校的节奏哦。
　　7. (7 points) Describe accounting considerations and standards used in the preparation of

　　income-based financial statements addressing reinsurance ceded transactions by life

　　insurance companies in:

　　(i) The United States;

　　(ii) Canada; and

　　(iii) Australia.

　　8. (6 points)

　　(a) Describe Yearly Renewable Term (YRT) reinsurance on a first dollar basis.

　　(b) Describe how YRT reinsurance and experience refunds can help a ceding

　　company manage its earnings.

　　(c) You are given the following:

　　Policy Year

　　1 2 3

　　Reinsurance premium 100 100 100

　　Gross death benefit 250 375 325

　　Reinsurance percentage 25% 25% 25%

　　? The reinsurance profit and expense margin is 12%.

　　? The loss carryforward (LCF) interest rate is 6.25%.

　　? The reinsurer returns 40% of all profits through the experience refund

　　process.

　　? Assume there are no reserves or taxes.

　　? All transactions occur at the end of the year.

　　Calculate the experience refund for each year.

　　Show all work.

　　**END OF EXAMINATION**

　　COURSE 8I: FALL 2002 - 9 - GO ON TO NEXT PAGE

　　Individual Insurance

　　Afternoon Session

　　Question 9 pertains to the case study.

　　9. (5 points) As Marketing Actuary for Saturn Life, you have been asked to evaluate a

　　proposal from yourlife.com to be included on their Internet site. The site is designed to

　　help visitors find the lowest cost annually renewable term (ART) life insurance.

　　You are given the following information on the site design and cost structure:

　　? After a visitor has entered personal information, the site provides a list of the five

　　lowest cost insurance companies, their ART rates, and links to the insurance

　　companies’ web sites.

　　? Visitors can also search for insurance companies by name, obtain rates, and find

　　links to their web sites.

　　? For a monthly fee, yourlife.com will include Saturn Life in its rate comparison

　　database and provide a link to Saturn Life’s web site.

　　? There is an additional charge to Saturn Life every time yourlife.com provides a

　　top five list that includes Saturn Life.

　　? There is an additional charge every time a visitor uses a link from yourlife.com to

　　Saturn Life’s web site.

　　? Saturn Life would have the opportunity to purchase ads at yourlife.com.

　　Evaluate the channel design and channel management considerations that need to be

　　taken into account in entering this relationship with yourlife.com.

　　Question 10 pertains to the Case Study

　　10-12. Use the following information for questions 10 - 12.

　　Mercury Life enters an agreement to acquire Saturn Life.

　　10. (8 points)

　　(a) (6 points) Compare the field management compensation of a typical agencybuilding

　　channel with that of a typical non-agency building brokerage channel

　　and evaluate any differences.

　　(b) (2 points) Recommend the channel that will best position the combined company

　　to achieve strong sales and profitability. Justify your response.

　　COURSE 8I: Fall 2002 - 10 - GO ON TO NEXT PAGE

　　Individual Insurance

　　Afternoon Session

　　Question 11 pertains to the Case Study

　　10-12. Use the following information for questions 10 - 12.

　　Mercury Life enters an agreement to acquire Saturn Life.

　　11. (5 points) Explain issues that will need to be resolved in analyzing emerging mortality

　　experience for the combined company’s term and universal life products.

　　Question 12 pertains to the case study.

　　10-12. Use the following information for questions 10 - 12.

　　Mercury Life enters an agreement to acquire Saturn Life.

　　12. (6 points) Mercury uses cashflow analysis techniques for internal management purposes

　　and intends to approximate the liability cashflows for the Saturn block of fixed deferred

　　annuities using the following formula:

　　Mercury cashflows

　　Saturn block account value

　　Mercury block account value

　　?

　　For Saturn’s fixed deferred annuity products you are given:

　　? There are no market value adjustments on surrenders or partial withdrawals;

　　? All products contain a surrender charge based on a percentage of account value

　　that decreases from 10% in the first year to 0% in year 15;

　　? Saturn credits portfolio-based interest on the block with a bailout provision that

　　permits surrender for the full account value if the credited rate falls below 5%;

　　and

　　? All of Saturn’s deferred annuities offer a two-tiered crediting design.

　　Explain considerations in projecting liability cashflows and evaluate the appropriateness

　　of Mercury’s intended approximation for the Saturn block with respect to:

　　(i) Market rate;

　　(ii) Credited rate strategy;

　　(iii) Lapse rate function, and;

　　(iv) Expense inflation.

　　COURSE 8I: Fall 2002 - 11 - GO ON TO NEXT PAGE

　　Individual Insurance

　　Afternoon Session

　　Question 13 pertains to the case study.
　　庸庸碌碌、心安理得地过下去是不道德的。而自动从战斗中退缩的人则是一个懦夫。——高顿网校为人处世

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