请各位考生认真看并仔细记住Course8IC第4大块——北美精算师SOA真题里的纲要，北美精算师就不难啦。
　　10.(4points)MercuryLifeplanstoentertheindividualtermlifeinsurancemarketusinga
　　brokeragedistributionsystem.
　　(a)AssessthisplaninrelationtoMercury’sstrengthsandweaknesses.
　　(b)AssumingMercury’sgoalistoincreasemarketsharethroughbroker
　　relationships:
　　(i)Determinetheappropriatepricingobjective.
　　(ii)Describetheadvantagesanddisadvantagesofthisobjective.
　　(c)AssumingMercury’sgoalistoincreasemarketsharethroughconsumer
　　relationships:
　　(i)Determinetheappropriatepricingobjective.
　　(ii)Describetheadvantagesanddisadvantagesofthisobjective.
　　11.(6points)Yourcompanyisproposingtosellablockoflifeinsurancebusinesstoanother
　　company.
　　(a)Describefactorstoconsiderbeforedecidingtoselltheblock.
　　(b)Explainreinsurancestructuresavailabletofacilitatethesaleofablockoflife
　　insurancebusiness.
　　(c)Describegoodwillandexplainitsimpactonthetransaction.
 
　　Course8I:Fall2005-11-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　AfternoonSession
　　Question12pertainstotheCaseStudy.
　　12.(8points)YouaregiventhefollowinginformationwithrespecttoSaturnLife’sterm
　　insurancefinancialstatements:
　　?SaturnusesthesamedefinitionofGAAPfreecashflowandGAAPsurplusasfound
　　inTSA38StrategicManagementofLifeInsuranceCompanySurplus.
　　?Solvency-basedreservesareequaltoGAAPincome-basedreserves.
　　?After-taxinvestmentincomeonrequiredcapitalfor2003is$2,750,000.
　　(a)WithrespecttoannualGAAPROE:
　　(i)Explainpossiblereasonsforanon-levelpattern.
　　(ii)ExplainpossiblereasonsaparticularyeardiffersfromthepricingROI.
　　(b)CalculateSaturn’s2003GAAPfreecashflow.Showallwork.
　　(c)SaturnisconsideringachangetoYRTreinsurancefromtheexistingcoinsurance
　　arrangement.
　　Youaregiventhefollowinginformation:
　　?TheYRTreinsuranceisona90%quotasharebasis.
　　?TheaverageYRTreinsurancepremiumon2003issuesis$0.55per$1000.
　　?AveragefirstyearmeanreservecreditonYRTreinsuranceis$0.60per
　　$1000.
　　?Averagefirstyearmeanreservecreditoncoinsuranceis$0.71per$1000.
　　?Therewerenodeathsoncontractsissuedin2003.
　　Revisethe2003pre-taxshareholderearningsassumingtermpoliciessoldin2003
　　arereinsuredundertheYRTarrangement,ignoringanyimpactonDACand
　　investmentincome.Showallwork.
 
　　Course8I:Fall2005-12-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　AfternoonSession
　　13.(13points)YourcompanyisproposingtoofferanewflexiblepremiumULproductin
　　theCanadianmarketwiththefollowingfeatures:
　　?Theintroductorycreditedinterestrateis12%andisguaranteedforthefirst12
　　months.
　　?Thecreditedrateafterthefirst12monthsisbasedononeoftwooptions:
　　-Thereturnonfixedincomeassets,or
　　-AnequityindexbasedontheS&P500.
　　?Commissionof60%onallpremiumspaidinthefirstyear.
　　?Productionbonusof100%onfirstyearcommissionearned.
　　?Therearenocommissionchargebacks.
　　?Surrenderchargesapplyforthefirst10years.
　　?Everyfiveyears,acontingentbonusof1%ofaccountvalueispaid,provided
　　theaveragecreditedratehasexceeded4%overthelifeofthepolicy.
　　(a)(4points)
　　(i)Describeeachofthefollowingprohibitedsalespractices:
　　?Misrepresentation
　　?Twistingandchurning
　　?Rebating
　　(ii)Evaluatetheexposureoftheproposedproducttoeachofthesepractices.
　　(b)(1point)ExplaintheadvantagesanddisadvantagesofflexiblepremiumUL
　　comparedtofixedpremiumUL.
　　(c)(4points)Determinetheimpactonlapsationforpolicieswiththefixedincome
　　creditingoptionunderadecliningreturnscenario,assumingthecreditedrateis:
　　(i)Theearnedratelessatargetedspread.
　　(ii)Themarketratelessatargetedspread.
　　(d)(4points)ExplaintheMCCSRforanequityindex-linkedULproductfor:
　　(i)Assetdefault.
　　(ii)Changesininterestrateenvironment.
 
　　Course8I:Fall2005-13-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　AfternoonSession
　　高顿网校之精品语录：业障深重的人，一天到晚都在看别人的过失与缺点，真正修行的人，从不会去看别人的过失与缺点。