全世界的精算师学员们，来考今年下半年秋季的北美精算师么？北美精算师考试SOANovember2004Course8IC（第三部分），资料已备好。
　　7.(5points)YourcompanyisdesigningaproductfortheLotteryCommission.Winners
　　haveachoicebetweenalumpsumpaymentandanequivalent25-yearperiodcertain
　　annuity.
　　(a)Describekeyconsiderationsindevelopingpricingassumptionsfortheannuity.
　　(b)Youareconsideringthefollowingproductdesignfeaturesfortheannuity:
　　?Surrenderprovision
　　?Medicalbailoutprovision
　　?Variablepayoutbasedoninvestmentresults
　　Describeadvantagesanddisadvantagesofincludingthesefeaturesintheproduct
　　design.
 
　　8.(4points)
　　(a)(3points)Describetheindicatorsbeingusedaspreferredriskcriteriaforlife
　　insuranceaccordingtotheReportoftheSocietyofActuariesTaskForceon
　　PreferredUnderwriting.
　　(b)(1point)Acompanywithasinglenon-smokerclasswouldliketointroducea
　　preferredclass.
　　Youaregiven:
　　?Maleage55aggregatemortalityis6.00perthousand.
　　?30%ofthenon-smokerclassisexpectedtoqualifyforthenewpreferred
　　class.
　　?A15%reductioninmortalityisexpectedforthenewpreferrednonsmoker
　　class.
　　Calculatetheexpectedmortalityrateforboththepreferrednon-smokerandthe
　　residualnon-smokerclasses.Showallwork.
　　**ENDOFEXAMINATION**
　　MORNINGSESSION
　　COURSE8I:Fall2004-9-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　AfternoonSession
　　**BEGINNINGOFEXAMINATION8**
　　INDIVIDUALINSURANCE–CANADA
　　AFTERNOONSESSION
　　BeginningWithQuestion9
 
　　9.(6points)ABCLifeoffersadisabilitypremiumwaiverbenefitridersoldwithlife
　　insuranceproducts.
　　(a)(5points)Explaintheassumptionsrequiredtocalculatetheexperiencepremiums
　　forthisrider.
　　(b)(1point)Youaregiventhefollowinginformationforanindividualinsured
　　age55:
　　?Levelannualpremiumwaivedis$100.
　　?Disabilityoccursatthemiddleofthepolicyyearwhentheinsuredisage55.
　　?Waiverbenefitsendatage60.
　　?Thereisa6-monthwaitingperiod,withcoverageretroactivetothedateof
　　disability.
　　?Premiumandbenefitpaymentsarepayablecontinuouslythroughoutthe
　　policyyear.
　　[1]1
　　x+k+2+s+211
　　22
　　i
　　xksD??++??++
　　11
　　22
　　i
　　xksD??++??++
　　[1]1
　　552+297.80100.16
　　[1]1
　　552+1293.1995.47
　　[1]1
　　552+2288.7290.94
　　[1]1
　　552+3284.3886.53
　　[1]1
　　552+4280.1882.27
　　[1]1
　　552+5276.0978.12
　　Calculatethepresentvalueofthenetbenefitattheendofthewaitingperiod.
　　Showallwork.
　　COURSE8I:Fall2004-10-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　AfternoonSession
　　10.(12points)Youaregiventhefollowingfeaturesforaproposedsingle-premiumequityindexed
　　annuityproduct:
　　IndexS&P500
　　IndexPeriod3years
　　IndexGrowthMethodPoint-to-Point
　　RatchetAnnual
　　ParticipationRate90%
　　Margin0.5%
　　Cap15%
　　Theparticipationrate,marginandcapfeaturesareappliedintheorder
　　listedabove.
　　TheproductprovidesaGuaranteedMinimumAccountValueof90%
　　ofthesinglepremium,accumulatedat3%annualinterestrate.
　　Youarealsogiventhefollowinginformation:
　　?Thenetearnedrateis5.5%.
　　?Themarketingareaestimatesitwillsell$100millioninsinglepremiuminthe
　　firstyear.
　　?Theannuityproductwillbemarketedprimarilythroughindependent
　　stockbrokers.
　　?Variableexpensesare4%ofthesinglepremium.
　　?Fixedexpensesare$1millionineachofthenext3years.
　　?Toimprovepolicyholderpersistency,themarketingareahasproposedaseries
　　ofdiscretionary“customerappreciationcampaigns”thatenhancethe
　　product’saccountvalues.Therevisedpresentvalueofindex-basedinterest
　　budgettosupportthesecampaignsisestimatedtoincreasefrom6%to9%.
　　COURSE8I:Fall2004-11-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　AfternoonSession
　　10.Continued
　　(a)(2points)YouaregiventhefollowingvaluesoftheS&P500index:
　　TimeS&P500
　　01000
　　11050
　　21250
　　31175
　　CalculatetheIndexAccountValueasapercentageofthesinglepremiumatthe
　　endoftheIndexPeriod.Showallwork.
　　(b)(5points)A100%increaseinthepresentvalueofindex-basedinterestbudget
　　generatesa150%increaseinthedemandfortheproduct,measuredindollarsof
　　singlepremiumsold.
　　(i)Describefactorsthataffectthepriceelasticityofdemand.
　　(ii)Determinethechangeinthepresentvalueofprofitsindollarsfrom
　　offeringtheproposedcampaignsandrecommendwhethertoproceed.
　　Showallwork.
　　(c)(5points)
　　(i)Explaintheconceptofpolicyholderreasonableexpectationswithrespect
　　toCanadianvaluationstandardsofpractice.
　　(ii)Assesstheimplicationstheproposedcustomerappreciationcampaigns
　　mayhaveonth*uationofpolicyliabilitieswithrespecttopolicyholder
　　reasonableexpectations.
　　COURSE8I:Fall2004-12-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　AfternoonSession
　　高顿网校之名言警句：真理是平凡的，真理是跟平凡的事物和平凡的群众分不开的。 —— 冯定