请耐心回忆北美精算师的老师上课说的知识点，再结合2004年底——精算师北美地区考试真题Course8IC（1）。
　　COURSE8I:Fall2004-1-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　MorningSession
　　**BEGINNINGOFEXAMINATION8**
　　INDIVIDUALINSURANCE–CANADA
　　MORNINGSESSION
 
　　1.(5points)ABCLifehasacareeragencydistributionsystem.ABC’smanagementis
　　reviewingtheirfinancingplanfornewagents.
　　(a)Describethedifferenttypesoffinancingplansfornewagentsandexplainthe
　　advantagesanddisadvantagesofeachaccordingtoLIMRA.
　　(b)Youaregiventhefollowinginformation:
　　YearAverage
　　AnnualizedFirst
　　YearPremium
　　Agent
　　Termination
　　Rate
　　SubsidyValidation
　　Schedule
　　Commission
　　1$60,00050%120%$20,000
　　2$80,00025%80%$25,000
　　3$100,00010%40%$30,000
　　4+$120,0000%0%$0
　　?Commissionsarepaidonannualizedfirstyearpremium.
　　?Agentterminationoccursattheendoftheyear.
　　?6%offirstyearpremiumispricedintoproductstocoveragentfinancing.
　　?Theinterestrateis0%.
　　(i)Calculatetheaveragefinancingcostforanewagentasapercentageof
　　firstyearpremiumforeachofthefirstthreeyears.Showallwork.
　　(ii)DeterminethenumberofyearsitwilltakeforABCtorecoverthe
　　financingcostson100newagents.Showallwork.
　　COURSE8I:Fall2004-2-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　MorningSession
 
　　2.(11points)XYZLifeis*uatingablockofidenticalspeciallifecontingentannuities
　　issuedJanuary1,2004byABCLife.Youaregiven:
　　?Totalrequiredcapitalasapercentageofsolvencyreservesis5%.
　　?Assumedinvestmentinterestrateonrequiredcapitalis4%.
　　?Hurdlerateis15%.
　　?Eachannuitypaymentis$71,280.
　　?Paymentsaremadeattheendofeachyearduringtheannuitant’slifetime.
　　?Deathsoccurattheendoftheyearbeforetheannuitypayment.
　　?Notaxesormaintenanceexpenses.
　　ActualProjected
　　1/1/200412/31/200412/31/200512/31/2006
　　Policycount100755025
　　Solvencyreserves(‘000s)$9,864$5,011$1,697$0
　　Premium(‘000s)$10,000$0$0$0
　　Commission(‘000s)$400$0$0$0
　　Benefits(‘000s)$0$5,346$3,564$1,782
　　Investmentincomeon
　　solvencyreservesand
　　cashflows(‘000s)
　　$0$838$426$144
　　(a)(3points)WithrespecttoMinimumContinuingCapital&SurplusRequirements
　　forLifeInsurancecompaniesandeachofthefollowingrisks:
　　?Mortality
　　?Pricinginterestmargin
　　?Changeintheinterestrateenvironment.
　　(i)Describethenatureoftherisks.
　　(ii)CalculatetheminimumcapitalrequirementatDecember31,2004forthe
　　risks.Showallwork.
　　(b)(4points)CalculatetheembeddedvalueofthisblockatJanuary1,2004.Show
　　allwork.
　　COURSE8I:Fall2004-3-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　MorningSession
　　2.(Continued)
　　(c)(3points)Youaregiventhefollowingbinomialdistribution:
　　nqf(25)F(25)
　　1000.250.09180.5525
　　Calculatetheprobabilityofsolvencyearningsexceeding$250,000in2004.
　　Showallwork.
　　(d)(1point)OnJanuary1,2005,XYZLifebuystheremainingblockof75
　　contracts.
　　CalculatethemaximumamountofassetsABCtransferstoXYZassumingno
　　transactionexpenses.Showallwork.
　　COURSE8I:Fall2004-4-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　MorningSession
　　高顿网校之名人信念：在写作中，我只是对我看到的现实做出描述，我每天都很忙碌，写剧本谈生意，我认可现实，同时，要自己填头苦干，我的心情不错，根据常识，一个人怀抱梦想，做出计划，并眼看着梦想在奋斗中慢慢变成现实时，他至少应该是较振作较乐观的吧——还有人说我颓废吗？——石康