我们这里北美精算师考试题库和网校都有！——2004年冬季北美精算师考试——Course8IC真题（二）
　　3.(12points)ABCLifeissellingadeferredvariableannuityproductthatprovidesfora
　　returnofpremiumdeathbenefit.ABCisconsideringalternativedeathbenefitdesigns.
　　(a)(3points)Listthesectorsincludedinanenvironmentalanalysisand*uatethe
　　sectorsastheyrelatetovariableannuitydeathbenefits.
　　(b)(3points)Themarketingareawouldliketoaddanannualratchetdesign.
　　(i)Comparetheriskassociatedwiththeannualratchetdesigntootherpossible
　　deathbenefitdesigns.Explainyouranswer.
　　(ii)Describetechniquestomanagetherisksassociatedwithalternativedeath
　　benefitdesigns.
　　(c)(6points)Youaregiven:
　　AccountValueonvaluationdate$980.00
　　SeparateAccountValueonth*uationdate$980.00
　　Netassetcharges1%
　　Valuationrate7%
　　Assumedyear1dropinAccountValue-14%
　　Assumedrecoveryrate14%
　　SurrenderchargesNone
　　HighestAnniversaryAccountValue$1,000.00
　　AverageAccountValueyear1$1,009.40
　　AverageAccountValueyear2$1,069.96
　　AccountValueattime1$1,038.80
　　AccountValueattime2$1,101.13
　　Mortalityrateforyear10.017
　　Mortalityrateforyear20.019
　　Survivalratefromtime0toendofyear10.983
　　Survivalratefromtime0toendofyear20.964
　　Calculatethestatutoryreservefortheannualratchetdeathbenefitattime0,1and
　　2usingthemethodologyprescribedintheValuationofLivingandDeathBenefit
　　GuaranteesforVariableAnnuitiesnote.Showallwork.
　　COURSE8I:Fall2004-5-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　MorningSession
 
　　4.(5points)
　　(a)Describetheadvantagesanddisadvantagesof:
　　(i)YRTreinsurance,and
　　(ii)Coinsurance.
　　(b)Youaregiventhefollowinginformationforaleveltermlifeinsuranceproduct:
　　TotalFaceAmount$100,000,000
　　FirstYearPremium$1,000,000
　　PolicyFeeNone
　　PremiumTax2%
　　FirstYearCommission50%offirstyearpremium
　　OtherFirstYearExpenses$750,000
　　SolvencyReserveatIssue$50,000
　　Assume:
　　?Premiumandreinsurancepremiumarepaidannuallyatthebeginningof
　　theyear.
　　?Unearnedportionofaone-yearterminsurancebenefitequals50%ofthe
　　YRTreinsurancepremium.
　　?Nofederalincometaxorrequiredcapital.
　　?Cededpercentageequals90%.
　　?YRTreinsurancepremiumrateequals0.20perthousandoffaceamount.
　　?Coinsurancereinsuranceallowanceequals90%.
　　Calculatetheestimatedfirstyearstrainatissuefor:
　　(i)YRTreinsurance,and
　　(ii)Coinsurance.
　　Showallwork.
　　COURSE8I:Fall2004-6-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　MorningSession
　　ThisquestionpertainstotheCaseStudy
 
　　5.(6points)YouareSaturnLife’sproductmanagementactuaryforthetermlifeinsurance
　　portfolio.Yourresponsibilitiesinclude:
　　?Monitoringtermlifenew-businesssalesandin-forceexperience,
　　?Advisingproductdevelopment,investmentandmarketingdepartmentsof
　　currentdevelopments,and
　　?Reportingproductprofitabilityandcapitalrequirementstosenior
　　management.
　　(a)(1point)Identifyanddescribethetypesofinternalproductmanagementreports.
　　(b)(5points)ExplainhoweachwouldbeusedtomanageSaturn’stermlife
　　business.
　　COURSE8I:Fall2004-7-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　MorningSession
 
　　6.(12points)XYZLifeisdevelopingadual-lifestatusflexiblepremiumjointandlast
　　survivoruniversallifeinsuranceproduct(SurvivorUL).
　　(a)(3points)ForpricingtheSurvivorULproduct:
　　(i)Describeapproachestoreflectthedual-lifestatusincludingtheadvantages
　　ordisadvantagesofeachapproach.
　　(ii)Explainotherfactorstobeconsideredindevelopingamortality
　　assumptionuniquetoalastsurvivorproduct.
　　(b)(3points)XYZLife’scurrentsingle-lifeULproductshaveexperienced
　　withdrawalratesof7%inpolicyyear1,gradingto5%bypolicyyear5.
　　(i)DescribeconsiderationsinsettingpersistencyassumptionsforSurvivor
　　UL.
　　(ii)Proposechangestothelapserateassumptiontoreflectpersistencyina
　　volatileinterestrateenvironment.
　　(c)(6points)ThefollowingstepsoutlineaproceduretodetermineminimumUL
　　reservesfordurationt.
　　ReviseoraddinformationtomakeeachstepconsistentwiththeCanadianAsset
　　LiabilityMethod.
　　StepProcedure
　　1Theamountofpolicyliabilitiesforascenarioequalstheamountof
　　supportingassetswhichtheactuarydeemsasareasonableallocation.In
　　forecastingthecashflow,theactuaryshouldtakeaccountallpolicyholder
　　expectations,andmakeprovisionforanyadversedeviationsthatthe
　　insurermayexperience.
　　2Thepolicyliabilitiesinrespectofarelevantpolicycompriseallofthat
　　policy’scashflowafterthedateofissueofarelevantpolicy.Policy
　　liabilitiesconsistofclaimliabilitiesincludingallbenefitandexpensecash
　　flows.
　　3Ifapplicableregulationrequirespolicyliabilitiestob*uedwithout
　　takingaccountofthetim*ueofmoney,thentheactuaryshouldreport
　　avalueforthepolicyliabilitiesinaccordancewithacceptedactuarial
　　practice,andreportthisamountwithreservationonaccountofthe
　　regulation.
　　4Theactuary’sbestestimateofmortalityshouldincludetheeffectofany
　　anti-selection.Thelowmarginforadversedeviationisanadditionof
　　3.75tothemortalityrateper1000.Thehighmarginforadversedeviation
　　isanadditionof10tothemortalityrateper1000.
　　5Themarginsforadversedeviationforwithdrawalsareanadditionof
　　between5%and25%ofthebestestimatewithdrawalrates.
　　COURSE8I:Fall2004-8-STOP
　　IndividualInsurance–Canada
　　MorningSession
　　高顿网校之名人思想：事实上是，哪个男孩女孩没有做过上天入地、移山倒海的梦啊，只不过在生活面前，很多人慢慢放弃了自己童年的梦想，所以他们沦落为失去梦想的人；而有些人，无论生活多么艰难，从来没有放弃梦想，于是，他们成为永葆青春梦想、永葆奋斗激情的人、能够改变世界、创造未来的人。——徐小平