高顿网校小编为您精心编制了2004那年的北美精算师真题精品Course8IC（最后一大块），供大家复习北美精算师应考之用！
　　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
 
　　11.(9points)Afinancialreviewofthetermportfoliorevealsalowerlevelofprofitability
　　fromthe5-yearleveltermproductthanoriginallyprojected.Youhavebeenaskedto
　　re-pricethe5-yearleveltermproductforyourbrokerageanddirectresponsedistribution
　　channels.
　　(a)Comparetheeffecteachofthesedistributionchannelshasonthefollowing
　　assumptions.
　　(i)Mortality
　　(ii)Lapse
　　(iii)Interest
　　(iv)Expense
　　(b)Describeelementsofcompensationusedforbrokeragedistribution.
　　(c)Thetermportfoliohasexperiencedlowerpolicypersistencythanexpected.
　　(i)Describethefactorsthataffectpersistency.
　　(ii)Recommendstepstoimprovepersistencyfortheproduct.
　　COURSE8I:Fall2004-13-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　AfternoonSession
　　12.(6points)XYZLifehasbeenexperiencingpoorsalesandalowerthanexpectedreturn
　　onequity(ROE)ontheirFixedPremiumIndividualUniversalLife(UL)product.The
　　followingtablesummarizestheassetsinXYZ’sportfolio:
　　AssetAmount
　　Cash$10,000
　　AAARatedBonds$0
　　AARatedBonds$0
　　ARatedBonds$1,000,000
　　BBRatedBonds$5,000,000
　　CommonStock$10,000,000
　　RealEstate$1,000,000
　　CommercialMortgages$5,000,000
　　ImpairedInvestments$0
　　Assume:
　　?CurrentMCCSRratiois150%.
　　?XYZLifeguaranteesa4%creditedrate.
　　?Overthepastfouryears,themarkethasshownasignificantreductiontoboth
　　shortandlongterminterestrates.
　　?Longtermyieldsongovernmentbondsarenowlessthan5%andareexpected
　　toremainlevel.
　　(a)(5points)XYZLifeisreviewingthesurpluspositionrelativetotheMCCSR
　　guidelinesforCanadianlifeinsurancecompanies.
　　(i)DefineeachoftheriskcomponentsthatareapplicabletoXYZLife’sUL
　　productaccordingtotheMCCSRguidelines.
　　(ii)Proposechangestotheassetportfolioandproductdesigntoreducethe
　　requiredsurplusofXYZLife.
　　(iii)ExplainhowyourproposedchangesimpacttheROEofXYZLife.
　　(b)(1point)Describetheimpactthedeclineininterestrateshashadonthe
　　prescribedinterestratescenariosusedbytheAppointedActuaryinsettingthe
　　interestrateassumption.
　　COURSE8I:Fall2004-14-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　AfternoonSession
　　Questions13and14pertaintotheCaseStudy.
　　13.(8points)Th*uationactuaryatSaturnLifeisconcernedaboutthemortality
　　experienceofthetermportfolio.
　　(a)AssesstheeffectofSaturn’sconversion,re-underwritingandterminationoptions
　　ontherenewalARTmortalityassumption.
　　(b)YouaregiventhefollowingadditionalinformationforSaturn’s5-yearlevelterm
　　plan:
　　?Mortalityis90%ofthe1975-80UltimateTableintheabsenceofselective
　　lapsation
　　?qx+5,t?5equals80%ofqx,t
　　?Durationfivelapserateis20%
　　?75%ofdurationfivelapsesareassumedtobeselective
　　Calculatethedurationfivemortalityrateforafemaleage40usingthe
　　conservationofdeathsprinciple.Showallwork.
　　(c)Saturn’scurrenttermvaluationmortalityassumptionisasfollows:
　　?Bestestimateequals95%ofexpectedmortality
　　?Therearenoadjustmentsforanti-selectionatrenewal
　　?Marginforadversedeviationequals3.75/ex
　　Assesstheappropriatenessoftheseassumptionsandrecommendanychanges.
　　COURSE8I:Fall2004-15-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　AfternoonSession
　　Questions13and14pertaintotheCaseStudy.
　　14.(6points)YouhavebeenhiredbyMercuryLifeto*uatetheirprimarymarkets.
　　(a)(1point)Describethecriteriainvolvedin*uatingpotentialtargetmarkets.
　　(b)(5points)EvaluatethesuitabilityofeachofMercuryLife’sprimarymarketsas
　　targetmarkets.
 
　　15.(5points)XYZLifeplanstoentertheterminsurancemarket.
　　(a)Describethefiveelementsthatshouldbeincludedinthecomprehensivebusiness
　　analysis,aspresentedintheLOMAtext,todecidewhethertoentertheterm
　　insurancemarket.
　　(b)ExplainwhyXYZLifewouldusereinsurancetomanagethefinancialpositionof
　　itstermportfolio.
　　COURSE8I:Fall2004-16-STOP
　　IndividualInsurance–Canada
　　AfternoonSession
　　16.(8points)Youaregiventhefollowingannuitypayments:
　　PaymentDatePaymentatPaymentDate
　　January1,2006$50,000
　　July1,2006$60,000
　　January1,2007$55,000
　　July1,2007$70,000
　　January1,2008$60,000
　　July1,2008$80,000
　　(a)DescribetheModifiedDurationmethodofdurationmatchingincludingany
　　problemsassociatedwithit.
　　(b)CalculatetheModifiedDurationoftheannuitypaymentsasofJuly1,2005,
　　basedonaninterestrateof4%.Showallwork.
　　(c)DescribetheExactMatchingmethodofdurationmatchingincludingany
　　problemsassociatedwithit.
　　(d)Non-callablebondshavebeenpurchasedtoexactlymatchtheannuitypayments
　　asofJuly1,2005usingtheExactMatchingMethod.
　　Informationaboutthebondsisshowninthefollowingtable:
　　YearstoMaturityAnnualCouponRate
　　1.54.0%
　　2.04.5%
　　2.55.0%
　　3.05.5%
　　Bondshaveaparvalueof$100.
　　Couponsarepaidsemi-annually.
　　Determinethenumberofbondswithamaturityof2yearsthatwerepurchased.
　　Showallwork.
　　(e)DescribetheHorizonMatchingmethodanditsappropriatenessfortheannuity
　　payments.
　　**ENDOFEXAMINATION**
　　AFTERNOONSESSION
　　高顿网校之做人原则讲解：*9，有梦想。一个人最富有的时候是有梦想，有梦想是最开心的。第二，要坚持自己的梦想。有梦想的人非常多，但能够坚持的人却非常少。阿里巴巴能够成功的原因是因为我们坚持下来。在互联网激烈的竞争环境里，我们还在，是因为我们坚持，并不是因为我们聪明。有时候傻坚持比不坚持要好得多。——马云