已经报名2014年北美精算师的考生们可按照高顿网校提供的北美历年真题Course8IU（Part 1）——SOA精算师考试进行有条不紊的温习！
　　Course 8I: Fall 2005 -1- GO ON TO NEXT PAGE
　　Individual Insurance – U.S.
　　Morning Session
　　**BEGINNING OF EXAMINATION 8**
　　INDIVIDUAL INSURANCE – U.S.
　　MORNING SESSION
 
　　1. (4 points) A recent mortality experience study shows that the substandard portion of the
　　company’s life insurance policies has worse than expected experience.
　　(a) Explain reasons substandard mortality experience may be higher than expected.
　　(b) Describe methods to reflect substandard risks in life insurance products.
　　(c) Determine the best method to reflect each of the following substandard risks:
　　(i) Obesity with diabetes
　　(ii) Recovering from a temporary impairment
　　(iii) Hazardous occupation
　　(iv) Normal blood pressure but family history of coronary artery disease
　　Course 8I: Fall 2005 -2- GO ON TO NEXT PAGE
　　Individual Insurance – U.S.
　　Morning Session
 
　　2. (5 points) A U.S. life insurance company is proposing a flexible premium deferred
　　annuity with the following features:
　　? Each deposit receives a guaranteed interest rate for the first five years based
　　on new money rates with an annually renewable interest rate thereafter.
　　? The minimum interest rate credited on funds and used in determining
　　minimum nonforfeiture amounts is guaranteed to be no less than 3%.
　　? The surrender charge is 15% of the current contract year deposit, plus 10%
　　of the prior contract year deposit.
　　? Surrender charges are waived upon annuitization.
　　? Return of principal is guaranteed during the first contract year.
　　? A death benefit is not provided during the deferral period.
　　? The annuitization bonus is 2% of account value.
　　? An annual fee of $75 is charged at the beginning of each contract year.
　　? An administrative load of 6% is applied to each deposit.
　　(a) Determine changes needed to the proposed product design in order to meet the
　　requirements of the Standard Nonforfeiture Law for Individual Deferred
　　Annuities.
　　(b) For a contract purchased on January 1, 2005, you are given:
　　Five-year constant maturity treasury rates
　　January 1, 2005 5.85%
　　January 1, 2006 5.50%
　　January 1, 2007 5.25%
　　January 1, 2008 4.75%
　　January 1, 2009 4.00%
　　Credited interest rate from January 1, 2005 to January 1, 2010 4.00%
　　Nonrefundable state premium tax rate 2.00%
　　Initial deposit paid on January 1, 2005 $50,000
　　Additional deposit paid on January 1, 2008 $5,000
　　Partial withdrawal on January 1, 2009 $10,000
　　Calculate the minimum nonforfeiture value allowed as of December 31, 2009
　　according to the Standard Nonforfeiture Law. Show all work.
　　Course 8I: Fall 2005 -3- GO ON TO NEXT PAGE
　　Individual Insurance – U.S.
　　Morning Session
 
　　3. (5 points) You are given the following assumptions for a variable annuity product with
　　a guaranteed minimum death benefit (GMDB):
　　Account Value at time 0 $1,500
　　Death Benefit at time 0 $1,750
　　Deposit Paid to Date $1,750
　　Net Asset Charges 1.00%
　　Valuation Rate 5.50%
　　Assumed First Year Drop -14%
　　Assumed Fund Recovery 14%
　　Death Benefit Guarantee Type Roll-up
　　Roll-up Interest Rate 5%
　　Duration of Contract 5 years
　　Valuation Time (t) 0 1
　　Surrender Charges as a percentage of deposit paid 7% 6%
　　GMDB Mortality Rates per thousand - 17.192
　　Survival Function 1.0000 0.9828
　　t
　　Projected Integrated
　　Reserve
　　2 1,409.22
　　3 1,419.49
　　4 1,425.54
　　5 1,416.31
　　(a) (1 point) Explain the calculation of the integrated reserve according to Actuarial
　　Guideline 34.
　　(b) (4 points) Calculate the integrated reserve at time 0, according to Actuarial
　　Guideline 34. Show all work.
　　Course 8I: Fall 2005 -4- GO ON TO NEXT PAGE
　　Individual Insurance – U.S.
　　Morning Session
　　Question 4 pertains to the Case Study.
 
　　4. (9 points) Saturn Life is developing a new variable annuity product that will provide:
　　? 50 different investment options.
　　? A variety of guaranteed death, annuity, income and withdrawal benefit options.
　　? Asset-based expenses that vary with the account value of the policy.
　　(a) Define each step in the product development process according to LOMA.
　　(b) Determine and define for this product development project the applicable:
　　(i) corporate growth strategy,
　　(ii) marketing strategy and
　　(iii) type of innovation.
　　(c) In developing expected lapse assumptions for the new product:
　　(i) List the factors affecting lapse rates.
　　(ii) Explain how the expected lapse assumptions would be impacted by each of
　　the proposed design features, and justify your answer.
　　(d) The entire product development project is expected to cost $10 million. Saturn’s
　　variable annuity products are expected to return 1% of premium annually after-tax.
　　The projected increase in sales is:
　　Year Without New Product With New Product
　　1 10% 210%
　　2 10% 60%
　　3 10% 10%
　　Calculate the project’s break-even year. Show all work.
　　Course 8I: Fall 2005 -5- GO ON TO NEXT PAGE
　　Individual Insurance – U.S.
　　高顿网校之做人道理：“梦想”是一个多么“虚无缥缈不切实际”的词啊。在很多人的眼里，梦想只是白日做梦，可是，如果你不曾真切的拥有过梦想，你就不会理解梦想的珍贵。——柳岩