SOA真题November2004Course5精算师考试

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COURSE5
MORNINGSESSION
APPLICATIONOFBASICACTUARIALPRINCIPLES
SECTIONA-WRITTENANSWER
COURSE5:Fall2004-2-GOONTONEXTPAGE
MorningSession
**BEGINNINGOFEXAMINATION**
COURSE5
MORNINGSESSION
1.(4points)
(a)Describethecoverageinabusinessoverheadexpensedisabilityincomepolicy.
(b)Youaregiventhefollowinginformation:
Maximummonthlybenefit30,000
Maximummultipleofmonthlybenefit15
Maximumbenefitperiod24months
InsuredstartofdisabilityJanuary1,2003
InsuredendofdisabilityMarch1,2005
Eliminationperiod90days
Calculatethepayouttotheinsuredforeachofthescenarios:
ScenarioMonthlyOverheadExpense
I36,000
II18,000
III22,500
Showallwork.
2.(6points)Withrespecttogrouphealthcarebenefits:
(a)Describethevariousproviders.
(b)Describethevariousbuyers.
COURSE5:Fall2004-3-GOONTONEXTPAGE
MorningSession
3.(4points)
(a)Describetheactionsalifeinsurancecompanycantaketolimittheeffectof
policyholdermisrepresentation.
(b)Giventhefollowinginformationforacompanythatofferslifeinsurancewith
smokerandnonsmokerrates:
Actualsmokers30ofinsured
Smokerspremiumrate5per1,000
Non-smokerpremiumrate3per1,000
ExpensesNone
Calculatetheamountofprofitlostper1,000if10ofsmokersliedabout
smokingandwereissuedasnon-smokers.
Showallwork.
COURSE5:Fall2004-4-GOONTONEXTPAGE
MorningSession
4.(6points)Foradefinedbenefitpensionplan,youaregiventhefollowinginformation:
Planformula:1×3-yearFinalAverageEarnings×yearsofservicefromhire
PlanparticipantsasofJanuary1,2005:
Participant
Attained
Age
Prior
Year
Earnings
Service
toDate
Probabilityof
survivingin
servicetoage65
Temporary
employment-basedlife
annuityof1peryear
X4035,00000.504011.8338
Y5050,000100.65479.1844
Actuarialassumptions:
(12)
a􀀅􀀅659.4131
Interestrate7
Assumedfutureannualsalaryincreases5
PayincreasesBeginningoftheyear
ActuarialcostmethodEntryagenormal
Normalretirementage65
Benefitspayableforterminationpriorto
normalretirementage
None
Calculatetheplan’snormalcostandaccruedliabilityasofJanuary1,2005.
Showallwork.
5.(3points)Forvariableannuities:
(a)Describecommondeathbenefitoptions.
(b)Describetheeffectofadeclineinaccountvalueduetoinvestmentperformance
foreachdeathbenefitoption.
COURSE5:Fall2004-5-GOONTONEXTPAGE
MorningSession
6.(7points)Describethestepsaninsurancecompanytakestodevelopanindividuallife
insuranceproduct.
7.(5points)Foracurrentmedicalplanandaproposedchangetothatplan,youaregiven
thefollowing:
DeductibleCoinsuranceOut-of-pocketmaximum
(excludingdeductible)
Lifetime
maximum
CurrentPlan100801,000None
ProposedPlan200751,400None
Manualcumulativeprobabilitydistribution
RangeofClaimsFrequency
Average
Annual
Claims
Annual
cost
Accumulated
Frequency
Accumulated
AnnualCost
00.2500.001.003,500
0.01–50.000.05402.000.753,500
50.01-150.000.1010010.000.703,498
150.01-250.000.2021042.000.603,488
………………………………
4,000.01-5,000.000.034,500135.000.122,500
5,000.01-6,000.000.025,400108.000.092,387
Assumingnochangeinutilization,calculatethepercentagechangeonnetmedicalclaims
fortheproposedplanchange.
Showallwork.

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