SOA真题Course8IC精算师考试

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Course8I:Fall2005-1-GOONTONEXTPAGE
IndividualInsurance–Canada
MorningSession
**BEGINNINGOFEXAMINATION8**
INDIVIDUALINSURANCE–CANADA
MORNINGSESSION
1.(4points)Arecentmortalityexperiencestudyshowsthatthesubstandardportionofthe
company’slifeinsurancepolicieshasworsethanexpectedexperience.
(a)Explainreasonssubstandardmortalityexperiencemaybehigherthanexpected.
(b)Describemethodstoreflectsubstandardrisksinlifeinsuranceproducts.
(c)Determinethebestmethodtoreflecteachofthefollowingsubstandardrisks:
(i)Obesitywithdiabetes
(ii)Recoveringfromatemporaryimpairment
(iii)Hazardousoccupation
(iv)Normalbloodpressurebutfamilyhistoryofcoronaryarterydisease
Course8I:Fall2005-2-GOONTONEXTPAGE
IndividualInsurance–Canada
MorningSession
2.(5points)AU.S.lifeinsurancecompanyisproposingaflexiblepremiumdeferred
annuitywiththefollowingfeatures:
•Eachdepositreceivesaguaranteedinterestrateforthefirstfiveyearsbased
onnewmoneyrateswithanannuallyrenewableinterestratethereafter.
•Theminimuminterestratecreditedonfundsandusedindetermining
minimumnonforfeitureamountsisguaranteedtobenolessthan3.
•Thesurrenderchargeis15ofthecurrentcontractyeardeposit,plus10
ofthepriorcontractyeardeposit.
•Surrenderchargesarewaiveduponannuitization.
•Returnofprincipalisguaranteedduringthefirstcontractyear.
•Adeathbenefitisnotprovidedduringthedeferralperiod.
•Theannuitizationbonusis2ofaccountvalue.
•Anannualfeeof$75ischargedatthebeginningofeachcontractyear.
•Anadministrativeloadof6isappliedtoeachdeposit.
(a)Determinechangesneededtotheproposedproductdesigninordertomeetthe
requirementsoftheStandardNonforfeitureLawforIndividualDeferred
Annuities.
(b)ForacontractpurchasedonJanuary1,2005,youaregiven:
Five-yearconstantmaturitytreasuryrates
January1,20055.85
January1,20065.50
January1,20075.25
January1,20084.75
January1,20094.00
CreditedinterestratefromJanuary1,2005toJanuary1,20104.00
Nonrefundablestatepremiumtaxrate2.00
InitialdepositpaidonJanuary1,2005$50,000
AdditionaldepositpaidonJanuary1,2008$5,000
PartialwithdrawalonJanuary1,2009$10,000
CalculatetheminimumnonforfeiturevalueallowedasofDecember31,2009
accordingtotheStandardNonforfeitureLaw.Showallwork.
Course8I:Fall2005-3-GOONTONEXTPAGE
IndividualInsurance–Canada
MorningSession
3.(5points)Youaregiventhefollowingassumptionsforavariableannuityproductwith
aguaranteedminimumdeathbenefit(GMDB):
AccountValueattime0$1,500
DeathBenefitattime0$1,750
DepositPaidtoDate$1,750
NetAssetCharges1.00
ValuationRate5.50
AssumedFirstYearDrop-14
AssumedFundRecovery14
DeathBenefitGuaranteeTypeRoll-up
Roll-upInterestRate5
DurationofContract5years
ValuationTime(t)01
SurrenderChargesasapercentageofdepositpaid76
GMDBMortalityRatesperthousand-17.192
SurvivalFunction1.00000.9828
t
ProjectedIntegrated
Reserve
21,409.22
31,419.49
41,425.54
51,416.31
(a)(1point)ExplainthecalculationoftheintegratedreserveaccordingtoActuarial
Guideline34.
(b)(4points)Calculatetheintegratedreserveattime0,accordingtoActuarial
Guideline34.Showallwork.
Course8I:Fall2005-4-GOONTONEXTPAGE
IndividualInsurance–Canada
MorningSession
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