SOA真题November2004Course8IC精算师考试

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COURSE8I:Fall2004-1-GOONTONEXTPAGE
IndividualInsurance–Canada
MorningSession
**BEGINNINGOFEXAMINATION8**
INDIVIDUALINSURANCE–CANADA
MORNINGSESSION
1.(5points)ABCLifehasacareeragencydistributionsystem.ABC’smanagementis
reviewingtheirfinancingplanfornewagents.
(a)Describethedifferenttypesoffinancingplansfornewagentsandexplainthe
advantagesanddisadvantagesofeachaccordingtoLIMRA.
(b)Youaregiventhefollowinginformation:
YearAverage
AnnualizedFirst
YearPremium
Agent
Termination
Rate
SubsidyValidation
Schedule
Commission
1$60,00050120$20,000
2$80,0002580$25,000
3$100,0001040$30,000
4 $120,00000$0
•Commissionsarepaidonannualizedfirstyearpremium.
•Agentterminationoccursattheendoftheyear.
•6offirstyearpremiumispricedintoproductstocoveragentfinancing.
•Theinterestrateis0.
(i)Calculatetheaveragefinancingcostforanewagentasapercentageof
firstyearpremiumforeachofthefirstthreeyears.Showallwork.
(ii)DeterminethenumberofyearsitwilltakeforABCtorecoverthe
financingcostson100newagents.Showallwork.
COURSE8I:Fall2004-2-GOONTONEXTPAGE
IndividualInsurance–Canada
MorningSession
2.(11points)XYZLifeisevaluatingablockofidenticalspeciallifecontingentannuities
issuedJanuary1,2004byABCLife.Youaregiven:
•Totalrequiredcapitalasapercentageofsolvencyreservesis5.
•Assumedinvestmentinterestrateonrequiredcapitalis4.
•Hurdlerateis15.
•Eachannuitypaymentis$71,280.
•Paymentsaremadeattheendofeachyearduringtheannuitant’slifetime.
•Deathsoccurattheendoftheyearbeforetheannuitypayment.
•Notaxesormaintenanceexpenses.
ActualProjected
1/1/200412/31/200412/31/200512/31/2006
Policycount100755025
Solvencyreserves(‘000s)$9,864$5,011$1,697$0
Premium(‘000s)$10,000$0$0$0
Commission(‘000s)$400$0$0$0
Benefits(‘000s)$0$5,346$3,564$1,782
Investmentincomeon
solvencyreservesand
cashflows(‘000s)
$0$838$426$144
(a)(3points)WithrespecttoMinimumContinuingCapital&SurplusRequirements
forLifeInsurancecompaniesandeachofthefollowingrisks:
•Mortality
•Pricinginterestmargin
•Changeintheinterestrateenvironment.
(i)Describethenatureoftherisks.
(ii)CalculatetheminimumcapitalrequirementatDecember31,2004forthe
risks.Showallwork.
(b)(4points)CalculatetheembeddedvalueofthisblockatJanuary1,2004.Show
allwork.
COURSE8I:Fall2004-3-GOONTONEXTPAGE
IndividualInsurance–Canada
MorningSession
2.(Continued)
(c)(3points)Youaregiventhefollowingbinomialdistribution:
nqf(25)F(25)
1000.250.09180.5525
Calculatetheprobabilityofsolvencyearningsexceeding$250,000in2004.
Showallwork.
(d)(1point)OnJanuary1,2005,XYZLifebuystheremainingblockof75
contracts.
CalculatethemaximumamountofassetsABCtransferstoXYZassumingno
transactionexpenses.Showallwork.
COURSE8I:Fall2004-4-GOONTONEXTPAGE
IndividualInsurance–Canada
MorningSession

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