| SOA真题November2003Course5 |
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COURSE 5
MORNING SESSION
APPLICATION OF BASIC ACTUARIAL PRINCIPLES
SECTION A-WRITTEN ANSWER
COURSE 5: Fall 2003 - 2 - GO ON TO NEXT PAGE
Morning Session
**BEGINNING OF EXAMINATION 5**
MORNING SESSION
1. (5 points) A large employer is considering offering a private pension plan.
(a) Describe the reasons for offering such a plan.
(b) Describe the process involved in designing and implementing such a plan.
2. (5 points)
(a) For basic group term life insurance, briefly describe each of the following items:
(i) Typical plan designs offered
(ii) Eligibility provisions
(iii) Continuity of coverage provisions
(b) Briefly describe how supplemental group term life insurance is different from
basic group term life insurance with respect to:
(i) Typical plan designs offered
(ii) Eligibility provisions
(iii) Continuity of coverage provisions
COURSE 5: Fall 2003 - 3 - GO ON TO NEXT PAGE
Morning Session
3. (5 points)
(a) Describe the reasons a life insurance company may reinsure its risk.
(b) ABC Life Insurance Company has a 40% quota share reinsurance treaty on a first
dollar basis. Its retention limit is $500,000 per policy.
Policy 1 Policy 2
Net Amount at Risk $750,000 X
Amount Retained R Y
Amount Reinsured on a First Dollar Basis S Z
Amount Reinsured on an Excess Basis T $100,000
Calculate the missing values in the table above.
Show all work.
4. (5 points) Explain the U.S. laws and regulations with respect to market conduct that
apply to a life insurance company and its agents.
5. (6 points) Mary and John, respectively 45 and 42 years old, are considering the purchase
of a non-participating whole life, joint last-to-die policy, paid-up at first death with:
%26#8226;%26#61472;%26#61472;a 5 year term individual rider life insurance convertible and renewable up
to age 65 for Mary and John;
%26#8226;%26#61472;%26#61472;a Critical Illness rider covering 50 illnesses for Mary and John;
%26#8226;%26#61472;%26#61472;a Disability income rider providing a lifetime benefit with a 2 week
waiting period for Mary and John.
(a) Describe briefly the policy and its riders.
(b) Describe alternatives to each coverage that could reduce the cost to Mary and
John.
COURSE 5: Fall 2003 - 4 - GO ON TO NEXT PAGE
Morning Session
6. (7 points) For a defined benefit pension plan, you are given:
Pension plan formula:
1.5% of final year’s salary for each year of service up to 10 years, plus
2.0% of final year’s salary for each year of service after 10 years.
Interest Rate 6%
Salary Growth Rate 4%
Pre-retirement decrements None
Assumed retirement age 65
%26#61480;12%26#61481;
a%26amp;%26amp;65 12
Assets at 1/1/2003 300,000
Assets at 1/1/2004 320,000
Contribution made on 12/31/2003 5,000
Funding method Projected unit credit
Employee Age at Hire Age on 1/1/2003 Salary on 1/1/2003
A 30 40 30,000
B 30 60 50,000
(a) Calculate the unfunded accrued liability at 1/1/2003.
(b) The actual accrued liability on 1/1/2004 is 350,000.
Calculate the total experience gain/loss as of that date.
Show all work.
COURSE 5: Fall 2003 - 5 - GO ON TO NEXT PAGE
Morning Session
7. (5 points) For a property and casualty insurance policy issued January 1, 2000, you are
given:
Effective Date Rate Change
May 1, 2000 +5%
November 1, 2000 +10%
Calendar Year
Earned Premium
Expected effective incurred losses, trended
and developed through December 31, 2002
2000 120,000 100,000
2001 130,000 110,000
2002 140,000 120,000
Expense ratio: 30%
Present average manual rate: 45
Assume all policies have a one-year term and the premium is uniformly
distributed.
Calculate the indicated average gross rate as of January 1, 2003.
Show all work.
8. (4 points) Describe the issues that must be considered for the design and pricing of:
(a) Group vision and hearing benefits
(b) Group legal benefits
COURSE 5: Fall 2003 - 6 - GO ON TO NEXT PAGE
Morning Session
COURSE 5
MORNING SESSION
APPLICATION OF BASIC ACTUARIAL PRINCIPLES
SECTION B-MULTIPLE CHOICE
COURSE 5: Fall 2003 - 7 - GO ON TO NEXT PAGE
Morning Session
1-7. Each of questions 1 through 7 consists of two lists. In the list at the left are two items,
lettered X and Y. In the list at the right are three items, numbered I, II, and III. ONE of
the lettered items is related in some way to EXACTLY TWO of the numbered items.
Indicate the related items using the following answer code:
Lettered Item
Is Related to Numbered Items
(A)
X
I and II only
(B)
X
II and III only
(C)
Y
I and II only
(D)
Y
I and III only
(E)
The correct answer is not given by (A), (B), (C) or (D).
1. X. Canadian Employment Insurance
(EI)
I. Death benefits available
Y. Canadian Worker’s Compensation II. Supplemental unemployment
benefits
III. Employer premium reduction
program
2. X. Defined benefit pension plan I. Age neutral
Y. Defined contribution pension plan II. Golden handcuffs
III. Cash balance plan
3. X. Captive agents I. Commission overrides
Y. Banks II. Streamlined underwriting and issue
processes
III. Life insurance for estate planning
COURSE 5: Fall 2003 - 8 - GO ON TO NEXT PAGE
Morning Session
4. X. An employer with 5 employees I. Maternity coverage is mandatory.
Y. An employer with 40 employees II. For active employees, Medicare is
the secondary insurer.
III. The health plan carrier is not likely
to use a composite rating method.
5. X. Distributable earnings I. Used in return on equity (ROE)
calculation.
Y. Shareholder earnings II. Independent of required capital.
III. Better reflects owners’ expected
cash flows.
6. X. Aggregate method I. Benefit allocation cost method
Y. Projected unit credit method II. No unfunded actuarial liability
III. Actuarial losses not explicitly
recognized
7. X. Income annuity products I. Lapses are a key assumption in
pricing.
Y. Accumulation annuity products II. Longevity risk is a key concern.
III. In the U.S., the minimum solvency
reserves are calculated using the
Commissioners’ Annuity Reserve
Valuation Method (CARVM).
COURSE 5: Fall 2003 - 9 - GO ON TO NEXT PAGE
Morning Session
8-20. Each of questions 8 through 20 consists of an assertion in the left-hand column and a
reason in the right-hand column. Code your answer to each question by blackening
space:
(A) If both the assertion and the reason are true statements, and the reason is a correct
explanation of the assertion.
(B) If both the assertion and the reason are true statements, but the reason is NOT a
correct explanation of the assertion.
(C) If the assertion is a true statement, but the reason is a false statement.
(D) If the assertion is a false statement, but the reason is a true statement.
(E) If both the assertion and the reason are false statements.
8.
ASSERTION
Personal-producing general
agents receive higher
commissions than captive agents.
BECAUSE
REASON
Personal-producing general agents
typically provide training and
office space for captive agents.
9.
ASSERTION
In Canada, the licensing of
physicians falls under federal
jurisdiction.
BECAUSE
REASON
In Canada, the Federal
government sets national
standards for the provision of
health care.
10.
ASSERTION
For individual health insurance,
the loss ratio method is the most
common method of determining
premium rate changes.
BECAUSE
REASON
For individual health insurance,
under the loss ratio method, the
policyholder’s original rating class
does not have to be preserved.
COURSE 5: Fall 2003 - 10 - GO ON TO NEXT PAGE
Morning Session
11.
ASSERTION
In the U.S., small group carriers
can no longer require workers
compensation for all eligible
employers as a condition for
offering non-workers
compensation health benefits.
BECAUSE
REASON
In the U.S., the Health Insurance
Portability and Accountability Act
(HIPAA) requires small group
health carriers to offer all major
medical products on a guaranteed
acceptance and renewal basis.
12.
ASSERTION
In the U.S., underwriting a small
group has become less important
with the passage of the Health
Insurance Portability and
Accountability Act (HIPAA).
BECAUSE
REASON
In the U.S., HIPAA limits a
carrier’s ability to reject or rate-up
specific individuals within a small
group.
13.
ASSERTION
Under the individual level
premium cost method, the
actuarial liability cannot be less
than the plan termination
liability.
BECAUSE
REASON
Under the individual level
premium cost method, the implicit
supplemental liability for past
service benefits is not fully
amortized until the participant
reaches normal retirement age.
14.
ASSERTION
Under the entry age normal cost
method using assumed entry
ages, the actuarial liability for
each individual will be positive.
BECAUSE
REASON
Under the entry age normal cost
method using assumed entry ages,
the assumed entry age cannot
exceed the earliest plan eligibility
age.
COURSE 5: Fall 2003 - 11 - GO ON TO NEXT PAGE
Morning Session
8-20. Each of questions 8 through 20 consists of an assertion in the left-hand column and a
reason in the right-hand column. Code your answer to each question by blackening
space:
(A) If both the assertion and the reason are true statements, and the reason is a correct
explanation of the assertion.
(B) If both the assertion and the reason are true statements, but the reason is NOT a
correct explanation of the assertion.
(C) If the asser[1] [2] [3] 下一页 |
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