| SOA真题Course5 |
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COURSE 5
MORNING SESSION
APPLICATION OF BASIC ACTUARIAL
PRINCIPLES
SECTION A-WRITTEN ANSWER
COURSE 5: Fall 2005 - 1 - GO ON TO NEXT PAGE
Morning Session
**BEGINNING OF EXAMINATION**
COURSE 5
MORNING SESSION
1. (4 points) Describe the reasons an individual or a business would purchase:
(a) life insurance
(b) property and casualty insurance
2. (4 points) In developing medical claims costs for a group health plan:
(a) Describe the factors to consider in selecting the appropriate data sources.
(b) List the considerations in assessing the quality of data obtained from outside
sources.
(c) Describe considerations when normalizing historical data.
COURSE 5: Fall 2005 - 2 - GO ON TO NEXT PAGE
Morning Session
3. (6 points) Given the following information:
Annual Normal Retirement Benefit: 1.5% of final earnings times service from hire
Early Retirement Eligibility: Age 60
Early Retirement Benefit: Retirement Benefit accrued to date, reduced by
1/15 for each year before age 65
Normal form of Payment: Life Annuity, payable monthly
Cost Method: Projected Unit Credit
Actuarial Assumptions:
Interest 6%
Salary Increases 4%
Pre-retirement death and terminations: None
(12)
a%26#1048581;%26#1048581;62 : 11.61
(12)
a%26#1048581;%26#1048581;65 : 10.87
Participant data
Employee Birth date Hire date 2004 earnings
Brown 1/1/1965 1/1/2000 34,000
Smith 1/1/1940 1/1/1995 60,000
In prior years, the assumed retirement age was 65. Effective with the January 1, 2005
actuarial valuation, the assumed retirement age is changed to 62.
Calculate the change in the actuarial liability as of January 1, 2005 due to the change in
the assumed retirement age.
Show all work.
4. (4 points) Describe the expense philosophies used in pricing individual life insurance.
COURSE 5: Fall 2005 - 3 - GO ON TO NEXT PAGE
Morning Session
5. (6 points)
(a) Explain why mortality experience varies from company to company.
(b) Describe how breaking a group of lives into risk classes affects assumptions other
than mortality.
(c) You are dividing an existing group into two risk classifications and are given the
following information:
Before Risk Classification After Risk Classification
Total Group Group A Group B
Mortality ratio Weight Weight Weight
50% 25.0 25.0 0.0
100% 42.5 36.5 6.0
150% 37.5 0.0 37.5
175% 26.0 0.0 26.0
Product: Two-year term life insurance policy
Face amount: 100,000
( q( 50): 0.0035
q(51): 0.0039
Interest: 6% per annum
Expense loading: 0%
Calculate the single premium issued to a 50 year old from Group B before and
after risk classification.
Show all work.
COURSE 5: Fall 2005 - 4 - GO ON TO NEXT PAGE
Morning Session
6. (7 points)
(a) Explain why it is difficult to apply the general principles of income taxation to the
life insurance industry and its products.
(b) Describe the policyholder taxation of life products in Canada and the U.S.
7. (4 points)
(a) Describe the typical approaches for providing old-age financial security.
(b) Comment on the differences between pay-as-you-go and funded financing of
public plans.
8. (5 points)
(a) Describe the product features of accumulation annuities.
(b) Describe the types of income annuities.
COURSE 5: Fall 2005 - 5 - GO ON TO NEXT PAGE
Morning Session
USE THIS PAGE FOR YOUR SCRATCH WORK
COURSE 5: Fall 2005 - 6 - GO ON TO NEXT PAGE
Morning Session
COURSE 5
MORNING SESSION
APPLICATION OF BASIC ACTUARIAL
PRINCIPLES
SECTION B-MULTIPLE CHOICE
COURSE 5: Fall 2005 - 7 - GO ON TO NEXT PAGE
Morning Session
1-6. Each of questions 1 through 6 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. Flexible Premium Universal Life I. Lower capital requirements
Y. Variable Universal Life II. Competition has a major effect on
the credited interest rate
III. Priced with a lower profit margin
2. X. Markov State Transition I. Designed for a data-poor
environment.
Y. Rational Artificial Intelligence II. Utilizes benchmark database future
costs developed through a process of
triangulation.
III. Identifies patterns of underlying data
to facilitate the prediction of future
costs.
COURSE 5: Fall 2005 - 8 - GO ON TO NEXT PAGE
Morning Session
3. X. Medicare – Hospital Insurance I. Deductible adjusted annually
Y. Medicare – Supplementary Medical
Insurance
II. Coinsurance
III. Payroll Tax
4. X. HMO I. Covers a local service area
Y. PPO II. Does not take the insurance risk
III. Performs utilization reviews
5. X. Preferred risks I. Higher placement rate
Y. Residual risks II. Higher lapse rates
III. Higher average policy size
6. X. Normal cost I. Past service benefits
Y. Supplemental cost II. Future service benefits
III. Retroactive plan amendments
COURSE 5: Fall 2005 - 9 - GO ON TO NEXT PAGE
Morning Session
7. To limit anti-selection on group supplemental life plans, insurers use all of the
following EXCEPT:
(A) Limited coverage amounts without evidence of insurability
(B) Suicide exclusion
(C) Statement of Good Health required for certain amounts
(D) Minimum participation requirements that are higher than for basic group term life
(E) Step-rated premium structure
8. In Canada, the appointed actuary is required to file a report with the annual statements
that provides the regulatory authorities with all of the following EXCEPT:
(A) A description of any approximations used
(B) A signed statement that affirms compliance with the generally accepted
accounting principles published by the Canadian Institute of Chartered
Accountants (CICA)
(C) Any changes in the assumptions from the prior annual filing and the effect thereof
(D) A complete justification for each assumption
(E) A signed copy of the opinion of the appointed actuary
COURSE 5: Fall 2005 - 10 - GO ON TO NEXT PAGE
Morning Session
USE THIS PAGE FOR YOUR SCRATCH WORK
COURSE 5: Fall 2005 - 11 - GO ON TO NEXT PAGE
Morning Session
9-13. Each of questions 9 through 13 consist 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.
9.
ASSERTION
The Canadian federal
government cannot deter a
province from allowing user fees
and extra billing in its provincial
health care plan.
BECAUSE
REASON
Under the Canadian Constitution,
matters relating to health fall
under provincial jurisdiction.
10.
ASSERTION
Personal-producing general
agents receive higher
commissions than other agents.
BECAUSE
REASON
Unlike other general agents,
personal-producing general agents
have no agents reporting to them.
COURSE 5: Fall 2005 - 12 - GO ON TO NEXT PAGE
Morning Session
11.
ASSERTION
In the U.S., the usual procedure is
to file policy forms in the state of
domicile first.
BECAUSE
REASON
Many states require prior approval
of policy forms from the state of
domicile.
12.
ASSERTION
For individual disability benefits,
under the rehabilitation clause, an
insured may not have to continue
under the care of a physician to
qualify for benefits.
BECAUSE
REASON
For individual disability benefits,
the rehabilitation clause provides
that insureds who join an
approved program will be
considered totally disabled.
13.
ASSERTION
For a guaranteed insurability
option on an individual disability
policy, an option passed on one
option date may be picked up at
the next option date.
BECAUSE
REASON
The guaranteed insurability option
on an individual disability policy
does not require completion of
medical underwriting at a given
option date in order for the insured
to purchase the increased coverage
amount.
COURSE 5: Fall 2005 - 13 - GO ON TO NEXT PAGE
Morning Session
14. You are given the following information on an accumulation annuity:
Issue date: January 1, 1996
End of current interest guarantee period: December 31, 2010
Current guaranteed interest rate: 7%
Additional margin: 0.25%
Interest rates available for new deposits:
Number of years Interest rate guarantee
5 4.5%
10 5.0%
15 5.5%
Calculate the market value adjustment on December 31, 2005.
(A) 88%
(B) 99%
(C) 108%
(D) 111%
(E) None of the above
COURSE 5: Fall 2005 - 14 - GO ON TO NEXT PAGE
Morning Session
USE THIS PAGE FOR YOUR SCRATCH WORK
COURSE 5: Fall 2005 - 15 - GO ON TO NEXT P[1] [2] [3] 下一页 |
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