今天高顿网校小编汇总了北美精算师SOA真题Course8IU之Part 3，仅供大家参考。
　　7.(7points)XYZLifeproducesvalue-basedfinancialstatements.
　　Youaregiven:
　　Thehurdlerateis12%.
　　Therisk-freerateofreturnis4.0%.
　　Theinflationrateis1.5%.
　　Betais2.0.
　　(a)(1point)DescribetheCAPMformulaandcalculatetheimpliedrateofreturnon
　　averageequityinvestments.
　　(b)(2points)Describ*idationtechniquesusedto*uatetheaccuracyand
　　reliabilityofmodelofficeprojectionsusedinvalue-basedfinancialanalysis.
　　(c)(4points)ABCLifeoffersthesametermlifeinsuranceproductasXYZ.XYZ’s
　　premiumsare5%higherthanABC’s.Bothcompanieshavethesameinflation,
　　investmentandhurdlerates.
　　XYZhaspricedtheproducttoachieveanIRRof13%.
　　(i)ComparefirstyearearningsforXYZforthefollowingreportingmethods.
　　USGAAP,
　　Value-basedfinancialreporting,and
　　LevelROEfinancialreporting.
　　(ii)Determinewhichcompanywouldreporthigherfirstyearearningsunder
　　eachofthereportingmethods.Justifyyouranswer.
　　Course8I:Fall2005-8-GOONTONEXTPAGE
　　IndividualInsurance–U.S.
　　MorningSession
 
　　8.(4points)Seniormanagementwouldliketointroduceacommissionschedulethat
　　eliminatesvestingentirely.Inreturn,agentswillbepaidhighercommissions.Currently,
　　allcommissionsvesttoagentsatthetimeofasale.
　　Youaregiven:
　　Currentrenewalcommissionscale:
　　t123
　　rt3%3%3%
　　Ot000
　　Pt1.00.900.80
　　Proposedrenewalcommissionscale:
　　t123
　　rt5%5%5%
　　Ot00.050.10
　　Pt1.00.950.90
　　where:
　　t=policyyear
　　r=commissionsasapercentofthegrossannualpremium
　　Ot=probabilitythatpremiumonnewbusinessiswrittenbyagentswholeave
　　beforebusinessenterspolicyyeart
　　Pt=probabilitythattheannualpremiumforthepolicyyeartwillbepaid
　　Thediscountrateis3%.
　　Expectedsalesundercurrentcompensationscaleare$10.0millionofpremium.
　　Expectedsalesunderproposedcompensationscaleare$10.5millionofpremium.
　　Expectedexpensesexcludingcommissionsare10%ofpremium.
　　Selectthecommissionschedulethatproducesthehighestnetrevenueforthecompany.
　　Showallwork.
　　Course8I:Fall2005-9-STOP
　　IndividualInsurance–U.S.
 
　　MorningSession
　　9.(4points)ABCLifeisconcernedaboutthetrendofitsfixedannuitysalesrelativetothe
　　restoftheindustry.
　　(a)Describeavailablesourcesofdatathatmaybeusedto*uatethetrendinfixed
　　annuitysales.
　　(b)DescribeissuesforABCtoconsiderindecidingwhethertowithdrawfromthe
　　fixedannuitymarket.
　　**ENDOFEXAMINATION**
 
　　MORNINGSESSION
　　Course8I:Fall2005-1-GOONTONEXTPAGE
　　IndividualInsurance–U.S.
　　AfternoonSession
　　**BEGINNINGOFEXAMINATION8**
　　INDIVIDUALINSURANCE–U.S.
　　AFTERNOONSESSION
　　Beginningwithquestion10
　　Question10pertainstotheCaseStudy
 
　　10.(4points)MercuryLifeplanstoentertheindividualtermlifeinsurancemarketusinga
　　brokeragedistributionsystem.
　　(a)AssessthisplaninrelationtoMercury’sstrengthsandweaknesses.
　　(b)AssumingMercury’sgoalistoincreasemarketsharethroughbroker
　　relationships:
　　(i)Determinetheappropriatepricingobjective.
　　(ii)Describetheadvantagesanddisadvantagesofthisobjective.
　　(c)AssumingMercury’sgoalistoincreasemarketsharethroughconsumer
　　relationships:
　　(i)Determinetheappropriatepricingobjective.
　　(ii)Describetheadvantagesanddisadvantagesofthisobjective.
　　Course8I:Fall2005-2-GOONTONEXTPAGE
　　IndividualInsurance–U.S.
　　AfternoonSession
 
　　11.(6points)Yourcompanyisproposingtosellablockoflifeinsurancebusinesstoanother
　　company.
　　(a)Describefactorstoconsiderbeforedecidingtoselltheblock.
　　(b)Explainreinsurancestructuresavailabletofacilitatethesaleofablockoflife
　　insurancebusiness.
　　(c)Describegoodwillandexplainitsimpactonthetransaction.
　　Course8I:Fall2005-3-GOONTONEXTPAGE
　　IndividualInsurance–U.S.
　　AfternoonSession
　　Question12pertainstotheCaseStudy.
　　12.(8points)YouaregiventhefollowinginformationwithrespecttoSaturnLife’sterm
　　insurancefinancialstatements:
　　SaturnusesthesamedefinitionofGAAPfreecashflowandGAAPsurplusasfound
　　inTSA38StrategicManagementofLifeInsuranceCompanySurplus.
　　Solvency-basedreservesareequaltoGAAPincome-basedreserves.
　　After-taxinvestmentincomeonrequiredcapitalfor2003is$2,750,000.
　　(a)WithrespecttoannualGAAPROE:
　　(i)Explainpossiblereasonsforanon-levelpattern.
　　(ii)ExplainpossiblereasonsaparticularyeardiffersfromthepricingROI.
　　(b)CalculateSaturn’s2003GAAPfreecashflow.Showallwork.
　　(c)SaturnisconsideringachangetoYRTreinsurancefromtheexistingcoinsurance
　　arrangement.
　　Youaregiventhefollowinginformation:
　　TheYRTreinsuranceisona90%quotasharebasis.
　　TheaverageYRTreinsurancepremiumon2003issuesis$0.55per$1000.
　　AveragefirstyearmeanreservecreditonYRTreinsuranceis$0.60per
　　$1000.
　　Averagefirstyearmeanreservecreditoncoinsuranceis$0.71per$1000.
　　Therewerenodeathsoncontractsissuedin2003.
　　Revisethe2003pre-taxshareholderearningsassumingtermpoliciessoldin2003
　　arereinsuredundertheYRTarrangement,ignoringanyimpactonDACand
　　investmentincome.Showallwork.
　　Course8I:Fall2005-4-GOONTONEXTPAGE
　　IndividualInsurance–U.S.
　　AfternoonSession
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