高顿网校小编友情提醒您认真仔细学习——北美精算师考试SOA：历年考题Course8IC（三），请认真对待之哦。
　　7.(7points)XYZLifeproducesvalue-basedfinancialstatements.
　　Youaregiven:
　　?Thehurdlerateis12%.
　　?Therisk-freerateofreturnis4.0%.
　　?Theinflationrateis1.5%.
　　?Betais2.0.
　　(a)(1point)DescribetheCAPMformulaandcalculatetheimpliedrateofreturnon
　　averageequityinvestments.
　　(b)(2points)Describ*idationtechniquesusedto*uatetheaccuracyand
　　reliabilityofmodelofficeprojectionsusedinvalue-basedfinancialanlysis.
　　(c)(4points)ABCLifeoffersthesametermlifeinsuranceproductasXYZ.XYZ’s
　　premiumsare5%higherthanABC’s.Bothcompanieshavethesameinflation,
　　investmentandhurdlerates.
　　XYZhaspricedtheproducttoachieveanIRRof13%.
　　(i)ComparefirstyearearningsforXYZforthefollowingreportingmethods.
　　?PPM,
　　?Value-basedfinancialreporting,and
　　?LevelROEfinancialreporting.
　　(ii)Determinewhichcompanywouldreporthigherfirstyearearningsunder
　　eachofthereportingmethods.Justifyyouranswer.
　　Course8I:Fall2005-8-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　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–Canada
　　MorningSession
 
　　9.(4points)ABCLifeisconcernedaboutthetrendofitsfixedannuitysalesrelativetothe
　　restoftheindustry.
　　(a)Describeavailablesourcesofdatathatmaybeusedto*uatethetrendinfixed
　　annuitysales.
　　(b)DescribeissuesforABCtoconsiderindecidingwhethertowithdrawfromthe
　　fixedannuitymarket.
　　**ENDOFEXAMINATION**
　　MORNINGSESSION
　　Course8I:Fall2005-10-GOONTONEXTPAGE
　　IndividualInsurance–Canada
　　AfternoonSession
　　**BEGINNINGOFEXAMINATION8**
　　INDIVIDUALINSURANCE–CANADA
　　AFTERNOONSESSION
　　Beginningwithquestion10
　　Question10pertainstotheCaseStudy
　　高顿网校之名人感触：把蛋煮熟易，使人成熟难。——弗·艾伦