高顿网校赴考者们，无论亲来自何方，精算师考试请尽全力去考，这样才对得起自己。如下是北美精算师考试SOA——真题May2004Course6（3）。
　　5.
　　ASSERTION
　　The original loan-to-value ratio
　　overestimates the measurement
　　of defaults for home mortgages.
　　BECAUSE
　　REASON
　　As home mortgages become more
　　seasoned, default rates tend to
　　decline.
 
　　6.
　　ASSERTION
　　Preferred stock payments are taxdeductible
　　for the issuing
　　corporation.
　　BECAUSE
　　REASON
　　Preferred stock payments are
　　treated as dividends.
　　Course 6: Spring 2004 - 16 - GO ON TO NEXT PAGE
　　Morning Session
 
　　7.
　　ASSERTION
　　An option-adjusted spread (OAS)
　　value by itself does not provide
　　sufficient information to
　　determine whether a bond is rich
　　or cheap.
　　BECAUSE
　　REASON
　　OAS is the spread to short-term
　　interest rates that equates the
　　theoretical price of a bond to its
　　market price.
 
　　8.
　　ASSERTION
　　Interest rate caps and floors
　　should not be used when the
　　holding period of the underlying
　　asset or liability is flexible or
　　subject to change.
　　BECAUSE
　　REASON
　　Termination of interest rate caps
　　and floors involves exit costs.
 
　　9.
　　ASSERTION
　　A trustee may engage in a
　　transaction that breaches another
　　duty to the detriment of the
　　participants because he is
　　instructed to do so in accordance
　　with the trust agreement.
　　BECAUSE
　　REASON
　　The trustee is under the obligation
　　to manage the trust in accordance
　　with the trust agreement.
　　Course 6: Spring 2004 - 17 - GO ON TO NEXT PAGE
　　Morning Session
 
　　10-16. Each of questions 10 through 16 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).
　　10. X. Real Assets I. Patents
　　Y. Financial Assets II. Appear only on the asset side of the
　　balance sheet
　　III. Are created and destroyed in the
　　ordinary course of doing business
　　11. X. Callable Bonds I. Bond price at low yields is
　　approximately equal to the price of
　　an option- free bond.
　　Y. Putable Bonds II. Negative convexity at low yield
　　levels and positive convexity at high
　　yield levels.
　　III. Positive convexity at all yield levels.
　　Course 6: Spring 2004 - 18 - GO ON TO NEXT PAGE
　　Morning Session
　　12. X. Lattice methods I. Allow for more realistic jumps in
　　interest rates of varying amounts
　　along a single path.
　　Y. Simulation methods II. Easier to use to value instruments
　　that have embedded American-style
　　options.
　　III. Easier to use when more than one
　　factor changes at the same time.
　　13. X. Forward contracts I. Dealer or broker
　　Y. Futures contracts II. Bid-ask spread
　　III. High liquidity
　　高顿网校之短句汇编：我们的地位向上升，我们的责任心就逐步加重。升得愈高，责任愈重。权力的扩大使责任加重。——雨果