如下则是北美精算师考试SOA——真题精选November2004Course8F（4），好好背诵大纲，做好后痛快的去娱乐游戏吧。
　　9.Continued
　　(c)(4points)DescribewaystohedgetheliabilitiesoftheVAandthepractical
　　considerationsassociatedwitheach.
　　(d)(2points)ExplainthefactorsGALshouldconsiderindecidingwhethertohedge
　　itsVAliabilities.
　　(e)(3points)TheChiefActuaryhascalledameetingtodiscussfirstyear
　　performanceoftheVAproduct.Yoususpectshewantstodiscontinuefuture
　　sales.
　　Outlinearesponsewhich:
　　?supportscontinuedsalesand
　　?addressesanyproductshortcomings.
　　Question10pertainstotheCaseStudy.
 
　　10.(11points)FrankLabrador,along-timegolfingbuddyofTomasLyonsandCEOof
　　Dog’sLifeInsuranceCompany(Dog’sLife),hasexpressedinterestinpurchasing
　　ZoolanderLife.Tomashasaskedyou,asthenewCFOofZoolander,tocomeupwithan
　　actuarialappraisalvalueofZoolander.
　　Dog’sLifeisanactiveacquirerinthelifeinsurancemarket.Theiractuaryhasinformed
　　youthattheirrecentacquisitionshavebeenpricedusinga10%discountrate.
　　(a)(6points)IdentifytheinformationthatyouhaveavailableforZoolanderthat
　　shouldbeconsideredinsettingactuarialandeconomicassumptionsforusein
　　determininganappraisalvalue.
　　(b)(5points)YouhavecalculatedanappraisalvalueforZoolanderof1,100.00,
　　assumingacontinuationofcurrentoperations.JustifywhyDog’sLifemight
　　offerapricedifferentthantheappraisalvaluethatyoucalculated.
　　COURSE8:Fall2004-12-GOONTONEXTPAGE
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　　11.(4points)Wayneisan*uator.WhenthestockpricesofCoca-Cola,DairyQueenand
　　Gapweredepressed,heinvestedheavilyinthesecompanies.Otherinvestorsthought
　　Waynehadpassedhisinvestingprime–theinternetwaswheremoneywastobemade.
　　ButWaynewouldgotoshoppingmallsandwatchthespendinghabitsofconsumers.He
　　sawtheaveragepersonconsumingtheproductsofferedbyCoca-Cola,DairyQueenand
　　Gap,andrealizedthatpeoplewouldusetheseproductsthroughalleconomiccycles.So
　　heboughtupthestockswiththestrongconvictionthatinthelongrunthesefirmswould
　　beprofitableandtheirstockpriceswouldrise.
　　(a)FromtheREMMperspective,describehowWayneviewsindividuals.
　　(b)Explainthetheorybehindacontrarianinvestmentstrategy,andcontrastthe
　　contrarianstrategywithWayne’sinvestmentstrategy.
　　(c)Describeeachofthefollowingbehavioralconceptsanddeterminewhethereach
　　appliestoWayne:
　　?Overconfidence
　　?Non-BayesianForecasting
　　?FashionandFads
　　Supportyouranswers.
　　COURSE8:Fall2004-13-GOONTONEXTPAGE
　　FinanceSegment
　　AfternoonSession
 
　　12.(10points)Youareemployedbyafinancialengineeringfirm.Thespecialtyofthisfirm
　　istoexploittaxarbitrageopportunitiesinthemarketplaceforhighnet-worthindividuals
　　andsmallfirmsintheUnitedStates.
　　Youhavebeenaskedbytheheadofthefirmtomeetwithanewclient,Buffyvon
　　Bismarck,whohasquestionsaboutbothpersonalandcorporatetaxes.Buffyearns
　　$200,000ayearinsalaryasthemanagingdirectorofasmallmanufacturingcompany.
　　AtyourmeetingBuffydescribesthefollowingtwosituations:
　　?“Iamfrustratedbypayingpersonaltaxesatamarginaltaxrateof36%.My
　　tennisinstructortoldmethatIcouldarrangeitsothatmycurrentincomewould
　　bemaintainedbutmytaxableincomewouldbezero.HesuggestedIdothe
　　following:borrow$2,500,000at8%interestandinvesttheborrowedfundsina
　　lifeinsurancepolicythatallowsinterest-freepolicyloansandguaranteesan8%
　　return.”
　　?“Ineedtodeterminethecorrectweightingofstocksandbondsfor
　　mycompany’sdefinedbenefitpensionplan.Iknowthetaxcodeshould
　　leadmetoinvestinbonds,butstocksreturnmoreoveralong-term
　　holdingperiod.Twofriendstoldmemyfirmcouldsecuretherisk
　　premiumsofstockwithoutsacrificingthetaxbenefitsofinvestingin
　　bonds.”
　　Youlearnthatthepensionplanhas$100millioninassetstoinvestinstocksandbonds
　　underthefollowingassumptions:
　　?Theafter-taxrateofreturnonstockswillbe10%
　　?Thetaxablerateofreturnonbondswillbe5%
　　?Themarginaltaxrateofthefirmis35%
　　(a)DemonstratethearbitrageopportunityBuffy’stennisinstructorhassuggested.
　　(b)Evaluatetheeffectivenessofthearbitrageopportunityin(a).Supportyour
　　answer.
　　(c)DemonstratethearbitrageopportunityBuffy’sfriendshaverecommendedforher
　　pensionplan.
　　(d)Evaluatetheeffectivenessofthearbitrageopportunityin(c).Supportyour
　　answer.
　　COURSE8:Fall2004-14-GOONTONEXTPAGE
　　FinanceSegment
　　AfternoonSession
　　高顿网校之做人原则：我的财富并不是因为我拥有很多，而是我要求的很少。