备战北美精算师的孩儿们，你们当下身在何处呢？考试的*7复习资料由高顿网校小编专心[*{7}*]发布哦——历年真题精选November2004Course8E（1）——北美精算师考试SOA。
　　COURSE8:Fall2004-1-GOTONEXTPAGE
　　FinanceandEnterpriseRiskManagement;CoreSegment
　　MorningSession
　　**BEGINNINGOFEXAMINATION**
　　FINANCEANDENTERPRISERISKMANAGEMENT;CORESEGMENT
　　MORNINGSESSION
　　Questions1-3pertaintotheCaseStudy.
　　Eachquestionshouldbeansweredindependently.
　　1.(7points)ZoolanderLifeisveryconcernedaboutbeingabletosecurereinsuranceforits
　　termlifeinsurancebusinesslineafterJanuary1,2005.RichardScarlet,thereinsurance
　　intermediary,hasbeenunabletosecureareplacementforRoseRe’sYRTreinsurance
　　programatareasonableprice.
　　Asanalternative,RichardScarlethasproposedacceptinga100%fundswithheld
　　coinsurancecontractwhichisavailablefromCranberryReinsuranceSolutions.Under
　　thatarrangement,thereinsuranceallowanceissetat10%ofcededpremiums,andthe
　　riskchargeis1%oftheoutstandingsurplusaccountfortheprioryear.
　　Asimplifiedincomestatementforthetermlifeinsurancebusinesslinefollows:
　　ZoolanderLife
　　Projected2005
　　TermLifeBusinessLine
　　BeforeReinsurance
　　Premiums
　　Gross33,000,000
　　Ceded0
　　NetPremiums33,000,000
　　InvestmentIncome
　　Gross1,650,000
　　Ceded0
　　NetInvestmentIncome1,650,000
　　ReinsuranceAllowance0
　　TotalRevenue34,650,000
　　Claims&Surrenders
　　Gross19,000,000
　　Ceded0
　　NetClaims&Surrenders19,000,000
　　ReserveIncrease
　　Gross11,000,000
　　Ceded0
　　NetReserveIncrease11,000,000
　　TotalBenefits30,000,000
　　Expenses&Commissions3,500,000
　　GainfromOperations1,150,000
 
　　COURSE8:Fall2004-2-GOTONEXTPAGE
　　FinanceandEnterpriseRiskManagement;CoreSegment
　　MorningSession
　　(a)ForZoolanderLife,show:
　　i.thechangeintheincomestatementfor2005undera100%funds
　　withheldcoinsurancearrangement
　　ii.theoutstandingsurplusaccountasofDecember31,2005.
　　(b)Explain,fromZoolander’sperspective,thebenefitsoftheirexistingYRT
　　reinsuranceascomparedtothebenefitsofCranberry’sproposedarrangement.
　　(c)RecommendifZoolandershouldpurchasethereinsurancefromCranberryReor
　　shouldretaintherisk.Defendyouranswer.
 
　　COURSE8:Fall2004-3-GOTONEXTPAGE
　　FinanceandEnterpriseRiskManagement;CoreSegment
　　MorningSession
　　Questions1-3pertaintotheCaseStudy.
　　Eachquestionshouldbeansweredindependently.
　　2.(11points)BonnieHawke,ZoolanderLife’s2ndVicePresidentofCapitalPlanning,
　　proposestoallocatecapitalbylineofbusinessusingtheGAAPrequiredsurplus
　　methodology.Youaregiventhefollowinginformation.
　　ZoolanderLifeProposedCapitalAllocation
　　LineofBusiness2003Projected
　　2004
　　Annuity100.0103.0
　　Disability150.0160.0
　　LifeInsurance200.0240.0
　　Variable215.0225.0
　　Corporate367.6390.0
　　Total1,032.61,118.0
　　(a)Explainwhyacompanymightchoosetoallocatecapitalbylineofbusiness.
　　(b)EvaluatetheappropriatenessoftheproposedallocationmethodchosenbyBonnie
　　Hawkeascomparedtoothercapitalallocationmethods.
　　(c)UsingBonnieHawke’sproposedallocation,determinewhethereachlineof
　　businessisprojectedtocreateordestroyeconomicvaluein2004andwhether
　　eachlineofbusinessisprojectedtogeneratefreecashflow.Showyourwork.
　　(d)Explaintheimplicationsoftheresultsin(c)above.
 
　　COURSE8:Fall2004-4-GOTONEXTPAGE
　　FinanceandEnterpriseRiskManagement;CoreSegment
　　MorningSession
　　Questions1-3pertaintotheCaseStudy.
　　Eachquestionshouldbeansweredindependently.
　　高顿网校之为人处世：修行是点滴的工夫。