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　　claims than average.
　　34.
　　ASSERTION
　　In the U.S., with respect to large
　　group health insurance, gender
　　cannot be used as a rating
　　characteristic.
　　BECAUSE
　　REASON
　　The U.S. government restricts the
　　use of gender-based employee
　　contribution rates for large groups.
 
　　35.
　　ASSERTION
　　In most countries, tax reserves
　　are identical to solvency reserves.
　　BECAUSE
　　REASON
　　Solvency reserves produce the
　　smallest tax deductions for
　　insurance companies.
　　COURSE 5: Fall 2005 - 31 - GO ON TO NEXT PAGE
　　Morning Session
 
　　36-40. Each of questions 36 through 40 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).
　　36. X. Cash basis accounting I. Method usually used to determine
　　non-business income.
　　Y. Accrual basis accounting II. Produces more accurate
　　measurement of income over an
　　accounting period.
　　III. Cost of capital assets amortized over
　　their useful life.
　　37. X. No-fault system I. Subrogation of auto insurance claims
　　Y. Tort system II. Significantly higher personal injury
　　protection premium
　　III. Workers compensation
　　COURSE 5: Fall 2005 - 32 - STOP
　　Morning Session
　　38. X. Waiver of premium benefit for
　　group life insurance.
　　I. Insured receives monthly installment
　　benefit.
　　Y. Total and permanent disability
　　benefit for group life insurance.
　　II. Insured must remain continuously
　　disabled until death.
　　III. Insured is typically paid a reduced
　　death benefit at time of death.
　　39. X. Multiple Employer Welfare
　　Association (MEWA)
　　I. Collectively bargained
　　Y. Purchasing alliance II. Self-insured
　　III. Typically small average employer
　　size (<50)
　　40. X. Canadian MCCSR Tier 1 capital I. Contributed capital
　　Y. Canadian MCCSR Tier 2 capital II. Deduction for 100% of negative
　　reserves
　　III. Subordinated debt
　　**END OF EXAMINATION**
　　MORNING SESSION
　　COURSE 5: Fall 2005 - 33 - STOP
　　Morning Session
　　COURSE 5
　　AFTERNOON SESSION
　　APPLICATION OF BASIC ACTUARIAL
　　PRINCIPLES
　　SECTION A – WRITTEN ANSWER
　　COURSE 5: Fall 2005 - 1 - GO ON TO NEXT PAGE
　　Afternoon Session
　　**BEGINNING OF EXAMINATION**
　　COURSE 5
　　AFTERNOON SESSION
　　Beginning with Question 9
　　9. (4 points) Describe the objectives of ratemaking in Property and Casualty insurance.
　　10. (5 points)
　　(a) Describe the difference between:
　　i. yearly renewable term (YRT) reinsurance
　　ii. coinsurance
　　(b) Describe the difference between:
　　i. coinsurance
　　ii. modified coinsurance
　　iii. coinsurance with funds withheld
　　(c) Describe the difference between:
　　i. automatic reinsurance
　　ii. facultative reinsurance
　　(d) A life insurance company has:
　　? an excess reinsurance agreement with a $1,000,000 retention limit
　　? a 40% first-dollar quota share reinsurance agreement
　　Calculate the excess and quota share
　　reinsurance amounts for:
　　i. $800,000 term policy
　　ii. $2,000,000 term policy
　　Show all work.
　　COURSE 5: Fall 2005 - 2 - GO ON TO NEXT PAGE
　　Afternoon Session
　　11. (6 points) You are given the following data for a proposed life insurance product:
　　t AftTax
　　SolvEarn
　　Req
　　Cap
　　Solv
　　Res
　　Ben
　　Res DAC Tax InvInc
　　RC
　　TaxInvInc
　　RC
　　1 -50 10 12 19 100 -40 0 0
　　2 10.2 9.8 25 31 92 6.8 0.6 0.24
　　3 10.2 9.5 33 38 84 6.8 0.59 0.24
　　After Tax Interest Rate Earned on Assets: 3.6%
　　Hurdle Rate: 10%
　　ReqCap(0): 0
　　(a) Describe the considerations in determining which accounting basis should be used
　　to determine the profits of this product.
　　(b) Calculate EmbeddedValue (3) using distributable earnings as profits.
　　(c) Calculate the return on assets for the first three years using distributable earnings
　　as profits and discounting at the after tax earnings rate.
　　12. (6 points) With respect to a life insurance company:
　　(a) Describe the objectives of investment regulation and how they can be achieved.
　　(b) Describe the NAIC regulation for:
　　i. the valuation of assets
　　ii. the valuation of reserves
　　COURSE 5: Fall 2005 - 3 - GO ON TO NEXT PAGE
　　Afternoon Session
　　13. (6 points) With respect to U.S. medical benefit plans, describe the various provisions that
　　may be used for cost sharing:
　　(a) with the insured
　　(b) with the provider
　　14. (4 points)
　　(a) Describe the typical and alternate methods of disclosing policy loans on a life
　　insurance company’s balance sheet and income statement.
　　(b) You are given the following:
　　End of Year Invested Assets 3,000
　　End of Year Policy Loans In-Force 500
　　End of Year Reserves 3,500
　　Beginning of Year Reserves 3,300
　　Premiums 300
　　Interest on Invested Assets 180
　　Interest on Policy Loans 25
　　Benefits Paid 215
　　Expenses 30
　　Tax Rate 35%
　　Prepare a balance sheet and an income statement using a valid method of
　　reflecting policy loans.
　　15. (5 points) Regardless of accounting basis, describe the four widely used reserve methods
　　for individual life insurance.
　　COURSE 5: Fall 2005 - 4 - STOP
　　Afternoon Session
　　16. (4 points) You are given the following information regarding a long-term disability
　　insurance product:
　　Benefit: $5,000 payable mid-month for 3 months
　　Elimination period: 1 month
　　Monthly interest rate: 1%
　　Pending factor: 70% for all claims
　　Continuance Table*
　　Claim Duration (months)
　　0 100
　　1 90
　　2 80
　　3 70
　　4 60
　　*Continuance table values for the middle of a month can be computed through
　　averaging
　　(a) Explain the reserve methodology for open claims.
　　(b) Calculate the tabular reserves at the end of month 1.
　　(c) Explain the reserve methodology for pending claims.
　　(d) Calculate the pending reserve for a claim reported at the end of month 3.
　　Show all work.
　　**END OF EXAMINATION**
　　AFTERNOON SESSION
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