有正在四处找笔记和正品讲义的学生吗？这儿有北美精算师历年精选——SOA真题November2003Course5（一）。
　　COURSE 5
　　MORNING SESSION
　　APPLICATION OF BASIC ACTUARIAL PRINCIPLES
　　SECTION A-WRITTEN ANSWER
　　COURSE 5: Fall 2003 - 2 - GO ON TO NEXT PAGE
　　Morning Session
　　**BEGINNING OF EXAMINATION 5**
　　MORNING SESSION
 
　　1. (5 points) A large employer is considering offering a private pension plan.
　　(a) Describe the reasons for offering such a plan.
　　(b) Describe the process involved in designing and implementing such a plan.
 
　　2. (5 points)
　　(a) For basic group term life insurance, briefly describe each of the following items:
　　(i) Typical plan designs offered
　　(ii) Eligibility provisions
　　(iii) Continuity of coverage provisions
　　(b) Briefly describe how supplemental group term life insurance is different from
　　basic group term life insurance with respect to:
　　(i) Typical plan designs offered
　　(ii) Eligibility provisions
　　(iii) Continuity of coverage provisions
　　COURSE 5: Fall 2003 - 3 - GO ON TO NEXT PAGE
　　Morning Session
 
　　3. (5 points)
　　(a) Describe the reasons a life insurance company may reinsure its risk.
　　(b) ABC Life Insurance Company has a 40% quota share reinsurance treaty on a first
　　dollar basis. Its retention limit is $500,000 per policy.
　　Policy 1 Policy 2
　　Net Amount at Risk $750,000 X
　　Amount Retained R Y
　　Amount Reinsured on a First Dollar Basis S Z
　　Amount Reinsured on an Excess Basis T $100,000
　　Calculate the missing values in the table above.
　　Show all work.
 
　　4. (5 points) Explain the U.S. laws and regulations with respect to market conduct that
　　apply to a life insurance company and its agents.
 
　　5. (6 points) Mary and John, respectively 45 and 42 years old, are considering the purchase
　　of a non-participating whole life, joint last-to-die policy, paid-up at first death with:
　　?  a 5 year term individual rider life insurance convertible and renewable up
　　to age 65 for Mary and John;
　　?  a Critical Illness rider covering 50 illnesses for Mary and John;
　　?  a Disability income rider providing a lifetime benefit with a 2 week
　　waiting period for Mary and John.
　　(a) Describe briefly the policy and its riders.
　　(b) Describe alternatives to each coverage that could reduce the cost to Mary and
　　John.
　　COURSE 5: Fall 2003 - 4 - GO ON TO NEXT PAGE
　　Morning Session
 
　　6. (7 points) For a defined benefit pension plan, you are given:
　　Pension plan formula:
　　1.5% of final year’s salary for each year of service up to 10 years, plus
　　2.0% of final year’s salary for each year of service after 10 years.
　　Interest Rate 6%
　　Salary Growth Rate 4%
　　Pre-retirement decrements None
　　Assumed retirement age 65
　　(12)
　　a&&65 12
　　Assets at 1/1/2003 300,000
　　Assets at 1/1/2004 320,000
　　Contribution made on 12/31/2003 5,000
　　Funding method Projected unit credit
　　Employee Age at Hire Age on 1/1/2003 Salary on 1/1/2003
　　A 30 40 30,000
　　B 30 60 50,000
　　(a) Calculate the unfunded accrued liability at 1/1/2003.
　　(b) The actual accrued liability on 1/1/2004 is 350,000.
　　Calculate the total experience gain/loss as of that date.
　　Show all work.
　　COURSE 5: Fall 2003 - 5 - GO ON TO NEXT PAGE
　　Morning Session
 
　　7. (5 points) For a property and casualty insurance policy issued January 1, 2000, you are
　　given:
　　Effective Date Rate Change
　　May 1, 2000 +5%
　　November 1, 2000 +10%
　　Calendar Year
　　Earned Premium
　　Expected effective incurred losses, trended
　　and developed through December 31, 2002
　　2000 120,000 100,000
　　2001 130,000 110,000
　　2002 140,000 120,000
　　Expense ratio: 30%
　　Present average manual rate: 45
　　Assume all policies have a one-year term and the premium is uniformly
　　distributed.
　　Calculate the indicated average gross rate as of January 1, 2003.
　　Show all work.8. (4 points) Describe the issues that must be considered for the design and pricing of:
　　(a) Group vision and hearing b
　　enefits
　　(b) Group legal benefits
　　COURSE 5: Fall 2003 - 6 - GO ON TO NEXT PAGE
　　Morning Session
　　COURSE 5
　　MORNING SESSION
　　APPLICATION OF BASIC ACTUARIAL PRINCIPLES
　　SECTION B-MULTIPLE CHOICE
　　COURSE 5: Fall 2003 - 7 - GO ON TO NEXT PAGE
　　Morning Session
　　1-7. Each of questions 1 through 7 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).
　　1. X. Canadian Employment Insurance
　　(EI)
　　I. Death benefits available
　　Y. Canadian Worker’s Compensation II. Supplemental unemployment
　　benefits
　　III. Employer premium reduction
　　program
　　2. X. Defined benefit pension plan I. Age neutral
　　Y. Defined contribution pension plan II. Golden handcuffs
　　III. Cash balance plan
　　3. X. Captive agents I. Commission overrides
　　Y. Banks II. Streamlined underwriting and issue
　　processes
　　III. Life insurance for estate planning
　　COURSE 5: Fall 2003 - 8 - GO ON TO NEXT PAGE
　　Morning Session
　　4. X. An employer with 5 employees I. Maternity coverage is mandatory.
　　Y. An employer with 40 employees II. For active employees, Medicare is
　　the secondary insurer.
　　III. The health plan carrier is not likely
　　to use a composite rating method.
　　5. X. Distributable earnings I. Used in return on equity (ROE)
　　calculation.
　　Y. Shareholder earnings II. Independent of required capital.
　　III. Better reflects owners’ expected
　　cash flows.
　　6. X. Aggregate method I. Benefit allocation cost method
　　Y. Projected unit credit method II. No unfunded actuarial liability
　　III. Actuarial losses not explicitly
　　recognized
　　7. X. Income annuity products I. Lapses are a key assumption in
　　pricing.
　　Y. Accumulation annuity products II. Longevity risk is a key concern.
　　III. In the U.S., the minimum solvency
　　reserves are calculated using the
　　Commissioners’ Annuity Reserve
　　Valuation Method (CARVM).
　　COURSE 5: Fall 2003 - 9 - GO ON TO NEXT PAGE
　　Morning Session
　　8-20. Each of questions 8 through 20 consists of an assertion in the left-hand column and a
　　reason in the right-hand column. Code your answer to each question by blackening
　　space:
　　(A) If both the assertion and the reason are true statements, and the reason is a correct
　　explanation of the assertion.
　　(B) If both the assertion and the reason are true statements, but the reason is NOT a
　　correct explanation of the assertion.
　　(C) If the assertion is a true statement, but the reason is a false statement.
　　(D) If the assertion is a false statement, but the reason is a true statement.
　　(E) If both the assertion and the reason are false statements.
　　8.
　　ASSERTION
　　Personal-producing general
　　agents receive higher
　　commissions than captive agents.
　　BECAUSE
　　REASON
　　Personal-producing general agents
　　typically provide training and
　　office space for captive agents.
　　9.
　　ASSERTION
　　In Canada, the licensing of
　　physicians falls under federal
　　jurisdiction.
　　BECAUSE
　　REASON
　　In Canada, the Federal
　　government sets national
　　standards for the provision of
　　health care.
　　10.
　　ASSERTION
　　For individual health insurance,
　　the loss ratio method is the most
　　common method of determining
　　premium rate changes.
　　BECAUSE
　　REASON
　　For individual health insurance,
　　under the loss ratio method, the
　　policyholder’s original rating class
　　does not have to be preserved.
　　COURSE 5: Fall 2003 - 10 - GO ON TO NEXT PAGE
　　Morning Session
　　11.
　　ASSERTION
　　In the U.S., small group carrier
　　s
　　can no longer require workers
　　compensation for all eligible
　　employers as a condition for
　　offering non-workers
　　compensation health benefits.
　　BECAUSE
　　REASON
　　In the U.S., the Health Insurance
　　Portability and Accountability Act
　　(HIPAA) requires small group
　　health carriers to offer all major
　　medical products on a guaranteed
　　acceptance and renewal basis.
　　12.
　　ASSERTION
　　In the U.S., underwriting a small
　　group has become less important
　　with the passage of the Health
　　Insurance Portability and
　　Accountability Act (HIPAA).
　　BECAUSE
　　REASON
　　In the U.S., HIPAA limits a
　　carrier’s ability to reject or rate-up
　　specific individuals within a small
　　group.
　　13.
　　ASSERTION
　　Under the individual level
　　premium cost method, the
　　actuarial liability cannot be less
　　than the plan termination
　　liability.
　　BECAUSE
　　REASON
　　Under the individual level
　　premium cost method, the implicit
　　supplemental liability for past
　　service benefits is not fully
　　amortized until the participant
　　reaches normal retirement age.
　　高顿网校之极品语录：青年人充满活力，像春水一样丰富。——拜伦