全世界各地区的北美精算师网友们出来和高顿网校小编打声招呼吧，有在这里路过的吗？北美精算师2014年份：历年SOA真题November2003Course5（二），送给大家了。
　　14.
　　ASSERTION
　　Under the entry age normal cost
　　method using assumed entry
　　ages, the actuarial liability for
　　each individual will be positive.
　　BECAUSE
　　REASON
　　Under the entry age normal cost
　　method using assumed entry ages,
　　the assumed entry age cannot
　　exceed the earliest plan eligibility
　　age.
　　COURSE 5: Fall 2003 - 11 - 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.
　　15.
　　ASSERTION
　　For dynamic life insurance
　　products, the calculation of
　　policy values is independent of
　　the partial withdrawal
　　assumptions.
　　BECAUSE
　　REASON
　　For dynamic life insurance
　　products, partial withdrawals of
　　the account values are often
　　allowed.
　　16.
　　ASSERTION
　　The U.S. DAC Tax results in a
　　company losing investment
　　income.
　　BECAUSE
　　REASON
　　The U.S. DAC Tax accelerates
　　taxes.
　　COURSE 5: Fall 2003 - 12 - GO ON TO NEXT PAGE
　　Morning Session
　　17.
　　ASSERTION
　　Under a defined benefit pension
　　plan, the plan termination
　　liability is usually less than the
　　plan continuation liability.
　　BECAUSE
　　REASON
　　Under a defined benefit pension
　　plan, the plan termination
　　valuation omits salary projections.
　　18.
　　ASSERTION
　　Yearly Renewable Term (YRT)
　　reinsurance is commonly used
　　with annuities.
　　BECAUSE
　　REASON
　　YRT reinsurance removes the
　　insurer’s investment risk.
　　19.
　　ASSERTION
　　In the U.S., manual rates
　　developed for large group health
　　plans do not depend on the
　　group’s specific gender mix.
　　BECAUSE
　　REASON
　　In the U.S., the federal
　　government restricts the use of
　　gender-based employee
　　contribution rates for large group
　　health plans.
　　20.
　　ASSERTION
　　Incurred loss-development
　　factors may be greater than one.
　　BECAUSE
　　REASON
　　Final loss development in a claim
　　file may be negative.
　　COURSE 5: Fall 2003 - 13 - GO ON TO NEXT PAGE
　　Morning Session
　　21. For a property and casualty product, you are given:
　　Expected effective incurred losses (trended and developed) 50,000,000
　　Earned exposure units 2,000,000
　　Earned premium at current rates 66,000,000
　　Current average manual rate 33
　　Expense ratio 30%
　　Calculate the new average
　　gross rate that should be charged.
　　(A) 25
　　(B) 30
　　(C) 36
　　(D) 47
　　(E) 83
　　COURSE 5: Fall 2003 - 14 - GO ON TO NEXT PAGE
　　Morning Session
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　　COURSE 5: Fall 2003 - 15 - GO ON TO NEXT PAGE
　　Morning Session
　　22. For a variable income annuity, you are given:
　　Initial annual income benefit = 10,000
　　AIR = 4%
　　Policy Year Net Investment Return
　　1 5%
　　2 3%
　　3 1%
　　4 7%
　　5 2%
　　Calculate the annual income benefit in policy year 5.
　　(A) 9,799
　　(B) 9,991
　　(C) 10,009
　　(D) 10,205
　　(E) 11,699
　　COURSE 5: Fall 2003 - 16 - GO ON TO NEXT PAGE
　　Morning Session
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　　COURSE 5: Fall 2003 - 17 - GO ON TO NEXT PAGE
　　Morning Session
　　23. All of the following are criteria for a risk to be insurable EXCEPT:
　　(A) The loss is definite.
　　(B) The loss is random.
　　(C) The exposure units are dependent.
　　(D) The economic value of insurance is calculable.
　　(E) It is economically feasible.
　　24. The administration of life insurance policies is similar to health insurance policies for all
　　of the following EXCEPT:
　　(A) Use of medical examination
　　(B) Premium collection
　　(C) Policy issue
　　(D) Application
　　(E) Claims administration
　　COURSE 5: Fall 2003 - 18 - GO ON TO NEXT PAGE
　　Morning Session
　　25. For overhead expense benefit policies, all the following are true EXCEPT:
　　(A) Elimination periods usually exceed 60 days.
　　(B) Benefit periods usually exceed two years.
　　(C) Actual expenses incurred are covered up to a maximum amount.
　　(D) Benefits are independent of other disability income policies replacing earned
　　income.
　　(E) Surrogate salary benefit is available.26. Rank in ascending order (smallest to largest) the mortality assumptions under the
　　following underwriting approaches.
　　I. Simplified issue
　　II. Nonmedical
　　III. Guaranteed issue
　　(A)
　　I
　　<
　　II
　　<世纪考试网版权所有
　　III
　　(B)
　　I
　　<
　　III
　　<
　　II
　　(C)
　　II
　　<
　　I
　　<
　　III
　　(D)
　　III
　　<
　　I
　　<
　　II
　　(E)
　　III
　　<
　　II
　　<
　　I
　　COURSE 5: Fall 2003 - 19 - GO ON TO NEXT PAGE
　　Morning Session
　　27. For dynamic life insurance produc ts, all of the following are true EXCEPT:
　　(A) Premiums are flexible.
　　(B) Commissions are a low percentage of premiums up to a “target premium.”
　　(C) Surrender charges reduce to zero over a number of years.
　　(D) Expense charges are usually a percentage of premiums plus a flat amount per
　　month.
　　(E) Death benefits are usually greater than or equal to the account value.
　　28. Rank in ascending order (smallest to largest) the following products according to the
　　level of investment risk transferred to policyholders.
　　I. Two-tiered annuity
　　II. Equity-indexed annuity
　　III. Variable universal life insurance
　　(A) I < II < III
　　(B) I < III < II
　　(C) II < I < III
　　(D) III < I < II
　　(E) III < II < I
　　COURSE 5: Fall 2003 - 20 - GO ON TO NEXT PAGE
　　Morning Session
　　29. A company may segment assets for all of the following reasons EXCEP T:
　　(A) To allow different lines of business to make independent investment choices.
　　(B) To simplify accounting.
　　(C) To back liabilities with assets of similar terms.
　　(D) To credit “new money” interest rates to policies.
　　(E) To back products that offer cash surrender values with liquid assets.
　　COURSE 5: Fall 2003 - 21 - GO ON TO NEX
　　T PAGE
　　Morning Session
　　30. For a defined benefit pension plan, you are given:
　　Actuarial cost method: Traditional unit credit
　　Normal retirement benefit: 30 per month per year of service
　　Interest rate: 7.0%
　　Pre-retirement decrement other than death: None
　　Retirement age: 65
　　Participants as of January 1, 2002: 50 active participants, all age 55
　　Selected mortality value: q55 = 0.02
　　Normal cost for 2002: 150,000
　　All 50 participants are still active as of January 1, 2003.
　　Calculate the normal cost for 2003.
　　(A) 153,061
　　(B) 157,290
　　(C) 160,500
　　(D) 163,775
　　(E) 167,250
　　COURSE 5: Fall 2003 - 22 - GO ON TO NEXT PAGE
　　Morning Session
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　　COURSE 5: Fall 2003 - 23 - GO ON TO NEXT PAGE
　　Morning Session
　　31. For a prescription drug plan, you are given:
　　All prescriptions cost at least $10.
　　The average prescription is $75.
　　The current plan has a $5 per prescription copay.
　　The current utilization is 8,500 annual prescriptions per 1,000 members.
　　The utilization will drop to 7,800 annual prescriptions per 1,000 members if the
　　per prescription copay is increased from $5 to $10.
　　Calculate the estimated change in the gross cost per member per month (PMPM) if the
　　copay is increased from $5 to $10.
　　(A) -$3.40
　　(B) -$3.90
　　(C) -$4.40
　　(D) -$4.60
　　(E) -$7.30
　　COURSE 5: Fall 2003 - 24 - GO ON TO NEXT PAGE
　　Morning Session
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　　COURSE 5: Fall 2003 - 25 - GO ON TO NEXT PAGE
　　Morning Session
　　32. A product has a 6% profit margin and a premium margin of 90%.
　　Calculate the breakeven sales percentage change needed to offset a 2% price reduction.
　　(A) 43% decrease
　　(B) 30% decrease
　　(C) 21% increase
　　(D) 30% increase
　　(E) 43% increase
　　COURSE 5: Fall 2003 - 26 - GO ON TO NEXT PAGE
　　Morning Session
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　　COURSE 5: Fall 2003 - 27 - GO ON TO NEXT PAGE
　　Morning Session
　　33. For the Canadian annual statement, each of the following is true EXCEPT:
　　(A) Claims in course of settlement are separately reported.
　　(B) Group life insurance in force is split by type of group covered.
　　(C) Group life insurance in force is split between term and permanent.
　　(D) Income is separately developed by line of business.
　　(E) Gross reserves are exhibited separately by line of business.
　　COURSE 5: Fall 2003 - 28 - GO ON TO NEXT PAGE
　　Morning Session
　　34. In Canada, for federal tax calculations related to one-year group term life insurance, each
　　of the following is true, EXCEPT:
　　(A) Acquisition expenses must be amortized over the term period.
　　(B) The reserve for known claims generally cannot exceed 95% of the statutory
　　reserve.
　　(C) The reserve for IBNR claims cannot exceed 95% of the statutory reserve.
　　(D) The actuarial reserve is limited to the equally apportioned unearned premium.
　　(E) The provision for experience refunds cannot exceed 25% of the annual premium.
　　35. In the U.S., for a group insurance minimum premium plan, all of the following are true
　　EXCEPT:
　　(A) Claims paid by the policyholder are exempt from premium tax in most states.
　　(B) It can be used with retrospective refunds.
　　(C) The accounting for claims is similar to that for reserveless arrangements.
　　(D) Premium equivalents are reported on the NAIC annual income statement.
　　(E) Policyholder funds the claim portion of the policy.
　　COURSE 5: Fall 2003 - 29 - STOP
　　Morning Session
　　36. For a property and casualty insurance product, you are given the following accident year
　　2000 information:
　　(i) Under Expected Loss Ratio method, the estimated ultimate losses are
　　500,000
　　(ii) The following paid loss-development factors from the Chain-Ladder
　　method
　　Ratio of Successive Development Years
　　1/0 2/1 3/2 4/3 5/4 6/5
　　average 1.51 1.43 1.22 1.05 1.03 1.00
　　Calculate the year-end
　　2002 estimated loss reserve using the Bornhuetter-Ferguson
　　method.
　　(A) 121,048
　　(B) 175,497
　　(C) 234,999
　　(D) 324,503
　　(E) 378,952
　　**END OF EXAMINATION**
　　MORNING SESSION
　　COURSE 5: Fall 2003 - 30 - STOP
　　Morning Session
　　COURSE 5
　　AFTERNOON SESSION
　　APPLICATION OF BASIC ACTUARIAL
　　PRINCIPLES
　　WRITTEN ANSWER
　　COURSE 5: Fall 2003 - 31 - GO ON TO NEXT PAGE
　　Afternoon Session
　　**BEGINNING OF EXAMINATION 5**
　　AFTERNOON SESSION
　　Beginning with Question 9
　　高顿网校之名人哲学：青年人的性格如同一匹不羁的野马，藐视既往，目空一切，好走极端，勇于革新而不去估量实际的条件和可能性，结果常因浮躁而改革不成却招致更大的祸患，老年人则正相反。他们常常满足于困守已成之局，思考多于行动，议论多于果断，为了事后不后悔，宁肯事前不冒险。——培根