SOA真题Course8E（Part 1）——精算师考试北美，是高顿网校小编为大家编写的。
　　COURSE 8: Fall 2005 - 1 - GO TO NEXT PAGE
　　Finance and Enterprise Risk Management; Core Segment
　　Morning Session
　　**BEGINNING OF EXAMINATION**
　　FINANCE AND ENTERPRISE RISK MANAGEMENT; CORE SEGMENT
　　MORNING SESSION
　　Questions 1-2 pertain to the Case Study.
　　Each question should be answered independently.
　　1. (13 points) Kelly Ratings recently completed their review of Zoolander and sent you the
　　results, which recommend a downgrade in the rating. Tomas Lyon has asked you to
　　provide a report about this situation.
　　You have gathered the following information as of December 31, 2004:
　　Term net amount at risk is $3,000 million.
　　Whole Life net amount at risk is $1,500 million.
　　The general account annuity business is 100% GICs.
　　Prepare a report that addresses the following points.
　　(a) (2 points) Describe the roles of rating agencies and how they serve the securities
　　markets and the public.
　　(b) (1 point) Describe how rating agencies develop and use liquidity ratios in
　　assessing a firm’s financial strength.
　　(c) (4 points) Calculate Zoolander’s capital adequacy ratio as of December 31, 2004,
　　based on Kelly’s rating methodology.
　　(d) (4 points) Describe aspects of Kelly’s ratings process and models that could be
　　considered inferior to those used by Standard & Poors, Moody’s and Fitch
　　Ratings.
　　(e) (2 points) List the requirements to become a nationally recognized statistical
　　ratings organization, as defined in the SEC’s proposed rule, and determine
　　whether Kelly meets those requirements.
　　COURSE 8: Fall 2005 - 2 - GO TO NEXT PAGE
　　Finance and Enterprise Risk Management; Core Segment
　　Morning Session
　　Questions 1 - 2 pertain to the Case Study.
　　Each question should be answered independently.
　　2. (10 points) Tomas Lyon, Zoolander’s CEO, has asked to speak with you about two
　　concerns: liquidity risk and credit risk.
　　(a) (2 points) Describe the
　　高顿网校之名人名言：我这一生不曾工作过，我的幽默和伟大的著作都来自于求助潜意识心智无穷尽的宝藏。——马克吐温