大家（北美精算师亲们）请再接再厉，拿下几个月后的考试哦——SOA真题November2004Course5（Paet8）：北美部分历年考试精选。
　　39. X. Hazard I. Collision
　　Y. Peril II. Poor wiring
　　III. Dishonesty
　　40. X. Variable universal life products I. Passes full investment risk to the
　　policyholder
　　Y. Unitised-with-profit products II. Uses bid/offer spread as hidden
　　expense charge
　　III. Uses front-end loads to cover
　　acquisition costs
　　COURSE 5: Fall 2004 - 44 - GO ON TO NEXT PAGE
　　Afternoon Session
　　COURSE 5
　　AFTERNOON SESSION
　　APPLICATION OF BASIC ACTUARIAL PRINCIPLES
　　SECTION A-WRITTEN ANSWER
　　COURSE 5: Fall 2004 - 45 - GO ON TO NEXT PAGE
　　Afternoon Session
　　**BEGINNING OF EXAMINATION**
　　COURSE 5
　　AFTERNOON SESSION
　　Beginning With Question 9
 
　　9. (5 points) In Canada, describe the design of extended health plans in the group market.
 
　　10. (3 points) Describe the reasons why a plan sponsor would switch from a defined benefit
　　pension plan to a defined contribution pension plan.
　　COURSE 5: Fall 2004 - 46 - GO ON TO NEXT PAGE
　　Afternoon Session
 
　　11. (5 points) You are pricing the latest version of a life insurance company’s flexible
　　premium universal life (UL) product.
　　With respect to the company, you are given the following:
　　?? Superior ratings from the major ratings agencies
　　?? Strong reputation in the estate planning market
　　?? Target market consists of affluent, sophisticated retirees
　　?? Average face amount on policies is significantly higher than the industry
　　average
　　?? UL sold for many years
　　?? New UL product is similar to its best-selling product
　　The new product has the following features:
　　Commissions:
　　First-year: 50% of first-year premium up to the target commissionable
　　premium, plus 3% of first-year premium in excess of the
　　target commissionable premium
　　Renewal: 3% of premium in policy year 2 onwards
　　Chargeback: 100% of first-year commissions for lapses in the first 3
　　policy years
　　Bonus refund: return of COI charges at the end of policy year 25
　　Surrender charges: 15% in policy year 1, grading linearly to 0% in policy year
　　16
　　(a) Describe how the information given above would influence your lapse
　　rate assumption.
　　(b) Describe the effect of the surrender charge on the investment risk and
　　the investment strategy for this product.
　　COURSE 5: Fall 2004 - 47 - GO ON TO NEXT PAGE
　　Afternoon Session
 
　　12. (7 points) For a property and casualty insurance company, you are given the following:
　　Gross premium rates In effect for 6 months
　　Policy length 3 months
　　Trend factors Increase at an exponential rate
　　δ 0.133
　　Distribution of claims Uniform
　　Additional loadings:
　　Commissions 0.00
　　General Expenses 12.0%
　　Taxes 3.5%
　　Profit 4.0%
　　Incurred losses for reported claims by development year
　　Accident Year Development Year
　　0 1 2
　　2001 10,432,532 12,414,789 12,787,542
　　2002 12,503,672 15,248,731
　　2003 14,813,156
　　No further development beyond year two.
　　Accident Year
　　Earned Exposure Units
　　Number of Incurred
　　Claims
　　Credibility Factor
　　2001 106,454 5,569 0.0%
　　2002 107,127 5,603 40.0%
　　2003 107,962 5,691 60.0%
　　(a) (2 points) Calculate the expected ultimate incurred losses by accident year.
　　(b) (5 points) Calculate the gross premium rate that will take effect at May 1,
　　2004.
　　COURSE 5: Fall 2004 - 48 - STOP
　　Afternoon Session
 
　　13. (5 points) With respect to group health insurance:
　　(a) List the criteria that should be considered when underwriting large groups.
　　(b) Indicate why these criteria are important.
 
　　14. (5 points) Describe the considerations in group insurance financial reporting for:
　　(a) Alternative funding arrangements
　　(b) Administrative arrangements
 
　　15. (5 points) In the context of U.S. insurance company solvency regulation:
　　(a) Describe the role of State Guaranty Funds.
　　(b) Explain the effect of reinsurance regulation.
 
　　16. (5 points) With respect to group long term disability and group long term care insurance
　　contracts:
　　(a) Describe the features that are important when calculating claim reserves.
　　(b) Describe the considerations in preparing an actual to expected (A/E) claim
　　termination rate study.
　　(c) Describe the steps in calculating IBNR reserves by the loss ratio method.
　　**END OF EXAMINATION**
　　AFTERNOON SESSION
　　高顿网校之名人信念：尽管责任有时使人厌烦，但不履行责任，只能是懦夫，不折不扣的废物。——刘易斯