全国地区的北美精算师伙计，还是在卖力的复习么？SOA精算师考试真题大汇集Course8IU（2005年第4课），有学过吗？无则加勉啊。
　　13. (13 points) Your company is proposing to offer a new flexible premium UL product in
　　the Canadian market with the following features:
　　? The introductory credited interest rate is 12% and is guaranteed for the first
　　12 months.
　　? The credited rate after the first 12 months is based on one of two options:
　　- The return on fixed income assets, or
　　- An equity index based on the S&P 500.
　　? Commission of 60% on all premiums paid in the first year.
　　? Production bonus of 100% on first year commission earned.
　　? There are no commission chargebacks.
　　? Surrender charges apply for the first 10 years.
　　? Every five years, a contingent bonus of 1% of account value is paid, provided
　　the average credited rate has exceeded 4% over the life of the policy.
　　(a) (4 points)
　　(i) Describe each of the following prohibited sales practices:
　　? Misrepresentation
　　? Twisting and churning
　　? Rebating
　　(ii) Evaluate the exposure of the proposed product to each of these practices.
　　(b) (1 point) Explain the advantages and disadvantages of flexible premium UL
　　compared to fixed premium UL.
　　(c) (4 points) Determine the impact on lapsation for policies with the fixed income
　　crediting option under a declining return scenario, assuming the credited rate is:
　　(i) The earned rate less a targeted spread.
　　(ii) The market rate less a targeted spread.
　　(d) (4 points) Explain the factors used to determine the amount of DAC amortization
　　in the first policy year for this UL product with respect to U.S. GAAP.
　　Course 8I: Fall 2005 -5- GO ON TO NEXT PAGE
　　Individual Insurance – U.S.
　　Afternoon Session
　　14. (12 points) ABC Life currently sells a guaranteed, 10-year level premium term product
　　in the U.S. market. After the initial 10-year period, coverage is annually renewable.
　　Recent sales results have been disappointing. ABC is developing an indeterminate
　　premium version to replace the current product. Under the new design, premium rates
　　will be guaranteed for the first two years of the contract.
　　(a) Describe the types of product innovations as outlined in LOMA.
　　(b) With respect to indeterminate premium term products:
　　(i) Describe the product design.
　　(ii) Explain the advantages and disadvantages compared to a guaranteed
　　premium product design from the company’s perspective.
　　(c) ABC has no mortality experience for an indeterminate premium product.
　　Describe factors ABC needs to consider in using its own existing mortality data to
　　set the mortality assumption used to price the new product.
　　(d) Describe the following methods of calculating reserves for renewable term
　　products:
　　(i) Unitary method.
　　(ii) Contract Segmentation method.
　　Course 8I: Fall 2005 -6- GO ON TO NEXT PAGE
　　Individual Insurance – U.S.
　　Afternoon Session
　　15. (8 points)
　　(a) Describe the following methods of matching assets and liabilities.
　　(i) Exact matching,
　　(ii) Duration matching,
　　(iii) Horizon matching, and
　　(iv) Product cash flow matching.
　　(b) You are given:
　　Time Liability Cash Flow
　　1 25
　　2 25
　　3 100
　　4 100
　　5 0
　　6 0
　　Calculate the modified duration and convexity of the liability cash flows using an
　　interest rate of 7%. Show all work.
　　(c) The investment department suggests an asset portfolio with modified duration
　　equal to the liability cash flow modified duration, with the following asset cash
　　flows:
　　Time Asset Cash Flow
　　1 4.68
　　2 0.32
　　3 234.07
　　4 0.32
　　5 0.00
　　6 10.72
　　(i) Evaluate the effectiveness of using the proposed asset portfolio to
　　immunize the liability cash flows.
　　(ii) Describe ways to improve the asset and liability matching for this
　　portfolio.
　　Show all work.
　　Course 8I: Fall 2005 -7- GO ON TO NEXT PAGE
　　Individual Insurance – U.S.
　　Afternoon Session
　　高顿网校之极品语录：别说别人可怜，自己更可怜，自己修行又如何？自己又懂得人生多少？