请珍惜自己的考前复习时光！真题和大纲是万中之重！——【北美·精算师2005年份】SOA往年真题回忆Course8IC（一）
　　Individual Insurance – Canada
　　Morning Session
　　**BEGINNING OF EXAMINATION 8**
　　INDIVIDUAL INSURANCE – CANADA
　　MORNING SESSION
　　1. (4 points) A recent mortality experience study shows that the substandard portion of the
　　company’s life insurance policies has worse than expected experience.
　　(a) Explain reasons substandard mortality experience may be higher than expected.
　　(b) Describe methods to reflect substandard risks in life insurance products.
　　(c) Determine the best method to reflect each of the following substandard risks:
　　(i) Obesity with diabetes
　　(ii) Recovering from a temporary impairment
　　(iii) Hazardous occupation
　　(iv) Normal blood pressure but family history of coronary artery disease
　　Course 8I: Fall 2005 -2- GO ON TO NEXT PAGE
　　Individual Insurance – Canada
　　Morning Session
　　2. (5 points) A U.S. life insurance company is proposing a flexible premium deferred
　　annuity with the following features:
　　? Each deposit receives a guaranteed interest rate for the first five years based
　　on new money rates with an annually renewable interest rate thereafter.
　　? The minimum interest rate credited on funds and used in determining
　　minimum nonforfeiture amounts is guaranteed to be no less than 3%.
　　? The surrender charge is 15% of the current contract year deposit, plus 10%
　　of the prior contract year deposit.
　　? Surrender charges are waived upon annuitization.
　　? Return of principal is guaranteed during the first contract year.
　　? A death benefit is not provided during the deferral period.
　　? The annuitization bonus is 2% of account value.
　　? An annual fee of $75 is charged at the beginning of each contract year.
　　? An administrative load of 6% is applied to each deposit.
　　(a) Determine changes needed to the proposed product design in order to meet the
　　requirements of the Standard Nonforfeiture Law for Individual Deferred
　　Annuities.
　　(b) For a contract purchased on January 1, 2005, you are given:
　　Five-year constant maturity treasury rates
　　January 1, 2005 5.85%
　　January 1, 2006 5.50%
　　January 1, 2007 5.25%
　　January 1, 2008 4.75%
　　January 1, 2009 4.00%
　　Credited interest rate from January 1, 2005 to January 1, 2010 4.00%
　　Nonrefundable state premium tax rate 2.00%
　　Initial deposit paid on January 1, 2005 $50,000
　　Additional deposit paid on January 1, 2008 $5,000
　　Partial withdrawal on January 1, 2009 $10,000
　　Calculate the minimum nonforfeiture value allowed as of December 31, 2009
　　according to the Standard Nonforfeiture Law. Show all work.
　　Course 8I: Fall 2005 -3- GO ON TO NEXT PAGE
　　Individual Insurance – Canada
　　Morning Session
　　3. (5 points) You are given the following assumptions for a variable annuity product with
　　a guaranteed minimum death benefit (GMDB):
　　Account Value at time 0 $1,500
　　Death Benefit at time 0 $1,750
　　Deposit Paid to Date $1,750
　　Net Asset Charges 1.00%
　　Valuation Rate 5.50%
　　Assumed First Year Drop -14%
　　Assumed Fund Recovery 14%
　　Death Benefit Guarantee Type Roll-up
　　Roll-up Interest Rate 5%
　　Duration of Contract 5 years
　　Valuation Time (t) 0 1
　　Surrender Charges as a percentage of deposit paid 7% 6%
　　GMDB Mortality Rates per thousand - 17.192
　　Survival Function 1.0000 0.9828
　　t
　　Projected Integrated
　　Reserve
　　2 1,409.22
　　3 1,419.49
　　4 1,425.54
　　5 1,416.31
　　(a) (1 point) Explain the calculation of the integrated reserve according to Actuarial
　　Guideline 34.
　　(b) (4 points) Calculate the integrated reserve at time 0, according to Actuarial
　　Guideline 34. Show all work.
　　Course 8I: Fall 2005 -4- GO ON TO NEXT PAGE
　　Individual Insurance – Canada
　　Morning Session
　　Questions 4 and 5 pertain to the Case Study.
　　信用既是无形的力量，也是无形的财富。 ——（日）松下幸之助——高顿网校名人心语