全国所有的北美精算师参考的良友们，2004那年的精算师11月份SOA历届真题精要Course8IC（第三课），请继续保持高度热情学习。
　　7. (5 points) Your company is designing a product for the Lottery Commission. Winners
　　have a choice between a lump sum payment and an equivalent 25-year period certain
　　annuity.
　　(a) Describe key considerations in developing pricing assumptions for the annuity.
　　(b) You are considering the following product design features for the annuity:
　　? Surrender provision
　　? Medical bailout provision
　　? Variable payout based on investment results
　　Describe advantages and disadvantages of including these features in the product
　　design.
　　8. (4 points)
　　(a) (3 points) Describe the indicators being used as preferred risk criteria for life
　　insurance according to the Report of the Society of Actuaries Task Force on
　　Preferred Underwriting.
　　(b) (1 point) A company with a single non-smoker class would like to introduce a
　　preferred class.
　　You are given:
　　? Male age 55 aggregate mortality is 6.00 per thousand.
　　? 30% of the non-smoker class is expected to qualify for the new preferred
　　class.
　　? A 15% reduction in mortality is expected for the new preferred nonsmoker
　　class.
　　Calculate the expected mortality rate for both the preferred non-smoker and the
　　residual non-smoker classes. Show all work.
　　**END OF EXAMINATION**
　　MORNING SESSION
　　COURSE 8I: Fall 2004 -9- GO ON TO NEXT PAGE
　　Individual Insurance – Canada
　　Afternoon Session
　　**BEGINNING OF EXAMINATION 8**
　　INDIVIDUAL INSURANCE – CANADA
　　AFTERNOON SESSION
　　Beginning With Question 9
　　9. (6 points) ABC Life offers a disability premium waiver benefit rider sold with life
　　insurance products.
　　(a) (5 points) Explain the assumptions required to calculate the experience premiums
　　for this rider.
　　(b) (1 point) You are given the following information for an individual insured
　　age 55:
　　? Level annual premium waived is $100.
　　? Disability occurs at the middle of the policy year when the insured is age 55.
　　? Waiver benefits end at age 60.
　　? There is a 6-month waiting period, with coverage retroactive to the date of
　　disability.
　　? Premium and benefit payments are payable continuously throughout the
　　policy year.
　　[ 1] 1
　　x+k+ 2 +s+ 2 1 1
　　2 2
　　i
　　x k s D ?? + + ??+ +
　　1 1
　　2 2
　　i
　　x k s D ?? + + ??+ +
　　[ 1] 1
　　55 2+ 2 97.80 100.16
　　[ 1] 1
　　552+12 93.19 95.47
　　[ 1] 1
　　552+ 22 88.72 90.94
　　[ 1] 1
　　552+ 32 84.38 86.53
　　[ 1] 1
　　552+ 42 80.18 82.27
　　[ 1] 1
　　552+ 52 76.09 78.12
　　Calculate the present value of the net benefit at the end of the waiting period.
　　Show all work.
　　COURSE 8I: Fall 2004 -10- GO ON TO NEXT PAGE
　　Individual Insurance – Canada
　　Afternoon Session
　　10. (12 points) You are given the following features for a proposed single-premium equityindexed
　　annuity product:
　　Index S&P 500
　　Index Period 3 years
　　Index Growth Method Point-to-Point
　　Ratchet Annual
　　Participation Rate 90%
　　Margin 0.5%
　　Cap 15%
　　The participation rate, margin and cap features are applied in the order
　　listed above.
　　The product provides a Guaranteed Minimum Account Value of 90%
　　of the single premium, accumulated at 3% annual interest rate.
　　You are also given the following information:
　　? The net earned rate is 5.5%.
　　? The marketing area estimates it will sell $100 million in single premium in the
　　first year.
　　? The annuity product will be marketed primarily through independent
　　stockbrokers.
　　? Variable expenses are 4% of the single premium.
　　? Fixed expenses are $1 million in each of the next 3 years.
　　? To improve policyholder persistency, the marketing area has proposed a series
　　of discretionary “customer appreciation campaigns” that enhance the
　　product’s account values. The revised present value of index-based interest
　　budget to support these campaigns is estimated to increase from 6% to 9%.
　　COURSE 8I: Fall 2004 -11- GO ON TO NEXT PAGE
　　Individual Insurance – Canada
　　Afternoon Session
　　10. Continued
　　(a) (2 points) You are given the following values of the S&P 500 index:
　　Time S&P 500
　　0 1000
　　1 1050
　　2 1250
　　3 1175
　　Calculate the Index Account Value as a percentage of the single premium at the
　　end of the Index Period. Show all work.
　　(b) (5 points) A 100% increase in the present value of index-based interest budget
　　generates a 150% increase in the demand for the product, measured in dollars of
　　single premium sold.
　　(i) Describe factors that affect the price elasticity of demand.
　　(ii) Determine the change in the present value of profits in dollars from
　　offering the proposed campaigns and recommend whether to proceed.
　　Show all work.
　　(c) (5 points)
　　(i) Explain the concept of policyholder reasonable expectations with respect
　　to Canadian valuation standards of practice.
　　(ii) Assess the implications the proposed customer appreciation campaigns
　　may have on the valuation of policy liabilities with respect to policyholder
　　reasonable expectations.
　　COURSE 8I: Fall 2004 -12- GO ON TO NEXT PAGE
　　Individual Insurance – Canada
　　Afternoon Session
　　一知半解的人，多不谦虚；见多识广有本领的人，一定谦虚。——高顿网校旷世名言