这里有网友是考北美精算师的请举个手啦，SOA历届2004年11月Course8I真题（精算师第四堂课），快来装入脑子里哦。
　　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) With respect to cash flow testing, assess the selection of a long-term
　　lapse assumption for this product, considering the effects of the proposed
　　campaigns.
　　COURSE 8I: Fall 2004 -11- GO ON TO NEXT PAGE
　　Individual Insurance – U.S.
　　Afternoon Session
　　11. (9 points) A financial review of the term portfolio reveals a lower level of profitability
　　from the 5-year level term product than originally projected. You have been asked to
　　re-price the 5-year level term product for your brokerage and direct response distribution
　　channels.
　　(a) Compare the effect each of these distribution channels has on the following
　　assumptions.
　　(i) Mortality
　　(ii) Lapse
　　(iii) Interest
　　(iv) Expense
　　(b) Describe elements of compensation used for brokerage distribution.
　　(c) The term portfolio has experienced lower policy persistency.
　　(i) Describe the factors that affect persistency.
　　(ii) Recommend steps to improve persistency for the product.
　　COURSE 8I: Fall 2004 -12- GO ON TO NEXT PAGE
　　Individual Insurance – U.S.
　　Afternoon Session
　　12. (6 points) XYZ Mutual is planning to sell a new 5-year term dividend-paying product
　　subject to SFAS120 guidelines.
　　You are given the following projected best estimate values:
　　Acquistion Expenses Maintenance
　　Year
　　Gross
　　Premiums
　　Death
　　Benefits
　　Investment
　　Income
　　On NLP
　　Reserves Deferrable
　　Non-
　　Deferrable Expenses Dividends
　　1 1000 224 45 550 100 250 70
　　2 900 237 63 225 98
　　3 810 263 54 203 124
　　4 770 274 45 193 149
　　5 730 287 39 183 175
　　You are also given the following projected changes to the Net Level Premium (NLP)
　　reserve:
　　Year
　　Change Due to
　　Premiums
　　Change Due to
　　Benefits
　　Change Due to
　　Interest
　　1 600 -337 36
　　2 540 -356 50
　　3 486 -394 43
　　4 462 -412 36
　　5 438 -431 31
　　Assume:
　　? No surrender Benefits
　　? Discount rate equals 6%
　　? No taxes
　　(a) Contrast the SFAS120 and SFAS60 accounting methodologies with respect to the
　　recognition of income statement items.
　　(b) Assess the recoverability of the deferred expenses for this policy and recommend
　　any changes if necessary. Show all work.
　　COURSE 8I: Fall 2004 -13- GO ON TO NEXT PAGE
　　Individual Insurance – U.S.
　　Afternoon Session
　　Questions 13 and 14 pertain to the Case Study.
　　13. (8 points) The valuation actuary at Saturn Life is concerned about the mortality
　　experience of the term portfolio.
　　(a) Assess the effect of Saturn’s conversion, re-underwriting and termination options
　　on the renewal ART mortality assumption.
　　(b) You are given the following additional information for Saturn’s 5-year level term
　　plan:
　　? Mortality is 90% of the 1975-80 Ultimate Table in the absence of selective
　　lapsation
　　? qx+5, t?5 equals 80% of qx, t
　　? Duration five lapse rate is 20%
　　? 75% of duration five lapses are assumed to be selective
　　Calculate the duration five mortality rate for a female age 40 using the
　　conservation of deaths principle. Show all work.
　　(c) Current best estimate assumptions have been updated to reflect higher expected
　　mortality due to increased anti-selection at renewal. Other assumptions remain
　　unchanged. You are given the following as of December 31, 2003, based on
　　current best estimate assumptions:
　　? PV benefits and expenses equals $15,000,000
　　? PV premiums equals $50,000,000
　　(i) Calculate the premium deficiency for the term portfolio. Show all work.
　　(ii) Identify any required adjustments to the December 31, 2003 U.S. GAAP
　　Term Life Insurance balance sheet.
　　COURSE 8I: Fall 2004 -14- GO ON TO NEXT PAGE
　　Individual Insurance – U.S.
　　Afternoon Session
　　Questions 13 and 14 pertain to the Case Study.
　　读书是易事，思索是难事，但两者缺一，便全无用处。——高顿网校旷世名言