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　　10. (4 points) As a result of the new Medicare Prescription Drug Improvement and
　　Modernization Act of 2003 it may be necessary for a plan sponsor to perform an actuarial
　　valuation to determine actuarial equivalence between the sponsor’s plan with the basic
　　Medicare benefit.
　　Assume that costs over age 65 for the sponsor’s plan are $1,500 per year and plan costs,
　　on the average, increase by 3% per year above 65. Assume that the demographics are as
　　follows:
　　Demographics
　　Age Group Number
　　65 to 69 200
　　70 to 74 400
　　75 to 79 300
　　80 to 84 100
　　Total 1,000
　　(a) Outline the assumptions needed to perform an actuarial valuation of the sponsor’s
　　plans.
　　(b) Develop the sponsor’s plan costs by age group.
　　(c) Describe the financial impact to the plan sponsor of the three possible outcomes
　　when determining actuarial equivalence.
　　**END OF EXAMINATION**
　　MORNING SESSION
　　COURSE 8: Fall 2004 - 8 - GO TO NEXT PAGE
　　Health and Group Life Segment
　　Afternoon Session
　　**BEGINNING OF EXAMINATION**
　　HEALTH AND GROUP LIFE SEGMENT
　　AFTERNOON SESSION
　　Beginning With Question 11
　　11. (4 points)
　　(a) Describe the types of claim liabilities and reserves. For each, provide an example
　　of an event which would require such a liability or reserves to be established.
　　(b) Describe common methods used to estimate claim reserves.
　　12. (6 points) Company XYZ management has decided it is time to invest resources into
　　developing better reporting and analytical systems.
　　(a) (2 points) Describe ways data compiled in the claim adjudication process can be
　　used for reporting and analysis.
　　(b) (3 points) Compare and contrast types of data structures and physical media used
　　to store data in computer systems.
　　(c) (1 point) Describe considerations when choosing a data structure and storage
　　media.
　　COURSE 8: Fall 2004 - 9 - GO TO NEXT PAGE
　　Health and Group Life Segment
　　Afternoon Session
　　13. (5 points) You are the CFO of a start-up insurance company. You are in the process of
　　determining your minimum required surplus and designing a system for measuring
　　capital, profit, and growth.
　　(a) Describe the insurance risks that should be considered when setting minimum
　　surplus requirements.
　　(b) Discuss the necessary considerations when designing a system for measuring
　　capital, profit, and growth.
　　(c) Discuss and illustrate with formulas how capital, profit, and growth inter-relate.
　　COURSE 8: Fall 2004 - 10 - GO TO NEXT PAGE
　　Health and Group Life Segment
　　Afternoon Session
　　14. (5 points) Paul and Leslie, who are both in their 30’s, were recently married and are
　　meeting with an agent to discuss their financial plans.
　　Paul works on contract as a motivational speaker and has no employee benefits. He earns
　　$50,000 a year. Leslie works for a financial institution which has a flexible benefits plan
　　including STD and LTD. Leslie earns a base salary of $50,000 per year and earned a
　　bonus of $5,000 last year.
　　Paul is considering the following disability plan:
　　Type: Individual Disability Income
　　Waiting Period: 30 days
　　Definition of Disability: Own occupation to 65
　　Benefit Amount: $2500 per month
　　Benefit Term: 5 years
　　Leslie is currently enrolled in the following option in the flex plan:
　　Type: LTD STD
　　Elimination Period: 4 months
　　Definition of Disability: 2 Year Own Occupation,
　　then Any Occupation to 65
　　Benefit Amount: 60% of salary 100% of salary for 2
　　months, 75% of salary
　　thereafter
　　Funded: 100% Employee paid
　　Indexing: 3% per annum on disability
　　anniversary
　　(a) Compare and contrast the underwriting criteria used for individual and group
　　disability policies.
　　(b) Describe how these criteria would apply specifically to Paul and Leslie.
　　(c) Describe how benefits would be determined and calculate Paul and Leslie’s
　　cashflow if they were both injured in a car accident and were unable to work for 5
　　years. Show your work.
　　.
　　COURSE 8: Fall 2004 - 11 - GO TO NEXT PAGE
　　Health and Group Life Segment
　　Afternoon Session
　　Questions 15 – 17 pertain to the Case Study
　　15. (6 points) On January 1, 2003, Dengo Software added a non-discriminatory Section 79
　　group term life insurance plan from Wonderful Life to its employee benefit plan. Dengo
　　pays the premium, and the benefit is equal to one times the employee’s annual salary.
　　Employees of Dengo may purchase additional group term life insurance through salary
　　deduction. Dengo also provides accidental death and dismemberment coverage (AD&D)
　　equal to two times annual salary.
　　Wonderful Life will apply 10% credibility to its own experience as shown in table GLD-
　　2, and develop unisex rates to the nearest penny using 50% female content.
　　The 1999 IRS Table I rates are as follows:
　　From age: To age: IRS Table I Rate
　　0 24 $0.05
　　25 29 $0.06
　　30 34 $0.08
　　35 39 $0.09
　　40 44 $0.10
　　45 49 $0.15
　　50 54 $0.23
　　Information regarding employee coverage is shown in the table below:
　　Employee Age Sex Annual Salary
　　Additional Coverage
　　(multiple of salary)
　　1 32 F 34,000 0
　　2 37 F 96,000 3
　　3 47 F 77,000 1
　　4 37 M 78,000 0
　　5 42 M 72,000 0
　　Note: Employee 5 is permanently disabled and terminated employment on 12/31/02.
　　(a) (4 points) Calculate the 2003 monthly imputed income for each employee for life
　　insurance and AD&D. Show your work.
　　(b) (2 points) Discuss the impact on the employee and employer of the 1999 change
　　in Table I rates.
　　COURSE 8: Fall 2004 - 12 - GO TO NEXT PAGE
　　Health and Group Life Segment
　　Afternoon Session
　　Questions 15 – 17 pertain to the Case Study
　　友谊能增进快乐，减轻痛苦，因为它能倍增我们的喜悦，分担我们的烦恼。——高顿网校为人处世