SOA往年精算师真题系列November2003Course5（最后一节课），就算内容在多，也分批记忆，毕竟这是最重要的大纲了。
　　32. A product has a 6% profit margin and a premium margin of 90%.
　　Calculate the breakeven sales percentage change needed to offset a 2% price reduction.
　　(A) 43% decrease
　　(B) 30% decrease
　　(C) 21% increase
　　(D) 30% increase
　　(E) 43% increase
　　COURSE 5: Fall 2003 - 26 - GO ON TO NEXT PAGE
　　Morning Session
　　THIS PAGE INTENTIONALLY LEFT BLANK
　　COURSE 5: Fall 2003 - 27 - GO ON TO NEXT PAGE
　　Morning Session
　　33. For the Canadian annual statement, each of the following is true EXCEPT:
　　(A) Claims in course of settlement are separately reported.
　　(B) Group life insurance in force is split by type of group covered.
　　(C) Group life insurance in force is split between term and permanent.
　　(D) Income is separately developed by line of business.
　　(E) Gross reserves are exhibited separately by line of business.
　　COURSE 5: Fall 2003 - 28 - GO ON TO NEXT PAGE
　　Morning Session
　　34. In Canada, for federal tax calculations related to one-year group term life insurance, each
　　of the following is true, EXCEPT:
　　(A) Acquisition expenses must be amortized over the term period.
　　(B) The reserve for known claims generally cannot exceed 95% of the statutory
　　reserve.
　　(C) The reserve for IBNR claims cannot exceed 95% of the statutory reserve.
　　(D) The actuarial reserve is limited to the equally apportioned unearned premium.
　　(E) The provision for experience refunds cannot exceed 25% of the annual premium.
　　35. In the U.S., for a group insurance minimum premium plan, all of the following are true
　　EXCEPT:
　　(A) Claims paid by the policyholder are exempt from premium tax in most states.
　　(B) It can be used with retrospective refunds.
　　(C) The accounting for claims is similar to that for reserveless arrangements.
　　(D) Premium equivalents are reported on the NAIC annual income statement.
　　(E) Policyholder funds the claim portion of the policy.
　　COURSE 5: Fall 2003 - 29 - STOP
　　Morning Session
　　36. For a property and casualty insurance product, you are given the following accident year
　　2000 information:
　　(i) Under Expected Loss Ratio method, the estimated ultimate losses are
　　500,000
　　(ii) The following paid loss-development factors from the Chain-Ladder
　　method
　　Ratio of Successive Development Years
　　1/0 2/1 3/2 4/3 5/4 6/5
　　average 1.51 1.43 1.22 1.05 1.03 1.00
　　Calculate the year-end 2002 estimated loss reserve using the Bornhuetter-Ferguson
　　method.
　　(A) 121,048
　　(B) 175,497
　　(C) 234,999
　　(D) 324,503
　　(E) 378,952
　　**END OF EXAMINATION**
　　MORNING SESSION
　　COURSE 5: Fall 2003 - 30 - STOP
　　Morning Session
　　COURSE 5
　　AFTERNOON SESSION
　　APPLICATION OF BASIC ACTUARIAL
　　PRINCIPLES
　　WRITTEN ANSWER
　　COURSE 5: Fall 2003 - 31 - GO ON TO NEXT PAGE
　　Afternoon Session
　　**BEGINNING OF EXAMINATION 5**
　　AFTERNOON SESSION
　　Beginning with Question 9
　　9. (6 points) Describe the assumptions used in the valuation of a defined benefit pension
　　plan.
　　10. (6 points) For a life insurance company:
　　(a) Describe the components of interest rate risk that should be reflected in required
　　capital.
　　(b) Describe the treatment of interest rate risk in the required capital formulas for
　　Canada and the U.S.
　　COURSE 5: Fall 2003 - 32 - GO ON TO NEXT PAGE
　　Afternoon Session
　　11. (4 points) With respect to a large block of group major medical business that has been in
　　force for a number of years:
　　(a) Define each type of claim reserve and claim liability needed to establish reserves
　　for this business.
　　(b) Describe the primary considerations in establishing these reserves.
　　(c) Describe the most appropriate claim reserve method for this type of business and
　　explain why you chose this method.
　　12. (7 points) Describe the product features that impact the cost of group long term disability
　　(LTD) benefits.
　　13. (7 points) For an insurance company:
　　(a) Describe solvency reserves, earnings reserves, and tax reserves.
　　(b) Describe the differences between taxable earnings and pre-tax solvency earnings.
　　COURSE 5: Fall 2003 - 33 - STOP
　　Afternoon Session
　　14. (5 points) For a life insurance product, you are given:
　　Year
　　Distributable
　　Earnings
　　After Tax
　　Stockholder
　　Earnings
　　Solvency
　　Reserves
　　Required
　　Capital
　　Stock
　　Liabilities
　　DAC
　　1 -6.00 0.10 1.00 0.40 5.30 10.00
　　2 1.50 0.30 1.20 0.50 3.80 7.00
　　3 2.30 0.45 0.00 0.00 0.00 0.00
　　(a) Describe the return on investment (ROI) and the return on equity (ROE).
　　(b) Calculate the ROE in the Year 1 using the average equity base.
　　(c) Calculate the 3 year weighted average ROE using the average equity base and a
　　9.5% discount rate.
　　Show all work.
　　15. (5 points) With respect to estimating expected claims for group life insurance, describe
　　the adjustments that can be made to a manual claims table, and the reasons for making
　　such adjustments.
　　人只能活一次，千万别活得太累：应该活得舒心，活得快乐，活得潇洒。工作节奏太快，精神压力太大，争强好胜的心太强，生活太无规律，时间不长，精神和体力就会崩溃。要活得舒心，活得快乐，活得潇洒，就要学会知足，学会随遇而安。快乐要懂得分享才能加倍快乐，美好的生命应该充满期待惊喜和感激。——高顿网校名人哲学

 

 
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