北美精算师历届考试SOA大纲November2003Course8I（六），这部分大纲全理解透彻可满怀信心在考试的这部分拿满分了哦。
　　16. (10 points) Mercury Life’s traditional insurance product offerings have been successful
　　with its existing agency distribution. Mercury is expanding its distribution through a
　　bank channel. The Sales Department believes a term product may be more viable in this
　　market.
　　The actuary in charge of experience studies has determined that Mercury’s term mortality
　　experience is not credible. In setting a pricing basis for the bank channel term product,
　　the pricing actuary has decided to blend company experience with a similar industry
　　table.
　　(a) List the steps of the product development process described by LOMA, including
　　the tasks involved with each step.
　　(b) Describe criteria used in a screening process and assess the feasibility of
　　Mercury’s initiative using screening.
　　(c) Explain factors for Mercury to consider when relying on an industry table for the
　　development of the mortality assumption.
　　(d) You are given:
　　Mortality Rates (qx) Per
　　Thousand Lives in Force
　　Age Company Industry
　　0 0.1 0.2
　　1 0.3 0.5
　　2 0.5 0.7
　　3 0.7 0.9
　　4 1.0 1.0
　　Calculate the blended mortality rates for each age given above, assuming a 50/50
　　mix of Company and Industry mortality at age zero. Show all work.
　　COURSE 8I: Fall 2003 -19- STOP
　　Individual Insurance
　　Morning Session
 
　　17. (5 points) You are given the following information for the calendar year 2002 on a
　　closed block of 1,000 whole life policies in force on January 1, 2002.
　　Policy Specifications
　　Face amount of each policy $100,000
　　Annual Premium per $1,000 $30
　　Policy Fee $30
　　Pricing Assumptions
　　Maintenance Expense per
　　Policy
　　$10, though actual in 2002 was $12, which will be
　　used for projection in 2003 and beyond.
　　Maintenance Expense Percent
　　of Premium
　　5%, though actual in 2002 was 6%, which will be
　　used for projection in 2003 and beyond.
　　Renewal Commissions Percent
　　of Premium 15%
　　Hurdle rate 10%
　　Shareholder dividend is equal to statutory gain/loss each year (i.e., the year end
　　statutory surpluses are equal to zero)
　　Premiums and commissions are paid at the beginning of the calendar year
　　Expenses are paid at the end of the calendar year based on policies effective
　　beginning of the year
　　Target surplus and taxes are zero
　　Financial Information
　　Total benefits paid in 2002 $3,000,000
　　Total investment income received in 2002 $900,000
　　12/31/2001 statuary reserves in force $10,000,000
　　12/31/2002 statuary reserves in force $12,000,000
　　12/31/2001 economic value $10,000,000
　　12/31/2001 PV of projected maintenance
　　expenses
　　$2,000,000
　　Calculate the actual value-based earnings as of December 31, 2002 on this closed block.
　　Assume that 2002 actual experience matched expectations, except for maintenance
　　expenses noted above. Show all work.
　　扶危周急固为美事。能不自夸，则其德厚矣！——高顿网校做人原则

 

 
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