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北美精算师历年考试真题:Course8IU

考试吧收集了北美精算师考试的历年真题,以方便考生备考。

  北美精算师SOA历年考试真题:Course8IU

  Course 8I: Fall 2005 -1- GO ON TO NEXT PAGE

  Individual Insurance – U.S.

  Morning Session

  **BEGINNING OF EXAMINATION 8**

  INDIVIDUAL INSURANCE – U.S.

  MORNING SESSION

  1. (4 points) A recent mortality experience study shows that the substandard portion of the

  company’s life insurance policies has worse than expected experience.

  (a) Explain reasons substandard mortality experience may be higher than expected.

  (b) Describe methods to reflect substandard risks in life insurance products.

  (c) Determine the best method to reflect each of the following substandard risks:

  (i) Obesity with diabetes

  (ii) Recovering from a temporary impairment

  (iii) Hazardous occupation

  (iv) Normal blood pressure but family history of coronary artery disease

  Course 8I: Fall 2005 -2- GO ON TO NEXT PAGE

  Individual Insurance – U.S.

  Morning Session

  2. (5 points) A U.S. life insurance company is proposing a flexible premium deferred

  annuity with the following features:

  • Each deposit receives a guaranteed interest rate for the first five years based

  on new money rates with an annually renewable interest rate thereafter.

  • The minimum interest rate credited on funds and used in determining

  minimum nonforfeiture amounts is guaranteed to be no less than 3%.

  • The surrender charge is 15% of the current contract year deposit, plus 10%

  of the prior contract year deposit.

  • Surrender charges are waived upon annuitization.

  • Return of principal is guaranteed during the first contract year.

  • A death benefit is not provided during the deferral period.

  • The annuitization bonus is 2% of account value.

  • An annual fee of $75 is charged at the beginning of each contract year.

  • An administrative load of 6% is applied to each deposit.

  (a) Determine changes needed to the proposed product design in order to meet the

  requirements of the Standard Nonforfeiture Law for Individual Deferred

  Annuities.

  (b) For a contract purchased on January 1, 2005, you are given:

  Five-year constant maturity treasury rates

  January 1, 2005 5.85%

  January 1, 2006 5.50%

  January 1, 2007 5.25%

  January 1, 2008 4.75%

  January 1, 2009 4.00%

  Credited interest rate from January 1, 2005 to January 1, 2010 4.00%

  Nonrefundable state premium tax rate 2.00%

  Initial deposit paid on January 1, 2005 $50,000

  Additional deposit paid on January 1, 2008 $5,000

  Partial withdrawal on January 1, 2009 $10,000

  Calculate the minimum nonforfeiture value allowed as of December 31, 2009

  according to the Standard Nonforfeiture Law. Show all work.

  Course 8I: Fall 2005 -3- GO ON TO NEXT PAGE

  Individual Insurance – U.S.

  Morning Session

  3. (5 points) You are given the following assumptions for a variable annuity product with

  a guaranteed minimum death benefit (GMDB):

  Account Value at time 0 $1,500

  Death Benefit at time 0 $1,750

  Deposit Paid to Date $1,750

  Net Asset Charges 1.00%

  Valuation Rate 5.50%

  Assumed First Year Drop -14%

  Assumed Fund Recovery 14%

  Death Benefit Guarantee Type Roll-up

  Roll-up Interest Rate 5%

  Duration of Contract 5 years

  Valuation Time (t) 0 1

  Surrender Charges as a percentage of deposit paid 7% 6%

  GMDB Mortality Rates per thousand - 17.192

  Survival Function 1.0000 0.9828

  t

  Projected Integrated

  Reserve

  2 1,409.22

  3 1,419.49

  4 1,425.54

  5 1,416.31

  (a) (1 point) Explain the calculation of the integrated reserve according to Actuarial

  Guideline 34.

  (b) (4 points) Calculate the integrated reserve at time 0, according to Actuarial

  Guideline 34. Show all work.

  Course 8I: Fall 2005 -4- GO ON TO NEXT PAGE

  Individual Insurance – U.S.

  Morning Session

  Question 4 pertains to the Case Study.

  4. (9 points) Saturn Life is developing a new variable annuity product that will provide:

  • 50 different investment options.

  • A variety of guaranteed death, annuity, income and withdrawal benefit options.

  • Asset-based expenses that vary with the account value of the policy.

  (a) Define each step in the product development process according to LOMA.

  (b) Determine and define for this product development project the applicable:

  (i) corporate growth strategy,

  (ii) marketing strategy and

  (iii) type of innovation.

  (c) In developing expected lapse assumptions for the new product:

  (i) List the factors affecting lapse rates.

  (ii) Explain how the expected lapse assumptions would be impacted by each of

  the proposed design features, and justify your answer.

  (d) The entire product development project is expected to cost $10 million. Saturn’s

  variable annuity products are expected to return 1% of premium annually after-tax.

  The projected increase in sales is:

  Year Without New Product With New Product

  1 10% 210%

  2 10% 60%

  3 10% 10%

  Calculate the project’s break-even year. Show all work.

  Course 8I: Fall 2005 -5- GO ON TO NEXT PAGE

  Individual Insurance – U.S.

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  SOA真题November2005ExamFM

  SOA真题November2005ExamM

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