SOA真题Course8IU

文章作者 100test 发表时间 2007:02:05 16:09:19
来源 100Test.Com百考试题网


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.

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