SOA真題November2004Course8IC

1、SOA 真題 November2004Course8ICSOA 真題 November2004Course8ICSOA真題November2004Course8ICcourse8i:fall2004-1-goo nto nextpag ein dividuali nsura nee-can adamornin gsessi on*beg innin gofexam in ati on 8*in dividuali nsura nee-can adamornin gsessi on1. (5poi nts)abclifehasacareerage ncydistributio nsystem.a

2、bcsmanagementisreview in gtheirfi nancin gpla nforn ewage nts.(a) describethediffere nttypesoffi nancin gpla nsforn ewage ntsan dexpla in theadva ntagesa nddisadva ntagesofeachaccord in gtolimra.(b) youaregive nthefollow ingin formati on:yearaverageannu alizedfirstyearpremiumage ntiterm in atio nrat

3、esubsidyvalidati onschedulecommissi on1$60,00050%120%$20,0002$80,00025%80%$25,0003$100,00010%40%$30,0004+$120,0000%0%$0commissi on sarepaido nannu alizedfirstyearpremium. age nttermi natio no ccursatthee ndoftheyear.6%offirstyearpremiumispricedi ntoproductstocoverage ntfinan cing.the in terestrateis

4、O%.(i) calculatetheaveragefi nancin gcostfora newage ntasaperc en tageoffirstyearpremiumforeachofthefirstthreeyears.showallwork.(ii) determi nethe nu mberofyearsitwilltakeforabctorecovert hefinan ci ngcosts on100n ewage nts.showallwork.course8i:fall2004-2-go onton extpage2in dividuali nsura nee-can

5、adamornin gsessi on2. (11poi nts)xyzlifeisevaluati ngablockofide nticalspeciallife contingentannu itiesissuedja nu ary1,2004byabclife.youaregive n:totalrequiredcapitalasaperce ntageofsolve ncyreservesis5%. assumed inv estme nti nterestrate on requiredcapitalis4%. hurdlerateis15%.eacha nnu itypayme n

6、tis$71,280.payme ntsaremadeatthee ndofeachyearduri ngthea nnu ita nt slifetime.deathsoccuratthee ndoftheyearbeforethea nnu itypayme nt.no taxesorma intenan ceexpe nses.actualprojected 1/1/200412/31/200412/31/200512/31/2006 policycou nt100755025solve ncyreserves( 000s)$9,864$5,011$1,697$0premium( 000

7、s)$10,000$0$0$0commissio n( 000s)$400$0$0$03be nefits( 000s)$0$5,346$3,564$1,782inv estme nti ncome onsolve ncyreservesa ndcashflows( 000s)$0$838$426$144(a) (3poi nts)withrespecttomi nim umco nti nui ngcapital&sur plusrequireme ntsforlifei nsura ncecompa niesa ndeachofthefollowi ngrisks:mortalitypri

8、c ingin terestmargincha ngein the in terestratee nviro nment.(i) describethe natureoftherisks.(ii) calculatethemi nim umcapitalrequireme ntatdecember31,2004fortherisks.showallwork.(b) (4po in ts)calculatetheembeddedvalueofthisblockatja nuary1,2004.showallwork.course8i:fall2004-3-go onton extpagein d

9、ividuali nsura nee-can adamor nin gsessi on2.(c on ti nued)(c) (3poi nts)youaregive nthefollowi ngbi no mialdistributio n:nq f(25)f(25)1000.250.09180.5525calculatetheprobabilityofsolve ncyear nin gsexceedi ng$250, 000i n2004.showallwork.(d) (1poi nt)onja nu ary1,2005,xyzlifebuystheremai nin gblock of75con tracts.calculatethemaximumam oun tofassetsabctra nsferstoxyzas sumingnotran s