北美精算師SOA歷年真題:November2004Course5
發布時間：2014-02-26 共8頁
COURSE 5
MORNING SESSION
APPLICATION OF BASIC ACTUARIAL PRINCIPLES
SECTION A-WRITTEN ANSWER
COURSE 5: Fall 2004 - 2 - GO ON TO NEXT PAGE
Morning Session
**BEGINNING OF EXAMINATION**
COURSE 5
MORNING SESSION
1. (4 points)
(a) Describe the coverage in a business overhead expense disability income policy.
(b) You are given the following information:
Maximum monthly benefit 30,000
Maximum multiple of monthly benefit 15
Maximum benefit period 24 months
Insured start of disability January 1, 2003
Insured end of disability March 1, 2005
Elimination period 90 days
Calculate the payout to the insured for each of the scenarios:
Scenario Monthly Overhead Expense
I 36,000
II 18,000
III 22,500
Show all work.
2. (6 points) With respect to group health care benefits:
(a) Describe the various providers.
(b) Describe the various buyers.
COURSE 5: Fall 2004 - 3 - GO ON TO NEXT PAGE
Morning Session
3. (4 points)
(a) Describe the actions a life insurance company can take to limit the effect of
policyholder misrepresentation.
(b) Given the following information for a company that offers life insurance with
smoker and nonsmoker rates:
Actual smokers 30% of insured
Smokers premium rate 5 per 1,000
Non-smoker premium rate 3 per 1,000
Expenses None
Calculate the amount of profit lost per 1,000 if 10% of smokers lied about
smoking and were issued as non-smokers.
Show all work.
COURSE 5: Fall 2004 - 4 - GO ON TO NEXT PAGE
Morning Session
4. (6 points) For a defined benefit pension plan, you are given the following information:
Plan formula: 1% × 3-year Final Average Earnings × years of service from hire
Plan participants as of January 1, 2005:
Participant
Attained
Age
Prior
Year
Earnings
Service
to Date
Probability of
surviving in
service to age 65
Temporary
employment-based life
annuity of 1 per year
X 40 35,000 0 0.5040 11.8338
Y 50 50,000 10 0.6547 9.1844
Actuarial assumptions:
(12)
a65 9.4131
Interest rate 7%
Assumed future annual salary increases 5%
Pay increases Beginning of the year
Actuarial cost method Entry age normal
Normal retirement age 65
Benefits payable for termination prior to
normal retirement age
None
Calculate the plan’s normal cost and accrued liability as of January 1, 2005.
Show all work.
5. (3 points) For variable annuities:
(a) Describe common death benefit options.
(b) Describe the effect of a decline in account value due to investment performance
for each death benefit option.
COURSE 5: Fall 2004 - 5 - GO ON TO NEXT PAGE
Morning Session
6. (7 points) Describe the steps an insurance company takes to develop an individual life
insurance product.
7. (5 points) For a current medical plan and a proposed change to that plan, you are given
the following:
Deductible Coinsurance Out-of-pocket maximum
(excluding deductible)
Lifetime
maximum
Current Plan 100 80% 1,000 None
Proposed Plan 200 75% 1,400 None
Manual cumulative probability distribution
Range of Claims Frequency
Average
Annual
Claims
Annual
cost
Accumulated
Frequency
Accumulated
Annual Cost
0 0.25 0 0.00 1.00 3,500
0.01–50.00 0.05 40 2.00 0.75 3,500
50.01-150.00 0.10 100 10.00 0.70 3,498
150.01-250.00 0.20 210 42.00 0.60 3,488
…… …… …… …… …… ……
4,000.01-5,000.00 0.03 4,500 135.00 0.12 2,500
5,000.01-6,000.00 0.02 5,400 108.00 0.09 2,387
Assuming no change in utilization, calculate the percentage change on net medical claims
for the proposed plan change.
Show all work.
MORNING SESSION
APPLICATION OF BASIC ACTUARIAL PRINCIPLES
SECTION A-WRITTEN ANSWER
COURSE 5: Fall 2004 - 2 - GO ON TO NEXT PAGE
Morning Session
**BEGINNING OF EXAMINATION**
COURSE 5
MORNING SESSION
1. (4 points)
(a) Describe the coverage in a business overhead expense disability income policy.
(b) You are given the following information:
Maximum monthly benefit 30,000
Maximum multiple of monthly benefit 15
Maximum benefit period 24 months
Insured start of disability January 1, 2003
Insured end of disability March 1, 2005
Elimination period 90 days
Calculate the payout to the insured for each of the scenarios:
Scenario Monthly Overhead Expense
I 36,000
II 18,000
III 22,500
Show all work.
2. (6 points) With respect to group health care benefits:
(a) Describe the various providers.
(b) Describe the various buyers.
COURSE 5: Fall 2004 - 3 - GO ON TO NEXT PAGE
Morning Session
3. (4 points)
(a) Describe the actions a life insurance company can take to limit the effect of
policyholder misrepresentation.
(b) Given the following information for a company that offers life insurance with
smoker and nonsmoker rates:
Actual smokers 30% of insured
Smokers premium rate 5 per 1,000
Non-smoker premium rate 3 per 1,000
Expenses None
Calculate the amount of profit lost per 1,000 if 10% of smokers lied about
smoking and were issued as non-smokers.
Show all work.
COURSE 5: Fall 2004 - 4 - GO ON TO NEXT PAGE
Morning Session
4. (6 points) For a defined benefit pension plan, you are given the following information:
Plan formula: 1% × 3-year Final Average Earnings × years of service from hire
Plan participants as of January 1, 2005:
Participant
Attained
Age
Prior
Year
Earnings
Service
to Date
Probability of
surviving in
service to age 65
Temporary
employment-based life
annuity of 1 per year
X 40 35,000 0 0.5040 11.8338
Y 50 50,000 10 0.6547 9.1844
Actuarial assumptions:
(12)
a65 9.4131
Interest rate 7%
Assumed future annual salary increases 5%
Pay increases Beginning of the year
Actuarial cost method Entry age normal
Normal retirement age 65
Benefits payable for termination prior to
normal retirement age
None
Calculate the plan’s normal cost and accrued liability as of January 1, 2005.
Show all work.
5. (3 points) For variable annuities:
(a) Describe common death benefit options.
(b) Describe the effect of a decline in account value due to investment performance
for each death benefit option.
COURSE 5: Fall 2004 - 5 - GO ON TO NEXT PAGE
Morning Session
6. (7 points) Describe the steps an insurance company takes to develop an individual life
insurance product.
7. (5 points) For a current medical plan and a proposed change to that plan, you are given
the following:
Deductible Coinsurance Out-of-pocket maximum
(excluding deductible)
Lifetime
maximum
Current Plan 100 80% 1,000 None
Proposed Plan 200 75% 1,400 None
Manual cumulative probability distribution
Range of Claims Frequency
Average
Annual
Claims
Annual
cost
Accumulated
Frequency
Accumulated
Annual Cost
0 0.25 0 0.00 1.00 3,500
0.01–50.00 0.05 40 2.00 0.75 3,500
50.01-150.00 0.10 100 10.00 0.70 3,498
150.01-250.00 0.20 210 42.00 0.60 3,488
…… …… …… …… …… ……
4,000.01-5,000.00 0.03 4,500 135.00 0.12 2,500
5,000.01-6,000.00 0.02 5,400 108.00 0.09 2,387
Assuming no change in utilization, calculate the percentage change on net medical claims
for the proposed plan change.
Show all work.
