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4 calculate a net level premium ( pnl ) based on the plan of insurance at issue, using valuation assumptions, and assuming gross premiums are paid. 5 calculate the net level reserve at time t as nl nl tv =pvfbt−p 6 calculate the crvm expense allowance (eacrvm) for the plan of insurance generated at issue using valuation assumptions and assuming that pnl is paid. 7 calculate the crvm reserve at time t as crvm nl crvm tv =tv −ea course 8i: fall 2004 -7- stop individual insurance – u.s. morning session 7. (5 points) your company is designing a product for the lottery commission. winners have a choice between a lump sum payment and an equivalent 25-year period certain annuity. (a) describe key considerations in developing pricing assumptions for the annuity. (b) you are considering the following product design features for the annuity: • surrender provision • medical bailout provision • variable payout based on investment results describe advantages and disadvantages of including these features in the product design. 8. (4 points) (a) (3 points) describe the indicators being used as preferred risk criteria for life insurance according to the report of the society of actuaries task force on preferred underwriting. (b) (1 point) a company with a single non-smoker class would like to introduce a preferred class. you are given: • male age 55 aggregate mortality is 6.00 per thousand. • 30% of the non-smoker class is expected to qualify for the new preferred class. • a 15% reduction in mortality is expected for the new preferred nonsmoker class. calculate the expected mortality rate for both the preferred non-smoker and the residual non-smoker classes. show all work. **end of examination** morning session course 8i: fall 2004 -8- go on to next page individual insurance – u.s. afternoon session **beginning of examination 8** individual insurance – u.s. afternoon session beginning with question 9. 9. (6 points) abc life offers a disability premium waiver benefit rider sold with life insurance products. (a) (5 points) explain the assumptions required to calculate the experience premiums for this rider. (b) (1 point) you are given the following information for an individual insured age 55: • level annual premium waived is $100. • disability occurs at the middle of the policy year when the insured is age 55. • waiver benefits end at age 60. • there is a 6-month waiting period, with coverage retroactive to the date of disability. • premium and benefit payments are payable continuously throughout the policy year. [ 1] 1 x+k+ 2 +s+ 2 1 1 2 2 i x k s d ⎡⎣ + + ⎤⎦+ + 1 1 2 2 i x k s d ⎡⎣ + + ⎤⎦+ + [ 1] 1 55 2+ 2 97.80 100.16 [ 1] 1 552+12 93.19 95.47 [ 1] 1 552+ 22 88.72 90.94 [ 1] 1 552+ 32 84.38 86.53 [ 1] 1 552+ 42 80.18 82.27 [ 1] 1 552+ 52 76.09 78.12 calculate the present value of the net benefit at the end of the waiting period. show all work. course 8i: fall 2004 -9- go on to next page individual insurance – u.s. afternoon session 10. (12 points) you are given the following features for a proposed single-premium equityindexed annuity product: index s&p 500 index period 3 years index growth method point-to-point ratchet annual participation rate 90% margin 0.5% cap 15% the participation rate, margin and cap features are applied in the order listed above. the product provides a guaranteed minimum account value of 90% of the single premium, accumulated at 3% annual interest rate. you are also given the following information: • the net earned rate is 5.5%. • the marketing area estimates it will sell $100 million in single premium in the first year. • the annuity product will be marketed primarily through independent stockbrokers. • variable expenses are 4% of the single premium. • fixed expenses are $1 million in each of the next 3 years. • to improve policyholder persistency, the marketing area has proposed a series of discretionary “customer appreciation campaigns” that enhance the product’s account values. the revised present value of index-based interest budget to support these campaigns is estimated to increase from 6% to 9%. course 8i: fall 2004 -10- go on to next page individual insurance – u.s. afternoon session   |
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