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11. (3 points) you are the individual health insurance actuary for xyz insurance company. (a) describe the type of expense allocations that could be used for individual health products. (b) describe expenses that are typically taken into account in the pricing process and how they are reflected. (c) explain the criteria that the expense allocation method must meet. 12. (5 points) using the us and canadian tax treatment as examples, discuss the impact of taxation of premiums and benefits received on the design of employer-provided insurance programs. include examples for life, disability, medical, and long-term care and discuss from both the employee and employer perspective. course 8: fall 2002 -11- go on to next page health and group life segment afternoon session 13. (5 points) you are a product development actuary working for a multi- line insurance company. the company is developing an individual medical insurance product. (a) outline the types of premium rate and renewal gua rantees that may be used and characteristics of each. (b) describe factors that influence the level of lapsation rates for these types of policies. (c) explain the differences between underwriting life insurance and underwriting for major medical insurance. (d) describe sources of information the underwriter might utilize. 14. (3 points) you are an actuary for jkl life which has recently decided to enter the group medical line of business. you have been asked to lead a project to design the needed management information system. (a) review the challenges of producing management information reports. (b) describe information/reports that would be useful to analyze claims and expenses. course 8: fall 2002 -12- go on to next page health and group life segment afternoon session questions 15 and 16 pertain to the case study 15. (5 points) the gld division of the wonderful life insurance company has been falling short of profit expectations on their group life business. (a) describe methods and considerations in the development of expected claims cost in the pricing of group life business. (b) recommend steps that wonderful life could take to lower their claim costs. (c) calculate the overall actual-to-expected ratio for wonderful life for 2001, using table gld-2. course 8: fall 2002 -13- go on to next page health and group life segment afternoon session questions 15 and 16 pertain to the case study 16. (8 points) the gld division of wonderful life markets both group and individual disability products. as the pricing actuary you have been asked to do a rate analysis for a new medical professional group ltd account. the group has requested a 90 day elimination period (ep) and 5 year maximum benefit period. it is believed that in order to win this account the rates should be no more than 5% higher than wonderful life’s current manual rates for groups of similar plan designs. you are given the following information in addition to tables gld-5, gld-6, and gld-8: •expenses and profits are 25% of premium. •new account premium is based solely on manual rates. •the group is assumed to be comprised entirely of 37 year old males. •the interest rate is zero. •calculations should utilize annualized termination rates. actual termination rates equal expected termination rates. •90-day ep termination rates are: - year 1: annualized termination rate for 37 year old males = 0.50. - subsequent years: 20% higher than the termination rates for 180 day ep. (a) (6 points) using wonderful life’s ltd 2000 incidence of claim experience, determine whether the marketing pricing expectations can be met: (i) for the requested plan design (ii) for a plan with a 180 day ep show your work. (b) (2 points) review other possible plan design features to be considered in meeting the marketing pricing expectation. course 8: fall 2002 -14- go on to next page health and group life segment afternoon session 17. (4 points) you are the product development actuary for abc life. the new marketing vp has approached you about expanding the individual di line of business with a product geared towards the upscale professional marketplace. he claims that in order to differentiate this product the most generous benefit package possible must be offered. he suggests you set the rates accordingly. (a) describe the potential benefits that can be offered to meet the vp’s request. (b) recommend which of the potential benefits should and should not be offered. justify your recommendation. course 8: fall 2002 -15- go on to next page health and group life segment afternoon session   |
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