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18. (7 points) you have been hired as the consulting actuary for company xyz. company xyz implemented a flexible benefits plan four years ago, including broader choices for group life, ltd, medical, and dental benefits. employees re-enroll for all benefits once a year. the life and ltd benefits each have one rate applicable to all employees, whereas the medical and dental benefits have different prices by option and family status. company xyz has observed higher than expected claims experience each year, and has noticed significant employee movement amongst the options from one year to the next. you are given the following data for the most recent year. option dental enrollment actuarial value price tag actual claims high 100 $1000 $1300 $150,000 intermediate 250 $800 $900 $220,000 low 150 $500 $400 $45,000 total 500 $415,000 (a) (2 points) describe design approaches that could be used to reduce the chance of unfavorable experience. (b) (1 point) explain the advantages and disadvantages of maintaining a single rate for the life and ltd benefits. (c) (3 points) assuming no change in the dental coverage offered and a 5% trend rate for the coming year: (i) propose potential pricing strategies, and (ii) calculate the resulting prices for the upcoming year. (d) (1 point) describe methods that xyz may use to better estimate employee participation for next year. course 8: fall 2002 -16- go on to next page health and group life segment afternoon session 19. (4 points) your uncle henry is shopping for an ltc policy for himself and his spouse. henry works for a large employer that offers group ltc coverage as part of its employee benefit package. (a) compare and contrast the benefit features and underwriting requirements between individual and group ltc coverages. (b) describe various ways that insurers determine eligibility for ltc benefit payments. (c) explain differences in continuity of coverage provisions between group and individual ltc policies. 20. (5 points) the worksite marketing area of your company is exploring the idea of b^$-�0=~[ 本_资_料_来_源_于_贵_州_学_习_网 财会考试精算师考试 ｇｚｕ５２１.ｃｏｍ )b^$-�0=~ offering a range of supplemental accident and health (a&h) products to associations of professionals. the proposal is to distribute the following a&h products through direct marketing methods: •cancer •hospital indemnity plan (hip) •disability income •critical illness (a) describe underwriting guidelines and direct marketing approaches appropriate to this target market. (b) for each of the proposed products: (i) describe common product features (ii) evaluate their appropriateness for the direct marketing initiative. support your evaluation. course 8: fall 2002 -17- stop health, group life & managed care afternoon session 21. (3 points) you are a consulting actuary working in the medicare supplement market. you have been asked by a state regulator to provide insight into medicare supplement pricing. the state regulation allows only the naic model benefits, no underwriting, and insurers can only use community rating. pre-existing conditions may be excluded for up to 6 months. the following is an example of some of the monthly premium rates in one of the major markets in the state. model model plan b plan h insurer a $109.86 174.82 insurer b $114.75 205.25 hmo a $118.72 173.84 medicare select product $84.80 not offered explain what would cause different insurers to charge materially different rates for the above products. 22. (4 points) company abc is planning to implement a flexible benefits plan. the draft plan design includes life, ltd, medical and dental benefits, as well as a health care expense account. the medical and dental benefits include a core level of coverage plus two options, where the first option represents current coverage, and the second option provides enhanced benefits. the current plan includes realistic prices for all benefits. some of company abc’s competitors who offer a flexible benefits program include “time off with pay”. (a) describe alternative pricing schemes for the proposed flexible benefits plan, including advantages and disadvantages of each. (b) describe the advantages of including time off with pay within the flexible benefit plan and outline the plan design considerations. **end of examination** afternoon session  |
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