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XhTTp://wWw.gZu521.cOm 3. (12 points) abc life is selling a deferred variable annuity product that provides for a return of premium death benefit. abc is considering alternative death benefit designs. (a) (3 points) list the sectors included in an environmental analysis and evaluate the sectors as they relate to variable annuity death benefits. (b) (3 points) the marketing area would like to add an annual ratchet design. (i) compare the risk associated with the annual ratchet design to other possible death benefit designs. explain your answer. (ii) describe techniques to manage the risks associated with alternative death benefit designs. (c) (6 points) you are given: account value on valuation date $980.00 separate account value on the valuation date $980.00 net asset charges 1% valuation rate 7% assumed year 1 drop in account value -14% assumed recovery rate 14% surrender charges none highest anniversary account value $1,000.00 average account value year 1 $1,009.40 average account value year 2 $1,069.96 account value at time 1 $1,038.80 account value at time 2 $1,101.13 mortality rate for year 1 0.017 mortality rate for year 2 0.019 survival rate from time 0 to end of year 1 0.983 survival rate from time 0 to end of year 2 0.964 calculate the statutory reserve for the annual ratchet death benefit at time 0, 1 and 2 using the methodology prescribed in the valuation of living and death benefit guarantees for variable annuities note. show all work. course 8i: fall 2004 -5- go on to next page individual insurance – canada morning session 4. (5 points) (a) describe the advantages and disadvantages of: (i) yrt reinsurance, and (ii) coinsurance. (b) you are given the following information for a level term life insurance product: total face amount $100,000,000 first year premium $1,000,000 policy fee none premium tax 2% first year commission 50% of first year premium other first year expenses $750,000 solvency reserve at issue $50,000 assume: • premium and reinsurance premium are paid annually at the beginning of the year. • unearned portion of a one-year term insurance benefit equals 50% of the yrt reinsurance premium. • no federal income tax or required capital. • ceded percentage equals 90%. • yrt reinsurance premium rate equals 0.20 per thousand of face amount. • coinsurance reinsurance allowance equals 90%. calculate the estimated first year strain at issue for: (i) yrt reinsurance, and (ii) coinsurance. show all work. course 8i: fall 2004 -6- go on to next page individual insurance – canada morning session this question pertains to the case study 5. (6 points) you are saturn life’s product management actuary for the term life insurance portfolio. your responsibilities include: • monitoring term life new-business sales and in-force experience, • advising product development, investment and marketing departments of current developments, and • reporting product profitability and capital requirements to senior management. (a) (1 point) identify and describe the types of internal product management reports. (b) (5 points) explain how each would be used to manage saturn’s term life business. course 8i: fall 2004 -7- go on to next page individual insurance – canada morning session 6. (12 points) xyz life is developing a dual-life status flexible premium joint and last survivor universal life insurance product (survivor ul). (a) (3 points) for pricing the survivor ul product: (i) describe approaches to reflect the dual-life status including the advantages or disadvantages of each approach. (ii) explain other factors to be considered in developing a mortality J/ xC:d(此_资_料_转_贴_于_学_习_网_财会考试_精算师考试]hTtP://wWw.gZu521.cOm J/ xC:d assumption unique to a last survivor product. (b) (3 points) xyz life’s current single-life ul products have experienced withdrawal rates of 7% in policy year 1, grading to 5% by policy year 5. (i) describe considerations in setting persistency assumptions for survivor ul. (ii) propose changes to the lapse rate assumption to reflect persistency in a volatile interest rate environment. (c) (6 points) the following steps outline a procedure to determine minimum ul reserves for duration t. revise or add information to make each step consistent with the canadian asset liability method. step procedure 1 the amount of policy liabilities for a scenario equals the amount of supporting assets which the actuary deems as a reasonable allocation. in forecasting the cash flow, the actuary should take account all policyholder expectations, and make provision for any adverse deviations that the insurer may experience. 2 the policy liabilities in respect of a relevant policy comprise all of that policy’s cash flow after the date of issue of a relevant policy. policy liabilities consist of claim liabilities including all benefit and expense cash flows. 3 if applicable regulation requires policy liabilities to be valued without taking account of the time value of money, then the actuary should report a value for the policy liabilities in accordance with accepted actuarial practice, and report this amount with reservation on account of the regulation. 4 the actuary’s best estimate of mortality should include the effect of any anti-selection. the low margin for adverse deviation is an addition of 3.75 to the mortality rate per 1000. the high margin for adverse deviation is an addition of 10 to the mortality rate per 1000. 5 the margins for adverse deviation for withdrawals are an addition of between 5% and 25% of the best estimate withdrawal rates. course 8i: fall 2004 -8- stop individual insurance – canada morning session |
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