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16. (5 points) you are given: cash claims paid by year of incurral incurral year calendar year 2000 2001 2002 2003 2004 2000 5 2001 10 6 2002 4 12 7 2003 3 7 14 7 2004 1 2 2 13 6 end of year claim reserve incurral year calendar year 2000 2001 2002 2003 2004 2000 15 2001 10 16 2002 8 5 17 2003 5 4 6 18 2004 4 3 5 6 17 (a) describe the common tests of claim reserve adequacy. (b) evaluate the sufficiency of the claim reserves. show all work. course 8i: fall 2005 -8- stop individual insurance – u.s. afternoon session 17. (4 points) a u.s. insurance company has historically sold only whole life insurance. sales have been declining steadily over the last few years. senior management expects to introduce a universal life product that provides the customer with more flexibility. (a) describe features of a universal life product that provide flexibility to the customer. (b) the following product design is proposed: • the premium load is 15%. • the guaranteed interest rate is 5.00%. • a surrender charge applies for 5 years. • the policy fee is $5 per month. • unscheduled premium payments are not permitted. • there are no riders. • the policy loan interest rate is equal to the current interest rate. • the guaranteed interest bonus is 1% beginning in year 11. evaluate the proposed design and recommend any changes. **end of examination** afternoon session |
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