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SOA真题November2003Course5(2)

  SOA真题November2003Course5(2)预览_真题(b) Describe alternatives to each coverage that could reduce the cost to Mary and

  John.

  COURSE 5: Fall 2003 - 4 - GO ON TO NEXT PAGE

  Morning Session

  6. (7 points) For a defined benefit pension plan, you are given:

  Pension plan formula:

  1.5% of final year’s salary for each year of service up to 10 years, plus

  2.0% of final year’s salary for each year of service after 10 years.

  Interest Rate 6%

  Salary Growth Rate 4%

  Pre-retirement decrements None

  Assumed retirement age 65

  12

  a&&65 12

  Assets at 1/1/2003 300,000

  Assets at 1/1/2004 320,000

  Contribution made on 12/31/2003 5,000

  Funding method Projected unit credit

  Employee Age at Hire Age on 1/1/2003 Salary on 1/1/2003

  A 30 40 30,000

  B 30 60 50,000

  (a) Calculate the unfunded accrued liability at 1/1/2003.

  (b) The actual accrued liability on 1/1/2004 is 350,000.

  Calculate the total experience gain/loss as of that date.

  Show all work.

  COURSE 5: Fall 2003 - 5 - GO ON TO NEXT PAGE

  Morning Session

  7. (5 points) For a property and casualty insurance policy issued January 1, 2000, you are

  given:

  Effective Date Rate Change

  May 1, 2000 +5%

  November 1, 2000 +10%

  Calendar Year

  Earned Premium

  Expected effective incurred losses, trended

  and developed through December 31, 2002

  2000 120,000 100,000

  2001 130,000 110,000

  2002 140,000 120,000

  Expense ratio: 30%

  Present average manual rate: 45

  Assume all policies have a one-year term and the premium is uniformly

  distributed.

  Calculate the indicated average gross rate as of January 1, 2003.

  Show all work.

  xiaona

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