8. (4 points) Describe the issues that must be considered for the design and pricing of:
(a) Group vision and hearing benefits
(b) Group legal benefits
COURSE 5: Fall 2003 - 6 - GO ON TO NEXT PAGE
Morning Session
COURSE 5
MORNING SESSION
APPLICATION OF BASIC ACTUARIAL PRINCIPLES
SECTION B-MULTIPLE CHOICE
COURSE 5: Fall 2003 - 7 - GO ON TO NEXT PAGE
Morning Session
1-7. Each of questions 1 through 7 consists of two lists. In the list at the left are two items,
lettered X and Y. In the list at the right are three items, numbered I, II, and III. ONE of
the lettered items is related in some way to EXACTLY TWO of the numbered items.
Indicate the related items using the following answer code:
Lettered Item
Is Related to Numbered Items
(A)
X
I and II only
(B)
X
II and III only
(C)
Y
I and II only
(D)
Y
I and III only
(E)
The correct answer is not given by (A), (B), (C) or (D).
1. X. Canadian Employment Insurance
(EI)
I. Death benefits available
Y. Canadian Worker’s Compensation II. Supplemental unemployment
benefits
III. Employer premium reduction
program
2. X. Defined benefit pension plan I. Age neutral
Y. Defined contribution pension plan II. Golden handcuffs
III. Cash balance plan
3. X. Captive agents I. Commission overrides
Y. Banks II. Streamlined underwriting and issue
processes
III. Life insurance for estate planning
COURSE 5: Fall 2003 - 8 - GO ON TO NEXT PAGE
Morning Session
4. X. An employer with 5 employees I. Maternity coverage is mandatory.
Y. An employer with 40 employees II. For active employees, Medicare is
the secondary insurer.
III. The health plan carrier is not likely
to use a composite rating method.
5. X. Distributable earnings I. Used in return on equity (ROE)
calculation.
Y. Shareholder earnings II. Independent of required capital.
III. Better reflects owners’ expected
cash flows.
6. X. Aggregate method I. Benefit allocation cost method
Y. Projected unit credit method II. No unfunded actuarial liability
III. Actuarial losses not explicitly
recognized
7. X. Income annuity products I. Lapses are a key assumption in
pricing.
Y. Accumulation annuity products II. Longevity risk is a key concern.
III. In the U.S., the minimum solvency
reserves are calculated using the
Commissioners’ Annuity Reserve
Valuation Method (CARVM).
COURSE 5: Fall 2003 - 9 - GO ON TO NEXT PAGE
Morning Session
8-20. Each of questions 8 through 20 consists of an assertion in the left-hand column and a
reason in the right-hand column. Code your answer to each question by blackening
space:
(A) If both the assertion and the reason are true statements, and the reason is a correct
explanation of the assertion.
(B) If both the assertion and the reason are true statements, but the reason is NOT a
correct explanation of the assertion.
(C) If the assertion is a true statement, but the reason is a false statement.
(D) If the assertion is a false statement, but the reason is a true statement.
(E) If both the assertion and the reason are false statements.
8.
ASSERTION
Personal-producing general
agents receive higher
commissions than captive agents.
BECAUSE
REASON
Personal-producing general agents
typically provide training and
office space for captive agents.
9.
ASSERTION
In Canada, the licensing of
physicians falls under federal
jurisdiction.
BECAUSE
REASON
In Canada, the Federal
government sets national
standards for the provision of
health care.
10.
ASSERTION
For individual health insurance,
the loss ratio method is the most
common method of determining
premium rate changes.
BECAUSE
REASON
For individual health insurance,
under the loss ratio method, the
policyholder’s original rating class
does not have to be preserved.
COURSE 5: Fall 2003 - 10 - GO ON TO NEXT PAGE
Morning Session

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