26. Rank in ascending order (smallest to largest) the mortality assumptions under the
following underwriting approaches.
I. Simplified issue
II. Nonmedical
III. Guaranteed issue
(A)
I
<
II
<
III
(B)
I
<
III
<
II
(C)
II
<
I
<
III
(D)
III
<
I
<
II
(E)
III
<
II
<
I
COURSE 5: Fall 2003 - 19 - GO ON TO NEXT PAGE
Morning Session
27. For dynamic life insurance produc ts, all of the following are true EXCEPT:
(A) Premiums are flexible.
(B) Commissions are a low percentage of premiums up to a “target premium.”
(C) Surrender charges reduce to zero over a number of years.
(D) Expense charges are usually a percentage of premiums plus a flat amount per
month.
(E) Death benefits are usually greater than or equal to the account value.
28. Rank in ascending order (smallest to largest) the following products according to the
level of investment risk transferred to policyholders.
I. Two-tiered annuity
II. Equity-indexed annuity
III. Variable universal life insurance
(A) I < II < III
(B) I < III < II
(C) II < I < III
(D) III < I < II
(E) III < II < I
COURSE 5: Fall 2003 - 20 - GO ON TO NEXT PAGE
Morning Session
29. A company may segment assets for all of the following reasons EXCEP T:
(A) To allow different lines of business to make independent investment choices.
(B) To simplify accounting.
(C) To back liabilities with assets of similar terms.
(D) To credit “new money” interest rates to policies.
(E) To back products that offer cash surrender values with liquid assets.
COURSE 5: Fall 2003 - 21 - GO ON TO NEXT PAGE
Morning Session
30. For a defined benefit pension plan, you are given:
Actuarial cost method: Traditional unit credit
Normal retirement benefit: 30 per month per year of service
Interest rate: 7.0%
Pre-retirement decrement other than death: None
Retirement age: 65
Participants as of January 1, 2002: 50 active participants, all age 55
Selected mortality value: q55 0.02
Normal cost for 2002: 150,000
All 50 participants are still active as of January 1, 2003.
Calculate the normal cost for 2003.
(A) 153,061
(B) 157,290
(C) 160,500
(D) 163,775
(E) 167,250
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Morning Session
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COURSE 5: Fall 2003 - 23 - GO ON TO NEXT PAGE
Morning Session
31. For a prescription drug plan, you are given:
All prescriptions cost at least $10.
The average prescription is $75.
The current plan has a $5 per prescription copay.
The current utilization is 8,500 annual prescriptions per 1,000 members.
The utilization will drop to 7,800 annual prescriptions per 1,000 members if the
per prescription copay is increased from $5 to $10.
Calculate the estimated change in the gross cost per member per month (PMPM) if the
copay is increased from $5 to $10.
(A) $3.40
(B) $3.90
(C) $4.40
(D) $4.60
(E) $7.30
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Morning Session
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Morning Session

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