Practice Education Course Individual Life and Annuities Exam June 2011 TABLE OF CONTENTS

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1 Practice Education Course Individual Life and Annuities Exam June 2011 TABLE OF CONTENTS THIS EXAM CONSISTS OF SEVEN (7) WRITTEN ANSWER QUESTIONS WORTH 51 POINTS AND EIGHT (8) MULTIPLE CHOICE QUESTIONS WORTH 1 OR 2 POINTS FOR A TOTAL OF 60 POINTS. WRITTEN-ANSWER QUESTIONS Question 1 (4 Points)... 2 Question 2 (7 Points)... 3 Question 3 (10 Points)... 4 Question 4 (6 Points)... 6 Question 5 (7 Points)... 7 Question 6 (7 Points)... 8 Question 7 (10 Points)... 9 MULTIPLE CHOICE QUESTIONS Multiple Choice Question 1 (2 Points) Multiple Choice Question 2 (1 Point) Multiple Choice Question 3 (1 Point) Multiple Choice Question 4 (1 Point) Multiple Choice Question 5 (1 Point) Multiple Choice Question 6 (1 Point) Multiple Choice Question 7 (1 Point) Multiple Choice Question 8 (1 Point)... 18

2 Question 1 (4 Points) Jennifer, an associate member of the CIA, started her own actuarial firm, JCDI. JCDI is going to offer professional services to individuals of the general public. Jennifer will be the sole employee and has made no arrangements to have her work peer reviewed. Jennifer s resume reads as follows: ABC Consulting pension division: 1980 to ABC Consulting life division: 1983 to LMN Reinsurance Company group division: 1991 to JCDI Consulting 2010 to present. Jennifer solicits clients in the following way: Newsprint Advertising Need financial advice? Insurance advice? Estate planning? Financial impact of divorce? A qualified actuarial professional is the best choice for clear, concise, unbiased advice. From burial insurance, disability insurance to pension valuation on marriage breakdown, we can do it all without the pressure of a salesman motivated by commissions. For more information log onto to or call toll-free JDCI. Leaflets to Lawyers: I am a qualified member of the Canadian Institute of Actuaries able to provide your client with the most advantageous pension valuation on marriage breakdown. I have 20 plus years experience in the business. This type of pension calculation is straightforward and you pay only for my services, not the multi-layered fees of the larger consulting firms. Has Jennifer adhered to the CIA Code of Professional Conduct? Explain which rules, if any, she has broken and how. 2

3 Question 2 (7 Points) You are the valuation actuary for Live Long Financial. You oversee the valuation for material blocks of life and annuity products that have the following characteristics (all products have been underwritten and sold in Canada to Canadians): Life Product A Universal life product; Level cost of insurance option; and No reinsurance. Life Product B Older T100 product; Overall reserve increases if mortality improvements are included; and Significant reinsurance. Both Life A and Life B have similar amounts of liabilities and when added together show a reserve decrease when future mortality improvements are included. Annuity Product C Regular life annuity; Payable for life; and No reinsurance. a) (4 points) Given the proposed changes to the Standards of Practice for future mortality improvements in the valuation of policy liabilities, the chief actuary has asked you to recommend the valuation assumptions for mortality improvements that would apply to each product and explain why. b) (2 points) Where is this different than what you would be currently doing under the current Standards of Practice? c) (1 point) What would you use for your best estimate assumptions? 3

4 Question 3 (10 Points) Maple Tree Life is a Canadian life insurance company specializing in deferred and payout annuities. At December 31, 2011, you are given the following: ASSETS Goodwill 1,000,000 Other Intangible Assets 500,000 Bonds Equity-Linked Note Common Stocks Total LIABILITIES Deferred Accumulation Annuities Single Premium Immediate Annuities 11,000,000 5,000,000 2,500,000 20,000,000 8,000,000 8,000,000 Total 16,000,000 CAPITAL Contributed Surplus 1,800,000 Retained Earnings Preferred Shares 800,000 1,400,000 Total 4,000,000 Held for trading Rated BBB Purchased from BBB institution Purchase price plus 75% of the A&B index payable in seven years Institution s borrowing rate is 5% With market value adjustment Guaranteed period less than 10 years Life contingent Perpetual Cumulative Percentage change in seven-year A&B Option Value 85% of Index 100% of Index 115% of Index 75% of Volatility -40% -13% +19% 100% of Volatility -28% 0% +32% 125% of Volatility -15% +13% +45% 4

5 a) (7 points) Calculate both the total and Tier 1 Minimum Continuing Capital and Surplus Ratios at December 31, b) (1.5 points) Outline any concerns about Maple Tree Life s level of capital. c) (1.5 points) Management has suggested that Maple Tree Life and a competitor, Elm Life, make an agreement to both issue new shares which will be purchased by the other party as a means to raise capital levels. Briefly discuss whether this would increase the capital ratio for Maple Tree. 5

6 Question 4 (6 Points) You are the appointed actuary for ABC Life Insurance Company. ABC underwrites several variations of term-to-100 policies. The specifics of the financial management of this block of business under current Canadian accounting and valuation standards (CALM) are described below. The company matches this block of liabilities with long-duration assets consisting primarily of long-term corporate A bonds. However, even using this investment strategy, liabilities are materially longer than assets. The bond assets of ABC Life are classified as Held for Trading and are thus reported at fair market value. The company cedes 80% of the net amount at risk under these policies to a highly rated reinsurer. Due in part to favourable YRT rates, the company recognizes positive profits at issue. For the purposes of determining profit at issue, acquisition expenses include not only direct costs but a reasonable allocation of all indirect acquisition expenses such as executive salaries and other corporate overheads. The maintenance expenses reflected in the valuation expected assumption include direct and indirect expenses. Although ABC Life is not a large insurer, the company annually updates internal mortality, lapse and expense studies. Due in part to this, the valuation incorporates midlevel margins under current standards of practice of the Canadian Institute of Actuaries. Your boss, the CFO of ABC Life, has asked you to prepare a qualitative report on the potential implications on the financial statements for ABC Life of adopting the International Accounting Standards Board Exposure Draft on Insurance Contracts (July 2010 Exposure Draft) for ABC Life. Prepare an outline of your report, which should include the following topics: A comparison of the possible emergence of profits, including the front-ending of profits, under the exposure draft as compared to the current framework. Volatility of reported income. Comparison of valuation assumptions and associated margins. 6

7 Question 5 (7 Points) You recently joined Company X in a new role as segregated fund actuary. Company X has a large presence in the traditional insurance product market, but it has not yet entered into the segregated fund market. A GMAB product is currently in the works that will be launched within the year. a) (4 points) Describe the policyholder behaviour assumptions that should be included when setting the reserves for the new segregated fund product. Suggest what you could use to set each assumption. b) (1 point) What are some general economic principles that should be considered when selecting the segregated fund policyholder behaviour reserve assumptions? c) What would the PfAD be under the following two scenarios, assuming: Scenarios: The best estimate is given by CTE(0) without margins; The policy liabilities are given by CTE(80) with margins; A bifurcated valuation approach; and The term of the liability is zero. i. (1 point) MV/GV = 100% and for the guarantee: CTE(0) without margins = (35) CTE(80) with margins = (12) ii. (1 point) MV/GV = 75% and for the guarantee: CTE(0) without margins = (24) CTE(80) with margins = 32 7

8 Question 6 (7 Points) You are new to the department and your boss knowing that you just studied for the Practice Educational Course, asked you to review the mortality experience study performed for the underwritten traditional term life insurance product being valued in your area. a) (2 points) He has specifically asked you to identify what external sources of data could be use to benchmark the internal study and state if any specific adjustments should be made to each of these sources. b) In addition, he would like you to review the following data and proposal: Mortality Ratio Industry Data Male Female Total Smoker 75% 80% 77% Non-smoker 50% 45% 47% Total 55% 55% 52% Actual Number of Claims Company Data Male Female Total Smoker Non-smoker 3,100 2,900 6,000 Total 3,500 3,150 6,650 Calculated Company Actual vs. Expected Company Data Male Female Total Smoker 65% 75% 69% Non-smoker 45% 40% 43% Total 47% 43% 45% The actuarial analyst proposed the following table as the final experience study results. Calculated Company Actual vs. Expected Company Data Male Female Total Smoker 65% 75% 69% Non-smoker 45% 40% 43% Total 47% 43% 45% (5 points) In your review, please justify the Actual to Expected ratio to be used in the valuation. i. State if the proposed table is appropriate and, if not, what final table should be used? ii. Indicate which method you used to check the Actual vs. Expected ratio table created by the analyst and justify your choice of method. 8

9 Question 7 (10 Points) Complete the income statement, given the following information. Detail all your calculations All policies issued are Guaranteed Whole Life and were issued in Québec. Policies Inforce as of Date of Issue YE 2009 YE 2010 Jan 1, Jan 1, Jan 1, Unit Reserve per policy at time t t FPT 1, CALM As at December 31, 2006 Tax Reserve exceeds Statutory Reserve by: 400. Average interest rate on Government of Canada bonds for IIT purpose: 6.00%. Income tax rate Federal Provincial 16.0% 12.0% Financial Statement 2010 Revenues Dispositions Premium Investment Income Sub-total Claims Surrenders Expenses IIT Change in Reserve Sub-total Earnings Before Income Tax Income Tax Payable Net Income After Tax 9

10 a) (3 points) IIT b) (1 point) Change in Reserve c) (0.5 point) Sub-Total Dispositions d) (1 point) Earnings Before Income Tax e) (4 points) Income Tax Payable f) (0.5 point) Net Income After Tax 10

11 Multiple Choice Question 1 (2 Points) A Canadian life insurance company, Octopus Life has the following currency positions (converted to Canadian dollars): Assets UK Pounds 30 million Euros Gold 50 million 20 million Liabilities Mexican Pesos 90 million What is the required capital component ignoring any offsets for margins already in the policy liabilities? A million B. 11 million C. 8.8 million D. 8 million E. The answer is not given by any of the above 11

12 Multiple Choice Question 2 (1 Point) The December 31, 2010 balance sheet for ABC Life is shown in the table below. ABC Life - December 31, 2010 Balance Sheet Cash 500 Bonds 2,000 Mortgage Loans 1,000 Accounts Receivable 250 Total Assets 3,750 Actuarial Liabilities Gross 3,000 Ceded 500 Net 2,500 Outstanding Claim Liabilities Gross 600 Ceded 150 Net 450 Accounts Payable 125 Taxes Payable 75 Total Liabilities 3,150 Shareholder Equity 600 Which of the following statements about the balance sheet restated to be in accordance with IFRS is(are) true? I. Total company assets are 4,400 II. Total company assets are 4,250 III. Shareholder equity is not 600 IV. Total policy liabilities are 3,600 A. I only B. II only C. I and III only D. I and IV only E. The correct answer is not given by any of A through D 12

13 Multiple Choice Question 3 (1 Point) This question consists of two lists. The list on the left contains two items, lettered X and Y. The list on the right contains three items numbered I, II, and III. Each item on the left is related to at least one item on the right. X. Statistical Approach Y. Economic Approach I. also known as hedging II. Relies on Law of Large Numbers III. Works best for correlated risks Which of the following correctly matches the risk management techniques on the left with the related items on the right? A. X: I, II; Y: III B. X: I, III; Y: II C. X: II, III; Y: I D. X: II; Y: I, III E. None of the above 13

14 Multiple Choice Question 4 (1 Point) Choose the correct answer based on the following statements about lapse-supported products. I. Non-smokers tend to have lower lapse rates than smokers. II. Males tend to have higher lapse rates than females. III. Monthly-pay policies tend to have lower lapse rates than non-monthly pay policies. A. I is true, II and III are false B. I and II are true, III is false C. I and III are true, II is false D. All of the statements are true E. None of the above 14

15 Multiple Choice Question 5 (1 Point) Under the current exposure method for calculating the credit equivalent amount for contracts such as: interest rate swaps, currency futures and equity forwards, which of the following are true? A. Companies are not exposed to credit risk for the full notional principal amount. B. Total replacement cost is the sum of the marked to market value of all of a company s contracts with positive value. C. The current exposure method adds an amount for potential future credit exposure to the total replacement cost. D. A and C only. E. A, B and C only. 15

16 Multiple Choice Question 6 (1 Point) Asset Default (C-1) Capital charges for hedges may be reduced to a minimum of zero if: A. Hedges are intended to hedge segregated fund guarantee risk. B. Hedges are part of an OSFI-approved hedging program. C. Losses on the hedges would be offset by decreases in the segregated fund guarantee liabilities. D. Gains on the hedges would be offset by increases in the segregated fund guarantee liabilities. E. All but D. 16

17 Multiple Choice Question 7 (1 Point) As part of the illustration process for annuity which of the following are always considerations in creating alternate scenarios? I. The alternative scenario is a worst case scenario. II. III. IV. The scenario should encompass all experience factors that materially impact the results. A possible alternate scenario would be 10% drop in equity and 1% drop in interest rate. The alternate scenario provides information on the variability of the results. A. I and III are true B. I and IV are true C. II and IV are true D. I, II, III are true E. II, III, IV are true 17

18 Multiple Choice Question 8 (1 Point) Which information should be included in the actuary s report advising dividend determination and illustration? A. The report should state whether or not the Contribution Principle has been followed. B. The report should demonstrate the difference in the value of experience factors used when more than one factor class is applicable. C. The report should describe the formulations used to calculate the dividends. D. A and C only. E. A, B and C only. 18

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