Practice Exam 1. x l x d x


 Asher Morrison
 2 years ago
 Views:
Transcription
1 Practice Eam. You are given: (i) The following life table. (ii) 2q l d Determine d 5. (A) 2 (B) 2 (C) 22 (D) 24 (E) For a Continuing Care Retirement Community, you are given the following annual transition probability matri: Independent Temporary Permanent Living Nursing Nursing From Unit Facility Facility Gone Independent Living Unit.7..2 Temporary Nursing Facility.7... Permanent Nursing Facility.8.2 Gone You are given the following costs per year in each unit, payable at the beginning of the year. Independent Living Unit 5 Temporary Nursing Facility Permanent Nursing Facility 2 Determine the actuarial present value at 6% of 3 years of costs for someone currently in the Temporary Nursing Facility. (A) 84 (B) 2 (C) 22 (D) 234 (E) 292 To SOA MLC Study Manual th edition 2nd printing Copyright 2 ASM 9 Eercises continue on the net page...
2 92 PART IV. PRACTICE EXAMS 3. For a fully discrete 2year term insurance on (6) with benefit b payable at the end of the year of death, you are given (i) t p 6+t (ii) The annual benefit premium is (iii) i.5. Determine the revised annual benefit premium if an interest rate of i.4 is used. (A) (B) (C) 25.7 (D) (E) You are given: (i) t p () /( + t ) (ii) t p (2) /( + t ) 3 Determine q (). (A).68 (B).74 (C).79 (D).83 (E).9 5. For a special whole life insurance paying at the moment of death, you are given: (i) If death occurs in the first years, the benefit is the refund of the single benefit premium with interest at a rate of δ.3. (ii) If death occurs after the first years, the benefit is only.. t (iii) µ (t ).2 t > (iv) δ.6 Determine the single benefit premium. (A) 3 (B) 32 (C) 33 (D) 34 (E) A drill has two gears, and fails only if both gears fail. The gears are independent, and time to failure of each one is uniformly distributed over (, 2]. A 3year warranty covers the drill. Determine the average amount of time to the earlier of failure of the drill or epiration of the warranty. (A) (B) (C) (D) (E) A continuous deferred life annuity pays per year starting at time. If death occurs before time, the single benefit premium is refunded without interest at the moment of death. You are given: (i) µ.2 (ii) δ.5 Calculate the single benefit premium for this annuity. (A) 8.9 (B) 8.29 (C) 8.38 (D) 8.48 (E) 8.58 SOA MLC Study Manual th edition 2nd printing Copyright 2 ASM Eercises continue on the net page...
3 PRACTICE EXAM You are given that A.4 +. for < 6. Calculate 2 V 3. (A) 4 (B) 3 (C) 2 (D) 2 3 (E) Tais arrive in a Poisson process at a hotel at a rate of 2 per minute. Fares paid by riders follow a gamma distribution with probability density function f () 4 e /2 768 Fares are independent of each other and of the number of tais. Calculate the variance of aggregate fares collected by all tais in an hour. (A) 3,6 (B) 7,2 (C),8 (D) 4,4 (E) 8,. A special 9year term insurance pays the following benefit at the end of the year of death: Year of death t Benefit b t You are given the following values for increasing and decreasing term insurances: n (I A) :n (DA) :n Determine the actuarial present value of the term insurance. (A).7 (B).8 (C).3 (D).4 (E).7. Cars arrive at a toll booth in a Poisson process at the rate of 6 per minute. Determine the probability that the third car will arrive between 3 and 4 seconds from now. (A).6 (B).9 (C).24 (D).28 (E) Each night, your supper has one of four main courses: beef, chicken, fish, or pasta. Your main course is always different from the one of the previous night. Each of the 3 main courses not eaten the previous night are equally likely. Determine the probability that you will have pasta three nights from now, given that you had beef tonight. (A) /4 (B) 7/27 (C) 5/9 (D) 4/5 (E) /3 3. You are given (i) e 85:2 8 (ii) e 84:2 8.4 (iii) Uniform distribution of deaths is assumed between integral ages. Determine m 84. (A).33 (B).36 (C).38 (D).32 (E).323 SOA MLC Study Manual th edition 2nd printing Copyright 2 ASM Eercises continue on the net page...
4 94 PART IV. PRACTICE EXAMS 4. You are given: (i) The probability that a milk carton on the shelf is purchased on any day is 2%. (ii) Milk cartons are discarded after being on the shelf for 7 days. Determine the average number of full days a purchased milk carton is on the shelf. (A).69 (B).73 (C) 2.4 (D) 2.8 (E) For a fully discrete whole life insurance of with annual premiums payable for life, you are given: (i) 8V 2. (ii) 9V (iii) V (iv) q +8 q +9 (v) q +.q +9 (vi) i.4 Determine V. (A) (B) (C) (D) (E) You are given: (i) q 8. (ii) q 8.2 (iii) The force of mortality is constant between integral ages. Calculate e 8.5:. (A).93 (B).94 (C).95 (D).96 (E) For a fully continuous whole life insurance of : (i) The contract premium is 25. (ii) The variance of loss at issue is 2,,. (iii) δ.6 Employees are able to obtain this insurance for a 2% discount. Determine the variance of loss at issue for insurance sold to employees. (A),28,533 (B),295,44 (C),77,626 (D),777,778 (E),825,3 8. You are given: (i) c 4 (ii) c vq + v p ( + c + ) Determine c 3 (A) ä 3: + A 3: (B) ä 3: + A 3: (C) a 3: + A 3: (D) a 3: + A 3: (E) a 3: + A 3: SOA MLC Study Manual th edition 2nd printing Copyright 2 ASM Eercises continue on the net page...
5 PRACTICE EXAM Brilliant ideas come to you in a Poisson process at a rate of /(2 t ), where t is the amount of time in hours. Determine the amount of time t for which there is a 95% probability that you will come up with at least one brilliant idea before time t. (A) 3 (B) 5 (C) 7 (D) 9 (E) 2. For a year deferred life annuitydue of per year, you are given: (i) Premiums are payable at the beginning of the first years. (ii) The annual benefit premium payable for years is 8. (iii) Percent of premium epenses are 5%. (iv) Epenses incurred with each annuity payment are. Determine the epenseloaded premium. (A) 848 (B) 85 (C) 85 (D) 853 (E) For a fully continuous 5year deferred whole life insurance of, you are given: (i) If death occurs during the deferral period, premiums are refunded without interest. (ii) µ (t ).2 for t. (iii) δ.4 (iv) Premiums are payable for life. Calculate the annual benefit premium. (A) 4.82 (B) 4.9 (C) 4.96 (D) 5. (E) You are given: (i) l (ii) l 5 (iii) Deaths between integral ages are assumed to follow the hyperbolic assumption. Determine l 5. (A) 28 (B) 29 (C) 3 (D) 3 (E) For a fully discrete special life insurance to (45), (i) (ii) The benefit is if death occurs before age 65, 5 otherwise. Annual premiums are payable for the first 2 years only. (iii) i.5 (iv) A 45.2 (v) 2E 45.3 (vi) ä 45:2 2.6 Determine the annual benefit premium. (A).24 (B).9 (C) 3.5 (D) 3.6 (E) 5.87 SOA MLC Study Manual th edition 2nd printing Copyright 2 ASM Eercises continue on the net page...
6 96 PART IV. PRACTICE EXAMS 24. For a fully continuous whole life insurance of on 2 independent lives () and (y ), you are given (i) (ii) Benefits are payable at the moment of the second death. Premiums are payable while both are alive. (iii) µ (t ).2 for all t. (iv) µ y (t ).3 for all t. (v) δ.5 Determine the annual benefit premium. (A) 9.57 (B) 2.5 (C) 6.7 (D) 8.37 (E) For a fully discrete whole life insurance of on (), you are given: (i) s :2 36 (ii) 2k. (iii) i.4 (iv) (v) (vi) Percent of premium epenses are 5% in all years. Per epenses are in all years. There are no withdrawals. Determine the contract premium for which 2 AS is 3% of the accumulated contract premiums. (A) 3.98 (B) 4.7 (C) 4. (D) 4.8 (E) For two lives (5) and (6) with independent future lifetimes: (i) µ 5 (t ).2t (ii) µ 6 (t ).3t Calculate 2 q 5:6 2 q 2 5:6. (A).7 (B).8 (C).3 (D).3 (E) You are given that µ Calculate 5 q 2. (A).42 (B).44 (C).46 (D).48 (E) In a threedecrement model, decrements () and (2) are uniformly distributed between integral ages in the associated single decrement tables. Decrement (3) occurs only at the end of a year. You are given: (i) l (τ) (ii) d () 9 (iii) q (2) 2q () (iv) q (3) 3q () Determine d (3). (A) 24 (B) 26 (C) 24 (D) 27 (E) 288 SOA MLC Study Manual th edition 2nd printing Copyright 2 ASM Eercises continue on the net page...
7 PRACTICE EXAM For a double decrement model with decrements from death () and withdrawal (2), you are given: (i) The following rates in the doubledecrement table for (): Death Withdrawal t q () +t q (2) +t a.5 3 2a. (ii) 3 q () Determine a. (A).4 (B).5 (C).6 (D).7 (E).8 3. A special year term insurance pays at the moment of death. It also refunds the single benefit premium without interest if the insured survives years. You are given: (i) µ. (ii) δ.6 Calculate the single benefit premium. (A).2 (B).3 (C).4 (D).5 (E).6 Solutions to the above questions begin on page 7. SOA MLC Study Manual th edition 2nd printing Copyright 2 ASM
8 Appendi A. Solutions to the Practice Eams Answer Key for Practice Eam B B 2 D 2 D 2 B 22 E 3 C 3 D 23 B 4 C 4 C 24 C 5 E 5 D 25 C 6 E 6 B 26 B 7 B 7 C 27 A 8 D 8 D 28 B 9 D 9 D 29 D D 2 C 3 C Practice Eam. [Lesson 3] q 52 (d 52 + d 53 )/l 52 72/l 52, so l 52 72/ But l 52 l 5 d 5 d 5 2 d 5, so d 5 2. (B) 2. [Lesson 5] The state vector after year is The state vector after 2 years is Thus the epected cost of the second year (before taking present values) is and the epected cost of the third year is The actuarial present value of 3 years of costs is.7(5) +.() +.(2) 65.56(5) +.8() +.23(2) (D) [Lesson 22] We determine b. ä 6: A 6: (.98)(.4) b A 6 :2 ä 6:2 SOA MLC Study Manual th edition 2nd printing Copyright 2 ASM 7
9 72 PRACTICE EXAM, ANSWERS TO QUESTIONS 4 5 Now we recalculate at 4%. b 25.4(.93333).5463 ä 6: A 6: (.98)(.4) P 6: (C) [Lesson 43] 3 4 t p (τ) + t + t + t (t ) d ln t p () dt µ () q () t p (τ) µ() + t + t (t )dt 4 + t 4 dt ( + t ) ( + t ) (C) dt 5. [Lesson ] The actuarial present value of one unit of a year deferred whole life insurance is E Ā +. The force of mortality is constant after years, so Ā + µ µ + δ The pure endowment factor E is computed using the mortality rate in effect for the first ten years, so it is e (.+.6)() e.7. Therefore, the APV of the year deferred whole life insurance is Ā 25e.7 Let P be the single benefit premium. The δ.3 interest for the benefit in the first ten years partially offsets the δ.6 discount factor, so the APV of the first ten years of insurance is Pµ e (µ+δ δ ).P e.4 µ + δ δ.4 SOA MLC Study Manual th edition 2nd printing Copyright 2 ASM
10 PRACTICE EXAM, ANSWERS TO QUESTIONS We now solve for P. P 25e.7 + P.25( e.4 ) P P (E) [Lesson 36] We want the 3year temporary future lifetime of the last survivor of the two gears. e :: t p : dt t q 2 dt t 2 dt 2 3 t 3 3 3(2 2 ) (E) 2 7. [Lesson 7] We equate the single benefit premium P and the value of the sum of the annuity and the insurance for the first years. P ā + PĀ : e.7t dt + P e.7t.2 dt e P e P (.53447) P.7 7 P (B) [Lesson 29] By the insurance ratio formula (29.2), A (3).7 A (5).9 2V 3 A 5 A A (D) 9. [Lesson 55] Let X be fare per rider, S aggregate fares. The Poisson parameter per hour is 2. The gamma distribution has α 5, θ 2, mean αθ, and variance αθ 2 2, and therefore second moment By the formula for the variance of a compound Poisson distribution, equation (55.2), Var(S) λ E[X 2 ] (2)(2) 4,4 (D) SOA MLC Study Manual th edition 2nd printing Copyright 2 ASM
11 74 PRACTICE EXAM, ANSWERS TO QUESTIONS 3. [Lesson 4] The benefits are a 9year decreasing insurance minus twice a 4year decreasing insurance (.7).4. (D). [Lesson 5] The probability that the third car will arrive in the interval (3, 4) is the probability of at least 3 cars in 4 seconds minus the probability of at least 3 cars in 3 seconds. For 4 seconds, the Poisson parameter is 4 and the probability is e For 3 seconds, the Poisson parameter is 3 and the probability is e The difference is (B) 2. [Lesson 49] This is a Markov chain. The transition matri going in the beef, chicken, fish, pasta order (actually the order doesn t matter) is The probabilities of fish, chicken, pasta are /3 apiece on the first night, making the state vector (,,, ) Multiplying this by the transition matri, we get for the second night s state vector For the third night s pasta, we multiply the state vector by the last column of the transition matri (in order to get the last entry of the third state vector): () (B) 3. [Lesson 8] By the recursive formula (7.5), e 84:2 p 84 ( + e 85:2 ) 8.4 p 84 (9) p q q 84 m 84.6/9.329 (D).5q /9 SOA MLC Study Manual th edition 2nd printing Copyright 2 ASM
12 PRACTICE EXAM, ANSWERS TO QUESTIONS [Lesson 6] The average number of full days that a milk carton survives on the shelf is e :7. The t day survival probability is t p.8 t for t 7. e :7 7.8 k k Now we remove the contribution of cartons on the shelf 7 full days, 7(.8 7 ), and divide by the probability of being purchased, (.8 7 ) (C) 5. [Lesson 3] The two recursions for the reserve from time 8 to time 9 and time 9 to time are, with the common mortality rate denoted by q: (2. + P)(.4) q ( q) ( P)(.4) q 255.4( q) We ll solve for q and for P. Subtracting the first equation from the second, Now we calculate V. 22.2(.4) q (22.2)(.4) 23.8 q (.4) + P(.4) ( ) V P(.4) (.4) 9.59 P q +.( ).8346 ( )(.4) (.8346) (D) [Section 8.2] e 8.5: e 8.5: p 8.5 e 8:.5.5.9t dt t dt ln ln ( )(.4736).9359 (B) 7. [Lesson 23] The variance of loss at issue for a contract premium of 25 is 2,, Var v T Var v T (2,6,944) SOA MLC Study Manual th edition 2nd printing Copyright 2 ASM
13 76 PRACTICE EXAM, ANSWERS TO QUESTIONS 8 9 If we replace 25 with 2 (for a 2% discount) in the above formula, it becomes Var( L) Var v T Var v T (,777,778) We see that this is,777,778/2,6,944 times the given variance, so the final answer is Var( L),777,778 (2,,),77,626 (C) 2,6, [Lesson 9] Since each c pays () a oneyear insurance (vq ), (2) a payment of one year from now (v p ), and (3) net year s c +, we need an insurance for the insurance recursion (vq ) and an annuity for the annuity recursion (v p ). Since c 4 rather than, it looks like the insurance is an endowment insurance rather than a term insurance. So let s guess that c a :4 + A :4 (*) and prove it by induction. First of all, c 4 a 4: + A 4: insurance pays immediately. Then we need works, since a term annuity is worth nothing and a term endowment c vq + v p ( + c + ) and epanding c with equation (*), we need However, by insurance recursion a :4 + A :4 vq + v p + v p a +:39 + v p A +:39 (**) A :4 vq + v p A +:39 and by annuity recursion a :4 v p + v p a +:39 so (**) is true. For 3, epression (*) is (D) 9. [Lesson 52] The Poisson parameter at time t for this nonhomogeneous Poisson process is λ We want the probability of to be.95.5, so t du 2 u t e t.5 t ln.5 ln 2 t (ln 2) (D) SOA MLC Study Manual th edition 2nd printing Copyright 2 ASM
14 PRACTICE EXAM, ANSWERS TO QUESTIONS [Lesson 46] Let G be the epenseloaded premium. G ä : 8ä : +.5G ä : + ä.95g 8 + ä ä : But since the benefit premium is ( ä /ä : ) 8, the last term must be 8. G (C) [Lesson 2] Let P be the premium. We need Pā 5 Ā + (P)(Ī Ā) :5 ā µ + δ µe 5(µ+δ) 5 Ā (Ī Ā) :5 5 µ + δ e t e.6t.2dt Using equation (.4), you can immediately evaluate this integral as (5) e (.6)(5). As an alternative, (Ī Ā) :5 (Ī Ā) 5 E (Ī Ā) A +5 since the two subtracted items cancel out the increasing insurance after the fifth year. For eponential mortality, (Ī Ā) µt e (µ+δ)t µ dt (µ + δ) 2 by equation (.2). Here, µ.2 and δ.4, so (Ī Ā).2/.6 2. And Ā µ/(µ + δ).2/.6. Also, 5E e.6(5). So (Ī Ā) : e.6(5) (.2) The premium is 22. [Section 8.3] P 5 Ā ā (Ī Ā) : (D) l 5 l 5 2.5() +.5l 5 5l l 5 55(2) 5 32 (E) SOA MLC Study Manual th edition 2nd printing Copyright 2 ASM
15 78 PRACTICE EXAM, ANSWERS TO QUESTIONS [Lesson 22] Let P be the annual benefit premium. A 45:2 d ä 45:2 2 (2.6).4 :2 A 45:2 2 E A 45 2 A 45 A 45 A 45:2.2.. P A 45 : A 45 ä 45: (B) [Lesson 37] Ā y Ā + Ā y Ā y ā y The annual benefit premium is (.67/) 6.7. (C) 25. [Lesson 48] Let G be the contract premium. Then the accumulated premiums after percent of premium epenses are.95 s :2 G 34.2G, the accumulated per epenses are s :2 36, and the accumulated benefits are 2 k, so we equate 34.2G 36.3(36)G 33.2G 36 G (C) [Section 39.] 2 q 5:6 2 q 2 5:6 2 q 5 2 p 6, and 2 2q 5 ep.2t dt e.(2) p 6 ep.3t dt e.5(2) q 5 2 p 6 (.32968)(.54882).8932 (B) 27. [Lesson 4] 5 q 2 s (25) s (26) /s (2), so we will calculate these three values of s (). (Equivalently, one could calculate 5 p 2 and 6 p 2 and take the difference.) The integral of µ is.2u 2 µ u du +.5u SOA MLC Study Manual th edition 2nd printing Copyright 2 ASM
16 PRACTICE EXAM, ANSWERS TO QUESTIONS so and the answer is s (2) ep.(2 2 ) +.5(2) ep(.5).6653 s (25) ep.(25 2 ) +.5(25) ep(.75) s (26) ep.(26 2 ) +.5(26) ep(.86) q (A) [Lesson 44] From d () 9, q () 9.9. Then q () q () q (2) 2.9 q () q () q () 2 q () +.9 The solution.9 is rejected since then q (2) >. q () ±.64.,.9 2 q (2).2 q (3).3 Since (3) occurs at the end of the year, only l (τ) p () p (2) ()(.9)(.8) 72 lives are subject to it. So d (3) 72(.3) 26. (B) 29. [Lesson 4] We have 2 q () 3 q () We set up an equation for 2 q () q () and solve Also, p (τ) q () + 2 q () 2 q () (.797)(a ) + (.797)( a.5)(2a ) a a.594a a a a (D) The other solution to the quadratic is rejected since it is greater than. 3. [Lesson ] Let P be the single benefit premium. P P e.7 7 e.7t.dt + Pe.7 e.7 P (C) SOA MLC Study Manual th edition 2nd printing Copyright 2 ASM
TABLE OF CONTENTS. 4. Daniel Markov 1 173
TABLE OF CONTENTS 1. Survival A. Time of Death for a Person Aged x 1 B. Force of Mortality 7 C. Life Tables and the Deterministic Survivorship Group 19 D. Life Table Characteristics: Expectation of Life
More informationManual for SOA Exam MLC.
Chapter 4. Life insurance. Extract from: Arcones Fall 2009 Edition, available at http://www.actexmadriver.com/ (#1, Exam M, Fall 2005) For a special whole life insurance on (x), you are given: (i) Z is
More informationNovember 2012 Course MLC Examination, Problem No. 1 For two lives, (80) and (90), with independent future lifetimes, you are given: k p 80+k
Solutions to the November 202 Course MLC Examination by Krzysztof Ostaszewski, http://www.krzysio.net, krzysio@krzysio.net Copyright 202 by Krzysztof Ostaszewski All rights reserved. No reproduction in
More informationManual for SOA Exam MLC.
Chapter 6. Benefit premiums Extract from: Arcones Fall 2010 Edition, available at http://www.actexmadriver.com/ 1/90 (#4, Exam M, Spring 2005) For a fully discrete whole life insurance of 100,000 on (35)
More informationChapter 2. 1. You are given: 1 t. Calculate: f. Pr[ T0
Chapter 2 1. You are given: 1 5 t F0 ( t) 1 1,0 t 125 125 Calculate: a. S () t 0 b. Pr[ T0 t] c. Pr[ T0 t] d. S () t e. Probability that a newborn will live to age 25. f. Probability that a person age
More informationSOCIETY OF ACTUARIES. EXAM MLC Models for Life Contingencies EXAM MLC SAMPLE QUESTIONS
SOCIETY OF ACTUARIES EXAM MLC Models for Life Contingencies EXAM MLC SAMPLE QUESTIONS The following questions or solutions have been modified since this document was prepared to use with the syllabus effective
More informationSOCIETY OF ACTUARIES. EXAM MLC Models for Life Contingencies EXAM MLC SAMPLE QUESTIONS
SOCIETY OF ACTUARIES EXAM MLC Models for Life Contingencies EXAM MLC SAMPLE QUESTIONS The following questions or solutions have been modified since this document was prepared to use with the syllabus effective
More informationSolution. Let us write s for the policy year. Then the mortality rate during year s is q 30+s 1. q 30+s 1
Solutions to the May 213 Course MLC Examination by Krzysztof Ostaszewski, http://wwwkrzysionet, krzysio@krzysionet Copyright 213 by Krzysztof Ostaszewski All rights reserved No reproduction in any form
More informationManual for SOA Exam MLC.
Chapter 5. Life annuities Extract from: Arcones Fall 2009 Edition, available at http://www.actexmadriver.com/ 1/60 (#24, Exam M, Fall 2005) For a special increasing whole life annuitydue on (40), you
More informationMay 2012 Course MLC Examination, Problem No. 1 For a 2year select and ultimate mortality model, you are given:
Solutions to the May 2012 Course MLC Examination by Krzysztof Ostaszewski, http://www.krzysio.net, krzysio@krzysio.net Copyright 2012 by Krzysztof Ostaszewski All rights reserved. No reproduction in any
More informationb g is the future lifetime random variable.
**BEGINNING OF EXAMINATION** 1. Given: (i) e o 0 = 5 (ii) l = ω, 0 ω (iii) is the future lifetime random variable. T Calculate Var Tb10g. (A) 65 (B) 93 (C) 133 (D) 178 (E) 333 COURSE/EXAM 3: MAY 0001
More informationINSTRUCTIONS TO CANDIDATES
Society of Actuaries Canadian Institute of Actuaries Exam MLC Models for Life Contingencies Friday, October 31, 2014 8:30 a.m. 12:45 p.m. MLC General Instructions 1. Write your candidate number here. Your
More information**BEGINNING OF EXAMINATION**
November 00 Course 3 Society of Actuaries **BEGINNING OF EXAMINATION**. You are given: R = S T µ x 0. 04, 0 < x < 40 0. 05, x > 40 Calculate e o 5: 5. (A) 4.0 (B) 4.4 (C) 4.8 (D) 5. (E) 5.6 Course 3: November
More informationManual for SOA Exam MLC.
Chapter 4. Life Insurance. Extract from: Arcones Manual for the SOA Exam MLC. Fall 2009 Edition. available at http://www.actexmadriver.com/ 1/14 Level benefit insurance in the continuous case In this chapter,
More informationAnnuities. Lecture: Weeks 911. Lecture: Weeks 911 (STT 455) Annuities Fall 2014  Valdez 1 / 43
Annuities Lecture: Weeks 911 Lecture: Weeks 911 (STT 455) Annuities Fall 2014  Valdez 1 / 43 What are annuities? What are annuities? An annuity is a series of payments that could vary according to:
More informationHeriotWatt University. BSc in Actuarial Mathematics and Statistics. Life Insurance Mathematics I. Extra Problems: Multiple Choice
HeriotWatt University BSc in Actuarial Mathematics and Statistics Life Insurance Mathematics I Extra Problems: Multiple Choice These problems have been taken from Faculty and Institute of Actuaries exams.
More informationJANUARY 2016 EXAMINATIONS. Life Insurance I
PAPER CODE NO. MATH 273 EXAMINER: Dr. C. BoadoPenas TEL.NO. 44026 DEPARTMENT: Mathematical Sciences JANUARY 2016 EXAMINATIONS Life Insurance I Time allowed: Two and a half hours INSTRUCTIONS TO CANDIDATES:
More informationTABLE OF CONTENTS. GENERAL AND HISTORICAL PREFACE iii SIXTH EDITION PREFACE v PART ONE: REVIEW AND BACKGROUND MATERIAL
TABLE OF CONTENTS GENERAL AND HISTORICAL PREFACE iii SIXTH EDITION PREFACE v PART ONE: REVIEW AND BACKGROUND MATERIAL CHAPTER ONE: REVIEW OF INTEREST THEORY 3 1.1 Interest Measures 3 1.2 Level Annuity
More informationPremium Calculation. Lecture: Weeks 1214. Lecture: Weeks 1214 (STT 455) Premium Calculation Fall 2014  Valdez 1 / 31
Premium Calculation Lecture: Weeks 1214 Lecture: Weeks 1214 (STT 455) Premium Calculation Fall 2014  Valdez 1 / 31 Preliminaries Preliminaries An insurance policy (life insurance or life annuity) is
More informationPremium Calculation. Lecture: Weeks 1214. Lecture: Weeks 1214 (Math 3630) Annuities Fall 2015  Valdez 1 / 32
Premium Calculation Lecture: Weeks 1214 Lecture: Weeks 1214 (Math 3630) Annuities Fall 2015  Valdez 1 / 32 Preliminaries Preliminaries An insurance policy (life insurance or life annuity) is funded
More informationPremium Calculation  continued
Premium Calculation  continued Lecture: Weeks 12 Lecture: Weeks 12 (STT 456) Premium Calculation Spring 2015  Valdez 1 / 16 Recall some preliminaries Recall some preliminaries An insurance policy (life
More informationMATH 3630 Actuarial Mathematics I Class Test 2 Wednesday, 17 November 2010 Time Allowed: 1 hour Total Marks: 100 points
MATH 3630 Actuarial Mathematics I Class Test 2 Wednesday, 17 November 2010 Time Allowed: 1 hour Total Marks: 100 points Please write your name and student number at the spaces provided: Name: Student ID:
More information1. Datsenka Dog Insurance Company has developed the following mortality table for dogs:
1 Datsenka Dog Insurance Company has developed the following mortality table for dogs: Age l Age l 0 2000 5 1200 1 1950 6 1000 2 1850 7 700 3 1600 8 300 4 1400 9 0 Datsenka sells an whole life annuity
More informationPlease write your name and student number at the spaces provided:
MATH 3630 Actuarial Mathematics I Final Examination  sec 001 Monday, 10 December 2012 Time Allowed: 2 hours (6:008:00 pm) Room: MSB 411 Total Marks: 120 points Please write your name and student number
More informationFundamentals of Actuarial Mathematics
Fundamentals of Actuarial Mathematics S. David Promislow York University, Toronto, Canada John Wiley & Sons, Ltd Contents Preface Notation index xiii xvii PARTI THE DETERMINISTIC MODEL 1 1 Introduction
More informationSOCIETY OF ACTUARIES. EXAM MLC Models for Life Contingencies EXAM MLC SAMPLE WRITTENANSWER QUESTIONS AND SOLUTIONS
SOCIETY OF ACTUARIES EXAM MLC Models for Life Contingencies EXAM MLC SAMPLE WRITTENANSWER QUESTIONS AND SOLUTIONS Questions February 12, 2015 In Questions 12, 13, and 19, the wording was changed slightly
More informationInsurance Benefits. Lecture: Weeks 68. Lecture: Weeks 68 (STT 455) Insurance Benefits Fall 2014  Valdez 1 / 36
Insurance Benefits Lecture: Weeks 68 Lecture: Weeks 68 (STT 455) Insurance Benefits Fall 2014  Valdez 1 / 36 An introduction An introduction Central theme: to quantify the value today of a (random)
More informationACTS 4301 FORMULA SUMMARY Lesson 1: Probability Review. Name f(x) F (x) E[X] Var(X) Name f(x) E[X] Var(X) p x (1 p) m x mp mp(1 p)
ACTS 431 FORMULA SUMMARY Lesson 1: Probability Review 1. VarX)= E[X 2 ] E[X] 2 2. V arax + by ) = a 2 V arx) + 2abCovX, Y ) + b 2 V ary ) 3. V ar X) = V arx) n 4. E X [X] = E Y [E X [X Y ]] Double expectation
More informationSOCIETY OF ACTUARIES EXAM M ACTUARIAL MODELS EXAM M SAMPLE QUESTIONS
SOCIETY OF ACTUARIES EXAM M ACTUARIAL MODELS EXAM M SAMPLE QUESTIONS Copyright 5 by the Society of Actuaries Some of the questions in this study note are taken from past SOA examinations. M95 PRINTED
More informationINSTITUTE OF ACTUARIES OF INDIA
INSTITUTE OF ACTUARIES OF INDIA EXAMINATIONS 17 th November 2011 Subject CT5 General Insurance, Life and Health Contingencies Time allowed: Three Hours (10.00 13.00 Hrs) Total Marks: 100 INSTRUCTIONS TO
More informationINSTITUTE AND FACULTY OF ACTUARIES EXAMINATION
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 INSTITUTE AND FACULTY OF ACTUARIES EXAMINATION 8 October 2015 (pm) Subject CT5 Contingencies Core Technical
More informationMath 630 Problem Set 2
Math 63 Problem Set 2 1. AN nyear term insurance payable at the moment of death has an actuarial present value (i.e. EPV) of.572. Given µ x+t =.7 and δ =.5, find n. (Answer: 11) 2. Given: Ā 1 x:n =.4275,
More informationCOURSE 3 SAMPLE EXAM
COURSE 3 SAMPLE EXAM Although a multiple choice format is not provided for some questions on this sample examination, the initial Course 3 examination will consist entirely of multiple choice type questions.
More information( ) is proportional to ( 10 + x)!2. Calculate the
PRACTICE EXAMINATION NUMBER 6. An insurance company eamines its pool of auto insurance customers and gathers the following information: i) All customers insure at least one car. ii) 64 of the customers
More informationFurther Topics in Actuarial Mathematics: Premium Reserves. Matthew Mikola
Further Topics in Actuarial Mathematics: Premium Reserves Matthew Mikola April 26, 2007 Contents 1 Introduction 1 1.1 Expected Loss...................................... 2 1.2 An Overview of the Project...............................
More information4. Life Insurance. 4.1 Survival Distribution And Life Tables. Introduction. X, Ageatdeath. T (x), timeuntildeath
4. Life Insurance 4.1 Survival Distribution And Life Tables Introduction X, Ageatdeath T (x), timeuntildeath Life Table Engineers use life tables to study the reliability of complex mechanical and
More informationMath 370/408, Spring 2008 Prof. A.J. Hildebrand. Actuarial Exam Practice Problem Set 5 Solutions
Math 370/408, Spring 2008 Prof. A.J. Hildebrand Actuarial Exam Practice Problem Set 5 Solutions About this problem set: These are problems from Course 1/P actuarial exams that I have collected over the
More informationO MIA009 (F2F) : GENERAL INSURANCE, LIFE AND
No. of Printed Pages : 11 MIA009 (F2F) kr) ki) M.Sc. ACTUARIAL SCIENCE (MSCAS) N December, 2012 0 O MIA009 (F2F) : GENERAL INSURANCE, LIFE AND HEALTH CONTINGENCIES Time : 3 hours Maximum Marks : 100
More informationManual for SOA Exam MLC.
Chapter 4. Life Insurance. Extract from: Arcones Manual for the SOA Exam MLC. Fall 2009 Edition. available at http://www.actexmadriver.com/ 1/44 Properties of the APV for continuous insurance The following
More information1 Cashflows, discounting, interest rate models
Assignment 1 BS4a Actuarial Science Oxford MT 2014 1 1 Cashflows, discounting, interest rate models Please hand in your answers to questions 3, 4, 5 and 8 for marking. The rest are for further practice.
More informationManual for SOA Exam MLC.
Chapter 6. Benefit premiums. Extract from: Arcones Fall 2010 Edition, available at http://www.actexmadriver.com/ 1/24 Nonlevel premiums and/or benefits. Let b k be the benefit paid by an insurance company
More informationSome Observations on Variance and Risk
Some Observations on Variance and Risk 1 Introduction By K.K.Dharni Pradip Kumar 1.1 In most actuarial contexts some or all of the cash flows in a contract are uncertain and depend on the death or survival
More informationSOCIETY OF ACTUARIES EXAM M ACTUARIAL MODELS EXAM M SAMPLE QUESTIONS
SOCIETY OF ACTUARIES EXAM M ACTUARIAL MODELS EXAM M SAMPLE QUESTIONS Copyright 005 by the Society of Actuaries Some of the questions in this study note are taken from past SOA examinations. M0905 PRINTED
More informationACTUARIAL MATHEMATICS FOR LIFE CONTINGENT RISKS
ACTUARIAL MATHEMATICS FOR LIFE CONTINGENT RISKS DAVID C. M. DICKSON University of Melbourne MARY R. HARDY University of Waterloo, Ontario V HOWARD R. WATERS HeriotWatt University, Edinburgh CAMBRIDGE
More informationMultistate transition models with actuarial applications c
Multistate transition models with actuarial applications c by James W. Daniel c Copyright 2004 by James W. Daniel Reprinted by the Casualty Actuarial Society and the Society of Actuaries by permission
More information(Common) Shock models in Exam MLC
Making sense of... (Common) Shock models in Exam MLC James W. Daniel Austin Actuarial Seminars www.actuarialseminars.com June 26, 2008 c Copyright 2007 by James W. Daniel; reproduction in whole or in part
More informationManual for SOA Exam MLC.
Chapter 5. Life annuities. Section 5.7. Computing present values from a life table Extract from: Arcones Manual for the SOA Exam MLC. Spring 2010 Edition. available at http://www.actexmadriver.com/ 1/30
More informationLearning Objectives 26. What Is Insurance? 3. Coverage Concepts 8. Types of Insurance 10. Types of Insurers 11. Introduction 26
Contents u n i t 1 Introduction to Insurance 1 Introduction 2 Learning Objectives 2 What Is Insurance? 3 Risk 4 Coverage Concepts 8 Types of Insurance 10 Types of Insurers 11 Domicile and Authorization
More informationNovember 2000 Course 3
November Course 3 Society of Actuaries/Casualty Actuarial Society November   GO ON TO NEXT PAGE Questions through 36 are each worth points; questions 37 through 44 are each worth point.. For independent
More informationTHE MATHEMATICS OF LIFE INSURANCE THE NET SINGLE PREMIUM.  Investigate the component parts of the life insurance premium.
THE MATHEMATICS OF LIFE INSURANCE THE NET SINGLE PREMIUM CHAPTER OBJECTIVES  Discuss the importance of life insurance mathematics.  Investigate the component parts of the life insurance premium.  Demonstrate
More informationEXAMINATION. 6 April 2005 (pm) Subject CT5 Contingencies Core Technical. Time allowed: Three hours INSTRUCTIONS TO THE CANDIDATE
Faculty of Actuaries Institute of Actuaries EXAMINATION 6 April 2005 (pm) Subject CT5 Contingencies Core Technical Time allowed: Three hours INSTRUCTIONS TO THE CANDIDATE 1. Enter all the candidate and
More informationSOA EXAM MLC & CAS EXAM 3L STUDY SUPPLEMENT
SOA EXAM MLC & CAS EXAM 3L STUDY SUPPLEMENT by Paul H. Johnson, Jr., PhD. Last Modified: October 2012 A document prepared by the author as study materials for the Midwestern Actuarial Forum s Exam Preparation
More informationMath 370/408, Spring 2008 Prof. A.J. Hildebrand. Actuarial Exam Practice Problem Set 3 Solutions
Math 37/48, Spring 28 Prof. A.J. Hildebrand Actuarial Exam Practice Problem Set 3 Solutions About this problem set: These are problems from Course /P actuarial exams that I have collected over the years,
More informationErrata and updates for ASM Exam C/Exam 4 Manual (Sixteenth Edition) sorted by page
Errata for ASM Exam C/4 Study Manual (Sixteenth Edition) Sorted by Page 1 Errata and updates for ASM Exam C/Exam 4 Manual (Sixteenth Edition) sorted by page Practice exam 1:9, 1:22, 1:29, 9:5, and 10:8
More informationManual for SOA Exam MLC.
Chapter 5. Life annuities. Extract from: Arcones Manual for the SOA Exam MLC. Spring 2010 Edition. available at http://www.actexmadriver.com/ 1/114 Whole life annuity A whole life annuity is a series of
More informationHeriotWatt University. M.Sc. in Actuarial Science. Life Insurance Mathematics I. Tutorial 5
1 HeriotWatt University M.Sc. in Actuarial Science Life Insurance Mathematics I Tutorial 5 1. Consider the illnessdeath model in Figure 1. A life age takes out a policy with a term of n years that pays
More informationYanyun Zhu. Actuarial Model: Life Insurance & Annuity. Series in Actuarial Science. Volume I. ir* International Press. www.intlpress.
Yanyun Zhu Actuarial Model: Life Insurance & Annuity Series in Actuarial Science Volume I ir* International Press www.intlpress.com Contents Preface v 1 Interest and AnnuityCertain 1 1.1 Introduction
More informationTABLE OF CONTENTS. Practice Exam 1 3 Practice Exam 2 15 Practice Exam 3 27 Practice Exam 4 41 Practice Exam 5 53 Practice Exam 6 65
TABLE OF CONTENTS Practice Exam 1 3 Practice Exam 2 15 Practice Exam 3 27 Practice Exam 4 41 Practice Exam 5 53 Practice Exam 6 65 Solutions to Practice Exam 1 79 Solutions to Practice Exam 2 89 Solutions
More informationManual for SOA Exam MLC.
Chapter 4. Life Insurance. c 29. Miguel A. Arcones. All rights reserved. Extract from: Arcones Manual for the SOA Exam MLC. Fall 29 Edition. available at http://www.actexmadriver.com/ c 29. Miguel A. Arcones.
More informationCHAPTER 10 ANNUITIES
CHAPTER 10 ANNUITIES are contracts sold by life insurance companies that pay monthly, quarterly, semiannual, or annual income benefits for the life of a person (the annuitant), for the lives of two or
More informationIssued by Fidelity & Guaranty Life Insurance Company, Baltimore, MD Distributed by Legacy Marketing Group
Issued by Fidelity & Guaranty Life Insurance Company, Baltimore, MD Distributed by Legacy Marketing Group Choices To Plan for the Long Term The financial challenges you face evolve with economic and life
More informationManual for SOA Exam MLC.
Chapter 4 Life Insurance Extract from: Arcones Manual for the SOA Exam MLC Fall 2009 Edition available at http://wwwactexmadrivercom/ 1/13 Nonlevel payments paid at the end of the year Suppose that a
More informationGLOSSARY. A contract that provides for periodic payments to an annuitant for a specified period of time, often until the annuitant s death.
The glossary contains explanations of certain terms and definitions used in this prospectus in connection with the Group and its business. The terms and their meanings may not correspond to standard industry
More informationAbout Guardian SecureFuture Income Annuity SM
Today, income during retirement takes on a whole new meaning because it will largely come from the savings you were able to build during your working years. A lot could possibly happen between now and
More informationVariable Annuities. Reno J. Frazzitta Investment Advisor Representative 8779097233 www.thesmartmoneyguy.com
Reno J. Frazzitta Investment Advisor Representative 8779097233 www.thesmartmoneyguy.com Variable Annuities Page 1 of 8, see disclaimer on final page Variable Annuities What is a variable annuity? Investor
More informationManual for SOA Exam MLC.
Chapter 6. Benefit premiums. Extract from: Arcones Fall 2010 Edition, available at http://www.actexmadriver.com/ 1/77 Fully discrete benefit premiums In this section, we will consider the funding of insurance
More informationMath 370/408, Spring 2008 Prof. A.J. Hildebrand. Actuarial Exam Practice Problem Set 2 Solutions
Math 70/408, Spring 2008 Prof. A.J. Hildebrand Actuarial Exam Practice Problem Set 2 Solutions About this problem set: These are problems from Course /P actuarial exams that I have collected over the years,
More informationVERMONT DEPARTMENT OF BANKING AND INSURANCE REVISED REGULATION 772 VERMONT LIFE INSURANCE SOLICITATION REGULATION
VERMONT DEPARTMENT OF BANKING AND INSURANCE REVISED REGULATION 772 VERMONT LIFE INSURANCE SOLICITATION REGULATION Section 1. AUTHORITY This rule is adopted and promulgated by the Commissioner of Banking
More informationMATHEMATICS OF FINANCE AND INVESTMENT
MATHEMATICS OF FINANCE AND INVESTMENT G. I. FALIN Department of Probability Theory Faculty of Mechanics & Mathematics Moscow State Lomonosov University Moscow 119992 g.falin@mail.ru 2 G.I.Falin. Mathematics
More informationFINANCIAL ANALYSIS ****** UPDATED FOR 55% BENEFIT ****** ****** FOR ALL SURVIVORS ******
FINANCIAL ANALYSIS ****** UPDATED FOR 55% BENEFIT ****** ****** FOR ALL SURVIVORS ****** This fact sheet is designed to supplement the Department of Defense brochure: SBP SURVIVOR BENEFIT PLAN FOR THE
More informationCHAPTER 5 INTRODUCTION TO VALUATION: THE TIME VALUE OF MONEY
CHAPTER 5 INTRODUCTION TO VALUATION: THE TIME VALUE OF MONEY 1. The simple interest per year is: $5,000.08 = $400 So after 10 years you will have: $400 10 = $4,000 in interest. The total balance will be
More informationChapter 5 Discrete Probability Distribution. Learning objectives
Chapter 5 Discrete Probability Distribution Slide 1 Learning objectives 1. Understand random variables and probability distributions. 1.1. Distinguish discrete and continuous random variables. 2. Able
More informationAPPENDIX 4  LIFE INSURANCE POLICIES PREMIUMS, RESERVES AND TAX TREATMENT
APPENDIX 4  LIFE INSURANCE POLICIES PREMIUMS, RESERVES AND TAX TREATMENT Topics in this section include: 1.0 Types of Life Insurance 1.1 Term insurance 1.2 Type of protection 1.3 Premium calculation for
More informationSample Examination Questions CHAPTER 6 ACCOUNTING AND THE TIME VALUE OF MONEY MULTIPLE CHOICE Conceptual Answer No. Description d 1. Definition of present value. c 2. Understanding compound interest tables.
More informationProfit Measures in Life Insurance
Profit Measures in Life Insurance Shelly Matushevski Honors Project Spring 2011 The University of Akron 2 Table of Contents I. Introduction... 3 II. Loss Function... 5 III. Equivalence Principle... 7 IV.
More informationMathematics of Life Contingencies MATH 3281
Mathematics of Life Contingencies MATH 3281 Life annuities contracts Edward Furman Department of Mathematics and Statistics York University February 13, 2012 Edward Furman Mathematics of Life Contingencies
More informationNORTH CAROLINA GENERAL ASSEMBLY 1981 SESSION CHAPTER 761 SENATE BILL 623
NORTH CAROLINA GENERAL ASSEMBLY 1981 SESSION CHAPTER 761 SENATE BILL 623 AN ACT TO AMEND CHAPTER 58, ARTICLE 22, OF THE GENERAL STATUTES RELATING TO NONFORFEITURE BENEFITS OF LIFE INSURANCE POLICIES AND
More informationPoisson processes (and mixture distributions)
Poisson processes (and mixture distributions) James W. Daniel Austin Actuarial Seminars www.actuarialseminars.com June 26, 2008 c Copyright 2007 by James W. Daniel; reproduction in whole or in part without
More informationSTAT2400 STAT2400 STAT2400 STAT2400 STAT2400 STAT2400 STAT2400 STAT2400&3400 STAT2400&3400 STAT2400&3400 STAT2400&3400 STAT3400 STAT3400
Exam P Learning Objectives All 23 learning objectives are covered. General Probability STAT2400 STAT2400 STAT2400 STAT2400 STAT2400 STAT2400 STAT2400 1. Set functions including set notation and basic elements
More information**BEGINNING OF EXAMINATION**
Fall 2002 Society of Actuaries **BEGINNING OF EXAMINATION** 1. Given: The survival function s x sbxg = 1, 0 x < 1 x d i { }, where s x = 1 e / 100, 1 x < 45. = s x 0, 4.5 x Calculate µ b4g. (A) 0.45 (B)
More informationGLOSSARY. A contract that provides for periodic payments to an annuitant for a specified period of time, often until the annuitant s death.
The glossary contains explanations of certain terms and definitions used in this prospectus in connection with us and our business. The terms and their meanings may not correspond to standard industry
More informationEXAM 3, FALL 003 Please note: On a onetime basis, the CAS is releasing annotated solutions to Fall 003 Examination 3 as a study aid to candidates. It is anticipated that for future sittings, only the
More informationADDITIONAL STANDARDS FOR GUARANTEED MINIMUM DEATH BENEFITS for Individual Deferred Variable Annuities
ADDITIONAL STANDARDS FOR GUARANTEED MINIMUM DEATH BENEFITS for Scope: These standards apply to guaranteed minimum death benefits (GMDB) that are built into individual deferred variable annuity contracts
More informationAllianz Dominator Plus Annuity
Allianz Life Insurance Company of North America Allianz Dominator Plus Annuity Assured interest with a lockedin interest rate. CB52121 Page 1 of 11 Allianz Dominator Plus Annuity from Allianz Life Insurance
More informationShould I Buy an Income Annuity?
Prepared For: Valued Client Prepared By: CPS The purchase of any financial product involves a trade off. For example when saving for retirement, you are often faced with making a trade off between how
More informationAnnuities. Fixed Annuity: An annuity which the amount paid out is fixed sum and is usually guaranteed.
Annuities Fixed Annuity: An annuity which the amount paid out is fixed sum and is usually guaranteed. Loads: The fees or charges paid when you purchase an annuity. Includes sales commissions. Author: Douglas
More informationFundamentals of Actuarial Mathematics. 3rd Edition
Brochure More information from http://www.researchandmarkets.com/reports/2866022/ Fundamentals of Actuarial Mathematics. 3rd Edition Description:  Provides a comprehensive coverage of both the deterministic
More informationLIFE INSURANCE AND PENSIONS by Peter Tryfos York University
LIFE INSURANCE AND PENSIONS by Peter Tryfos York University Introduction Life insurance is the business of insuring human life: in return for a premium payable in one sum or installments, an insurance
More informationBuyer s Guide for Deferred Annuities Variable
Buyer s Guide for Deferred Annuities Variable Prepared by the NAIC National Association of Insurance Commissioners This guide does not endorse any company or policy Reprinted by John Hancock Life Insurance
More informationINSTITUTE OF ACTUARIES OF INDIA
INSTITUTE OF ACTUARIES OF INDIA EXAMINATIONS 13 th May 2015 Subject CT5 General Insurance, Life and Health Contingencies Time allowed: Three Hours (10.30 13.30 Hrs) Total Marks: 100 INSTRUCTIONS TO THE
More informationProtection That Offers Selection To Fit Your Lifestyle! More Choices More Control!
Protection That Offers Selection To Fit Your Lifestyle! More Choices More Control! Consumer Brochure A Flexible Premium Life Insurance Policy with Equity Index Options Policy Form 01114307 and state
More informationBuyer s Guide for Deferred Annuities Fixed. Table of Contents
Buyer s Guide for Deferred Annuities Fixed Table of Contents What Is an Annuity?...2 When Annuities Start to Make Income Payments... 2 How Deferred Annuities Are Alike... 2 How Deferred Annuities Are Different...
More informationINSTITUTE AND FACULTY OF ACTUARIES EXAMINATION
INSTITUTE AND FACULTY OF ACTUARIES EXAMINATION 27 April 2015 (pm) Subject CT5 Contingencies Core Technical Time allowed: Three hours INSTRUCTIONS TO THE CANDIDATE 1. Enter all the candidate and examination
More informationGlossary of insurance terms
Glossary of insurance terms I. Insurance Products Annuity is a life insurance policy where an insurance company pays an income stream to an individual, usually until death, in exchange for the payment
More informationWHAT YOU DON'T KNOW ABOUT ANNUITIES CAN HURT YOU FINANCIALLY
WHAT YOU DON'T KNOW ABOUT ANNUITIES CAN HURT YOU FINANCIALLY Presented by: James J. Holtzman, CFP, CPA Personal Chief Financial Officer and Shareholder Legend Financial Advisors, Inc. And EmergingWealth
More informationUnited of Omaha Life Insurance Company A Mutual of Omaha Company. Living Care Annuity SETTING YOUR RISK BOUNDARIES PRODUCT GUIDE LC6576
United of Omaha Life Insurance Company A Mutual of Omaha Company Living Care Annuity SETTING YOUR RISK BOUNDARIES PRODUCT GUIDE LC6576 Setting Risk Boundaries You can t control the future, but you can
More informationCHAPTER 8 TAX CONSIDERATIONS
CHAPTER 8 TAX CONSIDERATIONS Life insurance traditionally has enjoyed favorable tax treatment. The major advantages are (1) the death benefits of a life policy payable to a beneficiary are not subject
More informationLEGISLATIVE PROPOSALS RELATING TO THE LIFE INSURANCE POLICY EXEMPTION TEST
1 LEGISLATIVE PROPOSALS RELATING TO THE LIFE INSURANCE POLICY EXEMPTION TEST ACB prorated on partial surrender INCOME TAX ACT 1. (1) Subsection 148(2) of the Income Tax Act is amended by striking out and
More informationLEVELING THE NET SINGLE PREMIUM.  Review the assumptions used in calculating the net single premium.
LEVELING THE NET SINGLE PREMIUM CHAPTER OBJECTIVES  Review the assumptions used in calculating the net single premium.  Describe what is meant by the present value of future benefits.  Explain the mathematics
More informationBuild a financially strong retirement with AG Lifetime Income Builder
Consumer Guide This guide must be presented along with an index annuity consumer guide. AG Lifetime Income Builder SM optional living benefit rider Build a financially strong retirement with AG Lifetime
More information