Practicefinal-1

Practicefinal-1 - AS 4426F PRACTICE FINAL EXAM * DEC 2009...

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AS 4426F PRACTICE FINAL EXAM ** DEC 2009 REVIEW( relevant questions ): Question 2-9(but ignore 5(b))** This examination is out of a total of 120 marks . There are ten questions . You may want to use the mark breakdown as a rough guideline for the time spent on each question. The following commuation symbol definitions may be of use for some of the examination questions: v n n p x = D x+n /D x . , where D x = v x l x a x (12) = N x (12) / D x a x: n = ( N x - N x+n )/ D x , where N x = D x+t a s x: n = ( s N x - s N x+n )/ s D x , where s D x = s x D x and s N x = s D x+t Please hand in both your exam paper and your working booklet. Good luck! Show all of your work in any questions involving calculations 1
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Question 1 (10 marks) (a) (4 marks) You have been asked to briefly describe the purpose of the CPP actuarial report and methodology used. What key points would you present to give someone an overview of the report purpose and methodology? (6 marks): Please answer answer three of the remaining parts of question 1 three of the remaining parts of question 1 . Your selection should be such that the total marks are 6 (i.e. if you answer b and c and d, this will total 6, and several other combinations are possible). (b) (1 mark) How are the Canadian Old Age Security (OAS) Programs funded and what is the eligibility requirement basis for the OAS pension? (c) (2 marks) With regards to Property and Casualty Insurance Pricing, what are the key differences between the Pure Premium method and the Loss Ratio Method (d) (3 marks) What are some of the key components of an Actuarial Valuation report? (e) (2 marks) What are some of the criticisms and problems with Canada’s Health Care system? (f) (2 marks) The World Health Care Organization (WHO) ranks national health care systems. What are some of the health care system components that are evaluated? Question 2(5 marks) (a) (3 marks) You are given that the Actuarial Liability for a Defined Benefit pension plan as at Jan.1, 2001 and Jan.1, 2002 is $225,000 and $250,000 respectively. You are also given that the Normal costs (calculated at Jan. 1, 2001) is $12,000, and that the pension plans invested assets were $120,000 on Jan. 1, 2001 and $130,000 on Jan. 1, 2002. The employer contributed a total of $15,000 as at April 1, 2001. Assuming a valuation interest rate of 6%, what is the plan’s gain (loss) in 2001?
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Practicefinal-1 - AS 4426F PRACTICE FINAL EXAM * DEC 2009...

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