RMI312 Final

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The following facts for a hypothetical ordinary whole life insurance policy will be needed to solve this question: Net single premium as of issue age $155.00 Net single premium as of valuation age $285.00 Special allowance for first-year expenses $20.00 Present value of a life annuity due of $1.00 for the premium-paying period as of issue age $11.15 Present value of a life annuity due of $1.00 for balance of premium-paying period as of valuation age $16.09 Based on the above information, which of the following is the adjusted premium?

$15.70

If the net single premium for a 10-payment life insurance policy is $150.10...net annual premium?

$18.42

$252.61

$32.39

Assume that $100,000 is to be liquidated under the 20-year fixed-period option with annual payments to be made at the beginning of each year, starting immediately. Assume also that the undistributed proceeds will earn a 3.5% annual rate of interest and that the 20-year annuity due factor for $1.00 at that interest rate is 14.7098. Based on this information, what will be the size of each annual payment from the $100,000 fund?

$6,798

6. If a compound interest table reveals that the present value of 1 for 9 years at a 4% rate of interest is .70259, what is the present value of $600 due in 9 years and discounted at a 4% compound annual rate of interest?If you were to solve the question accurately by using an electronic calculator with finance functions, all the following statements would be correct, EXCEPT:

$600 would be entered as the present value.

8. If a compound interest rate table reveals that the future value of 1 after 18 years at a 5% rate of interest is 2.40662, to what amount will $1,500 grow by the end of 18 years if it is invested at a compound annual rate of interest of 5%?

($3,609.93)

13. If a compound interest table reveals that the present value of 1 for 9 years at a 4% rate of interest is .70259, what is the present value of $600 due in 9 years and discounted at a 4% compound annual rate of interest?

($421.55)

5. If a compound interest rate table reveals that the future value of 1 after 18 years at a 5% rate of interest is 2.40662, to what amount will $1,500 grow by the end of 18 years if it is invested at a compound annual rate of interest of 5%?If you were to solve the problem accurately by using an electronic calculator with finance functions, all the following statements would be correct, EXCEPT:

(2.40662 would be entered as the interest rate.)

Limited-payment life insurance differs from ordinary life insurance in all of the following ways, EXCEPT:

The length of the period of protection

12. An employer took out a $100,000 life insurance policy on its Vice President of sales. After 10 years, the Vice President left the employer for another firm. The employer continued to pay the $2,500 annual premium for 10 more years until the insured died. What amount of income will the employer report for the death benefit?

(A) $0

18. A client has paid annual premiums of $2,000 for 10 years on a $100,000 whole life insurance policy. The client took a loan of $10,000 from the policy, and the net cash value is $12,000. If the client surrenders the policy for cash, what amount of taxable income must the client report?

(A) $2,000

10. A client has determined that he should provide benefits for a surviving spouse in the amount of $80,000 annually. The client is in the 25% income tax bracket. Under the capital needs analysis, what capital fund is required if the fund can realistically be invested to earn a 4% return after taxes?

(A) $2,000,000

7. Which of the following statements best describes the human life value approach?

(A) A client should have life insurance equal to the capitalized value of his net earnings.

17. Which of the following statements about trust arrangements is true?

(A) A trust company or bank trust department may be used as trustee to provide professional management the beneficiaries cannot outlive.

3. Which of the following is an element of the technically accurate method of calculating the economic value of an individual's human life?

(A) Deduct the cost of the individual's self-maintenance, life insurance premiums, and personal income taxes.

16. For a life insurance policy that is not a MEC, which of the following changes will likely reduce the policy owner's basis?

(A) Dividends

24. In which of the following circumstances will the death benefit from a life insurance policy be included in the decedent-insured's gross estate? I - The insured's estate is named as the beneficiary of the policy II - The insured sold the policy to an investor within 3 years of death.

(A) I only

27. Which of the following is (are) among the typical results following death of a major stockholder in a closely held corporation? I - The deceased stockholder's spouse acquires the ownership interest of the deceased stockholder II - The surviving stockholders legally become liquidating trustees. III - The operations of the corporation will go on, without disruption.

(A) I only

28. In a typical group life insurance plan, which of the following statements is (are) correct? I - The employer bears all or a portion of the premium cost. II - The employee selects the amount of coverage on his or her life.

(A) I only

6. Which of the following statements concerning the economic value of the typical human life is (are) correct? I - It tends to diminish with the passage of time II - It is at its peak when the individual's annual earnings reach their peak

(A) I only

8. Income payments to a surviving spouse can consist solely of investment earnings on a capital sum or a combination of investment earnings and a gradual liquidation of the capital sum. Which of the following is (are) among the advantages of the former approach? I - The surviving spouse will not outlive the income. II - The capital sum needed is smaller than in the latter approach

(A) I only

8. Under a level premium type of life insurance policy, which of the following statements is (are) correct? I - The reserve is payable as part of the face amount of the policy at the death of the insured. II - The amount at risk under the policy increases as the reserve increases.

(A) I only

2. All of the following statements concerning the assessment plan of life insurance are correct, EXCEPT:

(A) If the average age of the participants in an assessment plan does not increase, the death rate among the participants must remain constant.

26. All of the following are results from the death of a general partner, EXCEPT:

(A) The deceased partner's spouse is legally entitled to take the place of the deceased partner in the ongoing operation of the partnership.

20. Premium payments for a life insurance policy are deductible in all of the following circumstances, EXCEPT:

(A) The policy is key person life insurance purchased by a corporation on one of its employees.

22. Which of the following applicants is the most common use of the qualified terminal interest property trust (QTIP)?

(A) To provide a life income for a surviving spouse and the trust corpus is distributed to children

13. James Trot was an engineer at a large manufacturing corporation that purchased life insurance for its senior engineers. When he retired, Trot sold his $50,000 life insurance policy under the plan to his employer for the cash value of $24,000. The employer paid premiums of $1,200 for another 10 years until Trot died. What amount of income will the employer report for the death benefit?

(B) $14,000

5. Assume that a 40-year old man who plans to retire at age 60 will have gross average annual earnings of about $90,000 during the next 20 years. Assume also that about two-thirds of the income will go for the support of the man's dependents. Assume further that the present value of $1.00 per year for 20 years at a 6% rate of interest is $11.47. Based on the information, which of the following is the approximate economic value of the man's life?

(B) $688,000

19. All of the following statements about charitable gifts are true, EXCEPT:

(B) A charity can be the beneficiary but may not be the owner of a life insurance policy

11. All other things being equal, which of the following policies provides the highest relative proportions of cash value to death benefit?

(B) A single-premium whole life policy

22. Which of the following transfers is a taxable gift?

(B) A transfer of a $30,000 truck to the donor's child

16. Which of the following statements about trusts is (are) true? I - Trusts provide for ownership of assets by the beneficiaries II - The trust is established by the trustee and managed by the trustor. III - A trust may be arranged specifically to pay life insurance premiums and receive the proceeds at death IV - In a trust, assets are managed for the benefit of the trustee

(B) I & III only

21. Which of the following describe(s) a practical difficulty of insuring an indiviual for the full amount of his or her economic human life value? I - The economic value of the human life is usually far less than the minimum amount of insurance a typical life insurance company will issue II - The economic value of the human life is typically greatest during the years when the individual's ability to pay premiums is low.

(B) II only

24. Which of the following statements concerning the federal income tax treatment of life insurance when used for key person indemnification is (are) correct? I - The life insurance premiums are deductible. II - The life insurance limp-sum death benefit proceeds are tax-free.

(B) II only

6. In a term-to-age-65 policy issued under the level premium plan of life insurance, which of the following statements is (are) correct? I - The sum of the excesses in premiums paid in the early policy years is equal to the sum of the deficiencies in the premiums paid in the later policy years. II - The reserve under the policy rises for a time and then falls back to zero at age 65.

(B) II only

9. When the liquidating approach is used, which of the following ways can be used to eliminate the problem of the beneficiary outliving the money? I - Benefit payments can include principal and investment income. II - Life annuities can be purchased for the beneficiary.

(B) II only

11. Under the analysis-of-needs approach to determining how much life insurance should be carried, all of the following are components of the cleanup fund, EXCEPT:

(B) Income for the dependents for a 2-year readjustment period

20. The prematurity values of a life insurance policy are generally most useful for which of the following purposes?

(B) Nursing home care for the insured

25. Life insurance policy proceeds are included in the insured's gross estate when incidents of ownership were transferred by gift within 3 years of death. All the following are incidents of ownership in a life insurance policy, EXCEPT:

(B) The insured was names a beneficiary of the policy

17. All the following statements concerning the cash surrender of a life insurance policy are correct, EXCEPT:

(B) The loan principal is subtracted from the surrender value of the policy for tax purposes

1. The mortality rates in a typical mortality table in use today are based on which of the following? I. The experience of more than one year II. The experience of more than one insurance company

(Both I and II)

21. George Pace wants to make gifts to his two children. His wife has agreed to split the gifts. What is the most that George can give to the two children that will be entirely sheltered by the annual exclusion?

15. All of the following statements about trusts are true, EXCEPT:

25. Which of the following statements concerning the use of life insurance to enhance the credit of the owner of a small business is (are) correct? I - If the lender is concerned only with the possibility of default due to the death of the business owner, the life insurance policy used to enhance the owner's credit need not have cash values. II - If the lender is concerned with the possibility of default due to the death of the business owner or with the business owner's financial inability to repay the loan, the life insurance policy used to enhance the owner's credit should have cash values.

4. Which of the following statements concerning the yearly renewable term plan of life insurance is (are) correct? I - Insurers typically place a limit on the period during which YRT coverage may be renewed. II - An insured who elects, after having renewed his or her YRT coverage for many years, to discontinue the coverage will have no cash values available under the policy at the tome of discontinuance.

19. All of the following statements concerning a level-premium whole life insurance policy that is a MEC are correct, EXCEPT:

13. The ongoing income needs of the typical family following the death of the breadwinner include all the following, EXCEPT:

15. If a beneficiary of a life policy has decided that the death benefit should be distributed under one of the settlement options, which of the following options will result in distributions containing the most taxable income?

9. The "cost of insurance" under the level premium plan of life insurance is found in which of the following ways?

1. Life Insurance is primarily concerned with which of the following aspects of the human life value?

14. According to the analysis-of-needs approach, the type of life insurance carried will be most relevant to meeting which of the following needs?

7. The annual premium for an ordinary life policy issued at age 35 is higher than that for a term-to-age 65 policy issued at age 35 mainly for which of the following reasons?

5. Which of the following statements concerning the level premium plan of life insurance is correct?

10. Under the level premium plan, a $1,000 policy does not provide $1,000 of insurance. Rather, the policy provides which of the following?

(D) A combination of decreasing insurance and an increasing cash value

4. All the following are steps in the five-step process of estimating a person's economic value for purposes of life insurance, EXCEPT:

(D) Determine the remaining number of years in the person's life expectancy.

2. A Human Life may have an economic value that can logically serve as the basis for life insurance in which of the following situations? I - The individual is age 23 and unmarried and has no children II- The individual has only one dependent, an aged father III - The individual has no dependents but makes sizable periodic gifts to a favorite charity

(D) I, II, III

18. Which of the following statements about charitable giving is (are) true? I - Charitable gifts can be used to minimize estate taxes. II - A donor can give an existing life insurance policy to a charity, but the charity is not allowed to pay premiums. III - A donor can name the charity as beneficiary of an existing life insurance contract. IV - Life Insurance to fund family needs can free assets and other property to be given to charity.

(D) I, III, & IV only

23. Under federal estate tax rules, the gross estate includes the value of all the following property, EXCEPT:

(D) Insurance on the decedent's life given to the decedent's spouse 5 years before death

12. Under the analysis-of-needs approach to determining how much life insurance should be carried, which of the following statements concerning the dependency period is correct?

(D) It depends in part on the type of education planned for the children

1. Which of the following statements concerning the 1980 or 2001 CSO mortality tables is (are) correct? I - The table shows the same mortality rates for mes as for women, age for age. II - Most large life insurance companies base their premium rates on the mortality rates in the table.

(D) Neither I nor II

14. Margery was one of three partners in a clothing import business. The partners took out life insurance on each other so they could buy the interest of any partner who died. When Margery decided to leave the partnership, she wanted to sell the insurance policies to her partners. Which of the following sales of the life insurance policies will require the buyer to report table gain when a death benefit is paid? I - Each policy is sold to the partner who is not the insured under that policy II - Each policy is sold to the partner who is the insured under that policy.

(D) Neither I nor II

23. Which of the following statements concerning the need for key person indemnification is (are) correct? I - Since even a key person can be replaced after a reasonable period of time, term life insurance typically is the appropriate type of life insurance to meet this need. II - The principal financial element of this need is the cost of locating and training a replacement for the deceased key person.

(D) Neither I nor II

3. All of the following are characteristics of the yearly renewable term (YRT) plan of life insurance, EXCEPT:

(D) The premium under the YRT plan rises at a decreasing rate.

3. The 1980 CSO mortality table is characterized by which of the following? I. Separate mortality rates for men and women II. Separate rates for annuitants and for insureds under life insurance policies III. Higher mortality rates for some insureds at age 21 than at age 29

(I and III only)

16. Which of the following steps is (are) needed to convert a future-value-of-an-annuity-due tabular factor to a future-value-of- an-ordinary-annuity factor with the same duration and interest rate? I. Use the annuity due factor for one period, less than the actual number of payments to be made. II. Subtract 1.0000 from the appropriate annuity due factor.

(I only)

18. The future value of an annuity may be computed accurately in which of the following ways? I. Adding together the future value of each of the individual annuity payments II. Dividing the amount of one of the annuity payments by the appropriate future-value-of-1-per-year factor

(I only)

20. Which of the following statements concerning the addition of safety margins in mortality tables is (are) correct? I. Safety margins for nonparticipating policies normally must be smaller than those for participating policies. II. Safety margins in annuity tables entail raising the rates of mortality above the expected rates.

(I only)

11. Which of the following are types of adjustments made by insurers in converting raw mortality rates into useful mortality tables? I. Smoothing the data II. Projecting the data III. Adding safety margins to the data

(I, II, and III)

15. Which of the following entail(s) payment of interest on both a principal sum and on prior interest earnings? I. Simple interest II. Compound interest

(II only)

2. If a compound interest rate table reveals that the future value of 1 after 18 years at a 5% rate of interest is 2.40662, to what amount will $1,500 grow by the end of 18 years if it is invested at a compound annual rate of interest of 5%?If you wished to produce a lower future value as the answer, which of the following would produce the desired result? I. Increase the number of years. II. Reduce the interest rate. III. Increase the size of the initial sum.

(II only)

9. All the following statements concerning the present value of annuity payments are correct, EXCEPT:

(In the computation of the present value of an ordinary annuity, the first annuity payment is discounted for zero years.)

17. Which of the following statements correctly describe(s) the application of the law of large numbers to the flipping of a coin? I. As the number of times a coin is flipped is increased, the number of times the result will be heads also increases. II. As the number of times a coin is flipped is increased, the proportion of times the result will be heads will move steadily toward 50%.

(Neither I nor II)

12. All the following statements concerning the proper estimation by an American insurance company of the probabilities of death among its insureds are correct, EXCEPT:

(The group of people whose experience is observed should be closely representative of that of Americans in general.)

19. Assume that a mortality table shows 1 million persons alive at age zero, 999,000 alive at age one, and 998,500 alive at age two. In this case, all the following statements are correct, EXCEPT:

(The radix of the mortality table is 1,500)

The Standard Nonforfeiture Law allows an insured to postpone the payment of a policyholder's cash surrender value for which of the following periods as a maximum?

6 months

All the following statements concerning a life insurance company's balance sheet (statement of financial position) and the items contained therein are correct, EXCEPT:

A company's equity value is the aggregate value of the company's assets and its liabilities.

A life annuity with a period-certain guarantee constitutes a combination of an annuity certain and:

A deferred pure life annuity

Insurers typically find the extended term insurance surrender option more attractive than the paid-up whole life option for all the following reasons, EXCEPT:

A lower degree of adverse selection

The Life Insurance Illustration Questionnaire (IQ) of the Society of Financial Service Professionals is designed to be completed by:

A member of the insurer's home office staff

All of the following statements about misstatement of age or sex are true, EXCEPT:

A misstatement of age or sex would not void a life insurance policy because such misstatements are not a material misrepresentation.

Variable universal life insurance policies are typically are characterized by which of the following?

A prospectus

To compute the net single premium for a straight life annuity with no refund or guarantee feature, it is helpful to view the annuity as which of the following?

A series of pure endowments

All the following statements concerning a typical life insurance settlement agreement are correct, EXCEPT:

A settlement agreement may not be arranged to provide payments to the insured.

In most states, it is more difficult to organize as a mutual than as a stock company because:

A substantial number of applicants must pay a premium to a company that does not exist.

An endowment insurance policy is a combination of:

A term policy and a pure Endowment

Conceptually, the calculation of the net single premium for a whole life insurance policy issued at age 75 is the same as that for which of the following?

A term policy that runs from age 75 to the end of the mortality table

Adjustable life insurance policies typically are characterized by all the following, EXCEPT:

Ability of the policyowner to increase or decrease the face amount without furnishing evidence of insurability.

All of the following statements regarding accelerated benefits are true, EXCEPT:

Accelerated benefits may be provided through individual life insurance contracts but not through group insurance programs.

Which of the following is an example of an expense that is the same for all policies in the loading formula?

Accounting costs for premium remittances

4. All the following statements concerning life expectancy are correct, EXCEPT:

Actuaries calculate life insurance premium rates on the basis of the insured's life expectancy.

In the calculation of the net single premium, it is assumed that:

All claims are paid at the end of each policy year

All of the following statements concerning standard policy provisions are true, EXCEPT:

All of the standard provisions must be included in individual life insurance contracts

The basic characteristic that differentiates nonproportional plans of reinsurance from proportional plans is that nonproportional plans relate the reinsurer's liability to the loss experience of:

All or specified blocks of business

All the following statements concerning the measurement of a life insurance company's future financial strength are correct, EXCEPT:

All the aspects of an evaluation of a company's future management/strategy are quantitative, supplemented by qualitative factors.

If annuity payments are to be made for a definite period of time without being linked to the duration of one or more specified human lives, the annuity is known as:

An annuity certain

All the following statements concerning the automatic method of reinsuring life insurance risks are correct, EXCEPT:

An important advantage of the automatic method is the obtaining of the reinsurer's underwriting judgment before the risk is accepted.

A pure or straight life annuity provides which of the following?

An income that the annuitant cannot outlive

All the following statements concerning current attitudes and state laws concerning the demutualization of mutual insurance companies are correct, EXCEPT:

An increasing number of states have recently enacted legislation prohibiting demutualization.

Universal life insurance is characterized by all of the following, EXCEPT:

An option for the policyowner to direct allocation of their investment portfolio

All the following statements concerning the attempt of life companies to achieve general equity in their dividend scales are?

As more extensive use of the computer becomes a fact of life...

All of the following statements concerning the grace period are true, EXCEPT:(C 9.6)

Before the grace period became a legal requirement, very few companies allowed payment of premiums after the due date.

All the following statements concerning substantive GAAP/statutory differences are correct, EXCEPT:

Both GAAP and statutory accounting practices establish a net deferred-tax liability to recognize the tax liability when accelerated depreciation is used for real estate.

Deferred annuities may be purchased with which of the following types of premiums? I. A single premium II. A series of periodic premiums

Both I and II

For which of the following reasons are the various types of published comparative measures relative to life insurance companies of limited value to the prospect interested in buying coverage to fund a business buy-sell agreement? I. The usual published analysis of a company's experience is drawn from aggregate data that may have limited significance for the specific business insurance product. II. Much business insurance is written on a guaranteed-issue basis, but insurers attempt to compensate for the expected higher mortality by reducing agents' commissions and by savings achieved from reduced underwriting costs.

Both I and II

If a policy is surrendered under the extended term insurance option, any indebtedness against the policy being surrendered is subtracted from which of the following?

Both I and II

In most states, insurance policies cannot include a provision making the writing agent the agent of the buyer for purposes of completing the application. Which of the following statements regarding this prohibited provision is (are) true? I. If the agent represents the insurance company in completing the application, the insurance company can be charged with knowing everything the agent knows, even if the company does not receive complete information from the agent. II. The prohibition only prevents the agent from representing the buyer in completing the application. In other situations, the agent may be held to represent the policyowner.

Both I and II

In the comparative interest rate method of comparing life insurance policy costs, the objective is to:

Compute the interest rate that would equate a term policy's side fund with the difference between a permanent policy's death benefit and the term policy's death benefit.

In order for a net level annual premium to be the actuarial equivalent of the net single premium for the same policy, which of the following must be reflected in the net level annual premium? I. The loss of premium revenue due to the death of some of the insureds during the premium-paying period II. The loss of investment earnings due to the smaller amount available for investment

Both I and II

Many insurance companies deny the primary beneficiary the right to name a revocable contingent beneficiary to receive any unpaid proceeds at the death of the primary beneficiary. For which of the following reasons do companies deny this right to the primary beneficiary? I. Because the arrangement concerning such proceeds payable to a revocable beneficiary might legally be deemed as a disposition of property to take effect at death II. Because the arrangement concerning such proceeds payable to a revocable beneficiary might legally be required to meet the formal requirements of a will

Both I and II

Policy illustrations that do not include interest adjustments are actually based on an implicit assumption that:(C 17.5) I The interest rate is zero. II The inflation rate is zero.

Both I and II

Reversion to stricter rules applicable to life insurance company investments may be perceived as beneficial for which of the following reasons? I. Reassurance to the public of the financial soundness of the life companies II. The availability of early warning supervision systems

Both I and II

Savings on so-called "special" whole life policies may arise from which of the following sources? I. A lower expense rate per $1,000 of coverage. II. A lower anticipated mortality rate among the insureds.

Both I and II

The "validation period" in the context of gross premium determination is the period of time the insurance company's management is willing and able to wait until which of the following occur(s)? I. Acquisition expenses have been fully recovered. II. Asset shares equal policy reserves.

Both I and II

The cash accumulation method of comparing life insurance policy costs involves which of the following? I. A buy- term-and-invest-the-difference comparison approach II. Holding the death benefits of the policies being compared equal and constant

Both I and II

The insurance risk element in the NACI's risk-based capital (RBC) measure is intended to provide additional protection for the life companies with respect to which of the following? I. Adverse trends in life insurance mortality II. Premium inadequacies

Both I and II

The typical treatment by an insurer of any policy indebtedness when a policy is surrendered under the extended term insurance option results in which of the following? I. A shorter period of term insurance than would otherwise be available II. A lower amount of term insurance than would otherwise be available

Both I and II

The use of term life insurance may be suitable in which of the following types of situations? I. The need for protection is purely temporary II. The need for protection is permanent

Both I and II

Under which of the following circumstances is the amount at risk for the reinsurer reduced? I. If the total amount of life insurance on a specific life is reduced II. If the primary company increases its retention limits

Both I and II

Which of the following characterize(s) the reserve element under an ordinary life insurance policy? I. It is scheduled to eventually reach the face amount of the policy. II. It is all durations lower than the reserve element in other forms of permanent insurance

Both I and II

Which of the following correctly describe the impact of the automatic premium lean feature on the structure of a whole life policy if several successive premiums are borrowed...

Both I and II

Which of the following is (are) among the objectives of the Standard Nonforfeiture Law? I. To prescribe a method for calculating the minimum surrender value that is independent of the policy's reserve II. To assure that the surrender value reflects approximately a policy's accumulated asset share

Both I and II

Which of the following is (are) among the ways in which life insurance policy dividends may be used? I. Pay up the policy II. Buy additional insurance

Both I and II

Which of the following statements about the Accelerated Benefits Model Regulation is (are) true? I. An accelerated benefits provision allows life insurance benefits to be paid to an insured who meets requirements outlined in the policy. The accelerated payments must reduce the amount of the death benefit. II. The condition that allows the payment must be a medical condition that drastically limits life span, requires extraordinary medical intervention and continuous confinement in an eligible institution, and which would result in a drastically limited life span without extensive treatment.

Both I and II

Which of the following statements about waiver and estoppel is (are) true? I. Because of the similarities between waiver and estoppel, some courts now treat them as separate parts of the same legal theory. II. Estoppel prevents one party from asserting a defense that contradicts its past words or actions if another party has acted or relied on those words or actions. An insurer who repeatedly accepts premiums beyond the grace period with no additional requirements may be prevented (estopped) from requiring the insured to follow reinstatement procedures in the future.

Both I and II

Which of the following statements about waiver is (are) true? I. Waiver involves voluntarily and deliberately giving up a known right, but a waiver is not necessarily binding for the future. A right that has been waived repeatedly can be reasserted at any time. II. Some rights that protect the public cannot be waived, such as the insurance company's right to require that an applicant have an insurable interest in the insured, or the right of a policyowner to receive premium notices.

Both I and II

Which of the following statements concerning prefunding in a universal life insurance policy is (are) correct? I. The level of prefunding determines the amount of investment risk borne by the policyowner II. If the policyowner elects minimal or no prefunding, the premiums will increase as the insured grows older.

Both I and II

Which of the following statements concerning the current regulatory treatment of life insurance company reserve accounts and asset valuations are correct? I. The IMR and the AVR now perform essentially the same function as the previous MSVR. II. The IMR and the AVR have been imposed on life companies with the full recognition that there are multiple sources of asset value fluctuation risk.

Both I and II

Which of the following statements concerning the immunizing process that some life companies use is (are) correct? I. Immunization against interest risk can be achieved by arranging for the value of a company's assets and liabilities to move in the same direction and at the same pace in response to interest rate changes. II. Immunization for an investment portfolio can be achieved by owning bonds whose market values increase when variable-rate mortgage income declines because of declines in market rates of interest.

Both I and II

Which of the following statements concerning the interest risk element of the RBC risk-assessment basis for life companies is (are) correct? I. The interest risk is determined by applying appropriate factors to the life company's dollar amount of reserves. II. The interest risk is less for a company whose individual annuity contracts prohibit cash withdrawals than for companies that permit cash withdrawals for their individual annuities.

Both I and II

All the following statements concerning the use of a holding company to bring two or more insurance companies together are correct, EXCEPT:

By becoming a holding company, the parent insurance company can insulate inside from the state's regulatory authority

Which of the following is a proportional plan of reinsurance?

Coinsurance

All the following statements concerning the current regulation of life insurance company investments are correct, EXCEPT:

Commercial mortgages are subject to a 100% loan-to-value limit.

All the following statements concerning the existing field structures for insurance marketing are correct, EXCEPT:

Companies that use the regional director approach (RDA) emphasize new agent development.

All the following statements concerning the continued conservatism of life insurance companies' investments are correct, EXCEPT:

Conservatism by life companies would logically be a boon to future national economic growth

All the following statements concerning the interests of the various users of life insurance company financial statements are correct, EXCEPT:

Creditors whose credit instruments are due currently are more interested in the long-term cash flow of the company than in the near-term outlook.

Mortgage redemption life insurance is most often a form of:

Decreasing term insurance

The installment-refund life income option represents a combination of which of the following?

Decreasing term insurance and a pure immediate life annuity

Longevity insurance is what kind of annuity product?

Deferred annuity without a death benefit

All the following statements correctly indicate recent changes in the investment characteristics of the life insurance industry's investment portfolios, EXCEPT:

Direct placements have grown spectacularly at the expense of marketable bonds.

All the following statements concerning reinsurance for supplementary coverages are correct, EXCEPT:

Disability benefits can be reinsured for a total dollar amount in excess of the face amount of reinsurance coverage for the life risk.

Which of the following is theoretically correct for loading form?

Divide the PV of estimated expenses by the PV of a life annuity due

Which of the following is the correct procedure for computing the net level annual premium?

Divide the net single premium by the present value of a life annuity due of $1 for the premium-paying period.

All the following statements concerning the payment of dividends or extra dividends by life insurance companies are correct,

EXCEPT: A single extra dividend after five years assesses a larger part of the excess first-year expense against policies that remain on the company's books for five years and longer.

The interest option must be followed by which of the following? I. A lump-sum distribution II. A liquidating option

Either I or II

Sales of which of the following basic types of life insurance contracts have been nearly eliminated in the U.S. due to federal income tax law changes?

Endowments

All the following statements concerning the special treatment accorded annuity policies with respect to pricing and dividend policy are correct, EXCEPT:

Excess earnings from the interest factor will typically increase each year for an immediate annuity purchased with a single premium.

Assume that a $10,000 policy being surrendered under the extended term insurance option has a surrender value of $3,000, dividend additions of $500 that have a cash value of $200, and a policy indebtedness of $1,500. In this case, which of the following shows the face amount of the extended term policy and the net single premium?

Face amount of $9,000 and net single premium of $1,700

All the following statements concerning the need for and the use of a life insurance company's surplus are correct, EXCEPT:

Given a choice, stockholders will inevitably vote for a liberal stockholder dividend policy.

The Belth yearly rate-of-return method of comparing life insurance policy costs specifies that the preferable policy is the one that:

Has the highest annual rate of return in the largest number of years in the comparison period

All of the following statements concerning the guiding principals ..

I and II only

If the net single premium for a 10-payment life insurance policy is $150.10 and the present value of a life annuity due of $1 for the premium-paying period is $8.15. In this question, the sum of the ten net level annual premiums exceeds $150.10 for which of the following reasons? I. Loss of interest income for the insurer II. Loss of premium income for the insurer III Greater expense of premium collection for the insurer

I and II only

Testing of a tentative loading formula involves which of the following? I. Determining whether the resulting gross premiums are competitive II. Calculating asset shares III. Using conservative assumptions as to mortality, interest, expenses, and lapses

I and II only

The appraisal of life insurance company investments by rating agencies presumably have played a more important role in the financial markets in recent years for which of the following reasons? I. Most of the rating agencies have become key players only recently. II. Life companies are experiencing a growing integration with the financial markets as both borrowers and lenders. III. The rating agencies have the ability to predict interest rate trends and liquidity needs with amazing accuracy.

I and II only

Which of the following concerning guiding principals..

I and II only

Which of the following statements concerning a life insurance company's income statement is (are) correct? I. It sets forth both revenues and earnings for the accounting period. II. It sets forth expenses incurred to provide products and services. III. It sets forth a statement of the company's cash flows.

I and II only

Which of the following statements concerning settlement agreement contract rates is (are) correct? I. They are the guaranteed rates of income to be paid as specified in the settlement agreement. II. They are the maximum rates of income that may be paid by the insurer.

I only

Which of the following statements concerning a merger is (are) correct? I. A company in a weak financial condition may obtain financial strength by a merger. II. A company may find expansion into a new geographic area more economical by a merger than by launching its own marketing effort in that area. III. A merger can usually be accomplished with a minimum outlay of cash.

I and II only

Which of the following statements concerning comparative performance measures of life companies is (are) correct? I. The available comparisons are based primarily on the disclosures contained in the companies' annual financial statements required by law. II. The statutory annual financial statements are superior to the GAAP reports in providing life insurance product pricing information. III. The published comparative information can generally be relied upon to measure the real differences between companies.

I and II only

Which of the following statements concerning differences in the form of presentation of statutory and GAAP financial statements are correct? I. Both the basic statutory financial statement and the GAAP financial statement include all three basic statement forms. II. The GAAP financial statement is much less oriented to the life insurance industry than the statutory form. III. The GAAP financial statement has much more detail than the statutory financial statement. IV. Each mutual company prepares both a statutory financial statement and a GAAP financial statement.

I and II only

Which of the following statements concerning the IRIS ratios is (are) correct? I. They are successors to the early warning... II. They indicate companies for whom regulatory review... III. The NAIC expects that in any given year

I and II only

Which of the following statements concerning the differences between the calculation of full net-level premium reserves and the calculation of surrender values are correct? I. The difference II. The difference III. The mortality assumptions

I and II only

Which of the following statements concerning the financial operations of life insurance companies is (are) correct? I. Most contracts issued by life insurance companies involve long-term financial commitments by the life companies. II. Measuring financial results on in-force life insurance contracts often depends as much on the assumptions the analyst makes and the accounting concepts applied as on the company's cash receipts and payments. III. A competent actuary can accurately predict the actual financial results for each block of life insurance contracts when those contracts are issued.

I and II only

Which of the following statements concerning the impact of life insurance company ratings in the 1990s is (are) correct? I. The rating services demonstrated some ability to adjust ratings downward when junk bond and real estate problems multiplied. II. Downgrading by the rating services tended to occur when a life company disclosed extra reserving for their assets in recognition of investment problems. III. The prestigious position of life companies prevented any deterioration in the public's confidence in them, despite some downgrades in ratings.

I and II only

Which of the following statements concerning the ratings prepared by the four principal rating services is (are) correct? I. The criteria used by the four services have a large degree of commonality. II. The criteria involve both quantitative and qualitative elements. III. A company with an existing rating has the realistic option of withdrawing its request for a rating if it does not agree with the agency's new rating.

I and II only

Which of the following statements concerning the traditional regulation of life insurance company investments (stemming largely from New York state's leadership) is (are) correct? I. Policy reserves and their supporting assets were required to cover fully the companies' liabilities. II. Investment quality and diversification were carefully enforced. III. The 10% leeway clause was repealed.

I and II only

A policy-fee system often is designed to cover which of the following types of expenses of an insurer? I. Those that are constant per policy II. Those that vary with the size of the premium III. Those that vary with the amount of insurance

I and III only

A pure annuity that pays a benefit of $100 at the end of each month is more expensive than one that pays $1,200 at the end of each year for which of the following reasons? I. The insurer's expenses are higher with the monthly payment. II. The insurer's investment income is higher with the monthly payment. III. The insurer's mortality costs are higher with the monthly payment.

I and III only

Adam and Eve are the annuitants under a joint-and-two-thirds annuity with a ten-year period certain. Their son Abel is named as contingent beneficiary. If Adam dies four years after the liquidation period begins and Eve dies one year after Adam, which of the following statements are correct? I. Adam will receive the full income amount for four years. II. Eve will receive the full income amount for one year. III. Abel will receive two-thirds of the full income amount for five years.

I and III only

If the redetermination on a current assumption whole life insurance policy produces a potentially lower premium rate, the policyowner typically is allowed which of the following options? I. To continue the past premium level and enhance the policy's cash value II. The continue the past premium level and enhance the policy's death benefit III. To begin paying the lower premium rate

I and III only

The future of life insurance marketing is likely to be characterized by which of the following? I. An increasing role for multinational financial services giants II. An increasing focus by life insurers on death benefits, rather than living benefits III. Increasing competition based on price

I and III only

Which of the following factors enter(s) into the calculation of the net premium? I. A rate of mortality II. An expense rate III. A rate of interest

I and III only

Which of the following statements concerning the NAIC's interest-adjusted indexes for comparing life insurance policy costs are correct? I. They take into account the time value of money. II. They typically require the use of an interest factor of 10% or higher. III. They can be used to measure the payment cost or the surrender cost.

I and III only

Which of the following statements concerning surrender provisions in variable annuities is (are) correct? I. if the variable annuity is part of a noncontributory... II. If the variable annuity is sold as an individual contract...

I only

Which of the following statements concerning the desirability of maintaining a life company's current dividend scale is (are) correct? I. Most life companies desire, as a minimum, to continue their current dividend scale. II. Merely maintaining their current dividend scale means for most companies, a smaller absolute distribution than in the preceding year. III. When favorable experience creates additions to surplus that are more than adequate to justify the current dividend, life companies often merely add the excess to their balance sheet surplus.

I and III only

Which of the following statements concerning the structure of life insurance companies' marketing departments is (are) correct?I. Distribution is a line function, and all the other functions in these departments are staff functions. II. The staff functions for a company's marketing structure exist for the single purpose of serving specific geographic regions. III. By far, the most successful way for a typical company to sell life insurance has been personal solicitation by a commissioned person in a face-to-face sales situation.

I and III only

At which of the following times is a minimum level of premium payment always required in a universal life insurance policy? I. In the first policy year II. In renewal policy years

I only

In comparison with an installment refund annuity, a cash refund annuity provides which of the following? I. An earlier return of the total amount to be refunded II. A larger amount to be refunded

I only

The NAIC's interest-adjusted cost indexes are acceptable means of accomplishing which of the following? I. Comparing two whole life policies II. Comparing a term policy with a whole life policy III. Evaluating policy replacements

I only

The Standard Nonforfeiture Law relieves the insurer of which of the following obligations? I. The obligation to grant cash surrender values until the end of 3 policy years, in the case of ordinary insurance II. The obligation to make available in some noncash form any surrender values that might accumulate during the first two policy years

I only

Which of the follow is (are) characteristics of the conversion privilege in a typical ordinary life insurance policy? I. No evidence of insurability is required. II. The conversion must be to a lower-premium form of policy

I only

Which of the following approaches to computing a gross nonparticipating premium is (are) correct? I. Use the most probable assumptions about mortality, interest, expenses, and lapses, and include a specific margin for profit. II. Use less conservative assumptions than the most probable ones about mortality, interest, expenses, and lapses, and make no specific allowance for profit.

I only

Which of the following is (are) among the essential features of a whole life insurance policy? I. The face amount is payable whenever the death of the insured occurs. II. Premiums are payable until the death of the insured.

I only

Which of the following statements concerning equity-indexed annuities is (are) correct? I. They usually offer the same types of benefit payout options as conventional fixed annuity contracts. II. They are taxed in a much less favorable way than conventional fixed annuity contracts.

I only

Which of the following statements concerning nongovernmental, noncommercialized insurance companies is (are) correct? I. Fraternal benefit societies provide life insurance contracts that contain most of the provisions found in the contracts of commercial insurers II. Assessment associations establish actuarially-based premiums III. Savings bank life insurance is available in approximately one-half of the states IV. The amount of savings bank life insurance available to an applicant us generally governed by the same underwriting considerations used by commercial companies

I only

Which of the following statements concerning reentry term insurance, sometimes called select-and-ultimate term insurance, is (are) correct? I. The select rates are available if the insured is able to provide new evidence of insurability at renewal dates and at other dates specified by the insurer II. The ultimate rates are the lowest rates of any offered by the insurer for coverage at that particular age

I only

Which of the following statements concerning the effect of a primary company's insolvency on the reinsurer or claimant is (are) correct? I. Most reinsurance agreements require the reinsurer to pay to the insolvent primary company 100% of the amount promised to the primary company. II. A claimant for payment of a policy's death proceeds may bring legal action directly against the reinsurer that is providing reinsurance for an insolvent primary company.

I only

Which of the following statements concerning the insurance risk element of the RBC risk-assessment basis for life companies is (are) correct? I. The insurance risk factors increase as the company's insurance amount at risk increases. II. The insurance risk factor is a relatively more important component of the RBC standard for a large company than for a small company.

I only

Which of the following statements concerning the need for and the supply of capital for a life insurance company is (are) correct? I. The need for capital varies directly with the company's rate of growth. II. A life insurance company's primary sources of capital are external.

I only

Which of the following statements concerning the premium cost of a $200,000 joint life policy covering insureds is (are) correct? I. It exceeds the sum of premiums for separate $100,000 policies on the lives of the two insureds. II. It exceeds the sum of the premium for separate $200,000 policies on the lives of the two insureds.

I only

Which of the following statements concerning the use of a recapture provision in a reinsurance agreement is (are) correct? I. Recapture is permitted only after the policy or policies involved have been in force for some minimum period of time. II. The typical recapture provision is more liberal for the primary company if a coinsurance arrangement is used than if a yearly renewable term plan is used.

I only

Under the fixed amount option, which of the following rights may be given to the beneficiary?

I, II, III, and IV

Which of the following are indicative of more strict rules being applied to life insurance company investments? I. The greater emphasis on measuring a company's exposure to risk relative to its capital strength II. The NAIC Model Investment Law's emphasis on anticipation of potential problems III. The reserving rules for all classes of assets, including real estate IV. The IMR mandate for annual amortization of security valuation gains resulting from changes in market rates of interest

I, II, III, and IV

Which of the following requirements might be necessary to reinstate a lapsed policy? I. Evidence of insurability II. Payment of all past-due premiums with interest III. Reinstatement or repayment of principal and interest on any policy loans IV. Apply for reinstatement within three years of default

I, II, III, and IV

Which of the following statements concerning a so-called vanishing-premium policy is (are) correct? I. It is basically the same as a limited-payment life insurance policy. II. Once the premium vanishes, it will never reappear.

Neither I nor II

Which of the following statements concerning the duration matching of its assets and liabilities by a life insurance company are correct? I. Asset duration is the average length of the asset's holding period. II. Liability duration is the average time period from policy issuance to claim payment. III. Duration matching means matching liability duration with asset duration. IV. Duration matching is really cash flow matching.

I, II, III, and IV

Which of the following statements concerning the need of life insurance companies for a liquidity safety net are correct? I. The banking industry has a safety net... II. The long-term nature of the traditional life insurance company III. The guarantee funds of the 50 states become supportive IV. For the future, we can expect that life insurance marketing

I, II, III, and IV

Which of the following statements diminishing the value of published comparative measures relative to life insurance companies are correct? I. The typical company has several portfolios of investments, each selected to support one or more specific classes of business. II. For companies whose product pricing is based on the "new money" available for investment, the aggregate portfolio rate of return may not be indicative of the rate of return for different classes of business. III. A company's financial statement's indication of net mortality costs is not informative unless the company's distribution of business by risk class is known. IV. Expense ratios can provide a general insight as to a company's expense experience, but comparing two companies would be meaningful only if the companies had similar portfolios of policies in force.

I, II, III, and IV

Which of the following statements regarding life insurance contracts is (are) true? I. A life insurance policy is a contract of adhesion. It is written by the insurance company and cannot be altered. II. A proposed insured who completes an application is asking for an offer from the insurance company. III. Since the insurance company writes the contract and chooses the language, any uncertainty or ambiguity will be settled in favor of the insured. IV. After the applicant accepts the offer of coverage, the insurance company is bound by the contract; but if the policy includes the 10-day free look provision, the insured can still return the contract for a full refund

I, II, III, and IV

An accurate assessment of the competitiveness of a universal life insurance policy's pricing structure should include consideration of which of the following elements? I. The interest crediting rate II. The timing and amount of the surrender charges III. The mortality rates charged

I, II, and III

At the maturity date of an annuity, the annuitant usually is given which of the following options? I. To take the accumulated sum in cash II. To select a different income option than that on which the premiums were predicated III. To postpone the start of benefit payments

I, II, and III

The accelerated trend in the 1990s back to traditional regulatory treatment of life insurance is explained, at least in part, by which of the following? I. Increase in life company insolvencies II. Actual fraud III. Product underpricing

I, II, and III

The substantial liberalization of insurance regulation during most of the 1980s occurred in an environment influenced by which of the following factors? I. Market disruption by inflation and interest rate volatility II. The cross-invasion of each other's territories by previously clearly segregated financial institutions III. The nation's general turn toward deregulation (including air travel and security transaction commissions)

I, II, and III

The typical expense loading formula applied to a net level annual premium has which of the following components?

I, II, and III

Which of the following statements concerning a life insurance policy's termination are correct?

I, II, and III

Which of the following statements concerning an insurer's contract rates and its current rates are correct? I. Its contract rates may be higher than its current rates. II. Its contract rates may be lower than its current rates. III. Its contract rates may be the same as its current rates.

I, II, and III

Which of the following statements concerning antitrust law treatment of insurance acquisitions and mergers is (are) correct? I. Prior to the 1960s, the federal government showed little interest in challenging insurance company acquisitions and mergers. II. Today, the possibility of applying federal antitrust law to insurance companies has become a fact of life. III. If Congress does not change the current balance between state and federal authority, dual assertion of federal antitrust law and state regulatory authority can be expected to continue.

I, II, and III

Which of the following statements concerning life insurance company investments is (are) correct? I. Even in the early 1970s, life insurance companies invested primarily at the long end of the yield curve. II. Today, life companies hold investment assets whose length of time to maturity extends throughout the maturity spectrum. III. Today, the life insurance industry has imposed greater diversity by type of investment, along with the greater diversity of the new-product environment.

I, II, and III

All of the following statements about the accidental death benefits provision are true, EXCEPT:

The accidental result form of accidental death benefit clause is more restrictive than the accidental means form.

Which of the following statements concerning reasonable expectations for new developments within the life insurance industry are correct? I. A key incentive for expansion into money management per se is the low capital requirements applicable to fee-for-service operations. II. The imposition of more stringent capital standards for U.S. life insurance companies will mean more extensive use of foreign capital markets. III. The integration of investment banking and brokerage with life insurance is likely to continue.

I, II, and III

Which of the following statements concerning risks facing life companies today is (are) correct? I. Retail life insurance sales cannot be matched with regularity with each company's investments, which must be consummated on a wholesale basis to be efficient. II. The actual maturities of many of a life company's liabilities are substantially unpredictable. III. The acquisition costs for new business (with its liabilities) may be so high that life companies may be forced into mismatching asset maturities with the maturities of liabilities in the quest for higher yields.

I, II, and III

Which of the following statements concerning the accounting treatment of certain life insurance company income statement items is (are) correct? I. Policyowner benefits paid are reported on an incurred basis under both SAP and GAAP. II. Under GAAP, surrenders of accumulation-type products are not included in policyowner benefits. III. The statutory and GAAP policyowner dividend amounts should not differ materially.

I, II, and III

Which of the following statements concerning the interest of policyowners, management, and agents in life insurance company financial statements is (are) correct? I. Policyowners have a keen interest in a company's ability to meet its benefit guarantees. II. Company managements are interested in comparability among other companies. III. Agents, as representatives of life companies, want their companies' financial statements to inform policyowners accurately concerning company financial strength.

I, II, and III

Which of the following statements concerning the surrender values available to surrendering policy owners of nontraditional life insurance products...

I, II, and III

Under the nonforfeiture laws, which of the following values is (are) available? I. Cash surrender value II. Extended term insurance III. Reduced life income IV. Reduced paid-up insurance

I, II, and IV only

Which of the following are consequences for the life insurance industry of the period of historically high investment yields? I. A broadening of the public's choices among life insurance and annuity products II. An increase in the number of life company failures as companies increased their investment risk taking III. Cash value life insurance outdistancing annuities in generating investable funds for the life companies IV. Substantial reduction in the average length of time to maturity for the typical life company's bond portfolio

I, II, and IV only

Which of the following balance sheet items are treated the same under both statutory accounting and GAAP accounting? I. Policy loans II. Short-term investments III. Property and equipment IV. Accrued investment income

I, II, and IV only

Which of the following statements concerning the control of marketing expenses are correct? I. The building branch of the agency system tends to have high expenses for recruiting and training. II. Nonbuilding companies tend to have high commissions and high support services costs. III. Marginal pricing can be used successfully only when applied over the long term. IV. LIMRA studies tend to indicate that with good quality management, any distribution system can be profitable.

I, II, and IV only

Which of the following statements about backdating a policy is (are) true? I. Backdating reduces the annual premium the policyowner will pay. II. State statutes generally limit backdating to a maximum of two years. III. A backdated policy is issued with an earlier application date as if the policy had been purchased at a younger age. IV. A policyowner with a backdated policy pays premiums for a period of time when no insurance was in force.

I, III, and IV only

If the asset share in a particular year is greater than the surrender value but less than the reserve in that year, which of the following occur(s)? I. If the policyowner surrenders the policy, the insurer experiences a loss. II. If the insured dies, the insurer experiences a loss

II only

Which of the following statements about the waiver of premium provision is (are) true? I. With the waiver of premium provision, the policy will be continued in force if the insured becomes disabled and meets the requirements stated in the contract. II. Most policies provide that the insurance company may recover any premiums that have been waived by deducting them from the policy proceeds at death. III. Most waiver of premium riders include a waiting period of six months. IV. Waiver of premium is not usually continued beyond age 65.

I, III, and IV only

Which of the following statements concerning the retraction of the liberal regulatory treatment accorded the investment portfolio of life is correct? I. actual and potential abuses of New York States... II. Direct-placement bond issues acquired... III. High-yield, high risk junk bonds... IV. New York state adopted Regulation 126...

I, III, and IV only

Which of the following statements concerning income items of a typical life insurance company is (are) correct? I. Net investment income is the largest component of revenues under both GAAP and statutory accounting. II. Under GAAP reporting, unrealized gains in security values are credited directly to capital. III. Under statutory reporting, unrealized gains in securities are shown as income.

II and III

Assume that Lloyd dies and the principals of his life insurance policy are to be paid to Andrea, his wife, under a life in compensation. I. Lloyd's age, II. Insurers' Assumptions III. Type of life income IV. Andrea's age

II and III only

Assume that the net single premium for an immediate life annuity purchased at age 70 is $8,000. Assume also that the same life annuity can be purchased at age 40 as a deferred, nonrefund annuity to begin at age 70 for only $4,500. Which of the following factors account for the substantially lower price at age 40? I. Mortality rates are lower at age 40 than at age 70. II. Benefit payments will be discounted for a longer period under the deferred, nonrefund annuity. III. A smaller percentage of the purchasers of the deferred, nonrefund annuity will ever collect any benefits.

II and III only

If a set of gross premiums...

II and III only

Which of the following are among the tools used by insurers to deal with the special actuarial problems associated with the writing of annuities? I. Use of tables showing higher mortality rates for annuitants than for life insurance purchasers II. Use of projection factors to adjust for future improvements in mortality rates III. Computation of annuity premiums on a participating basis

II and III only

Which of the following is (are) among the advantages of demutualization of a mutual life insurance company? I. The freeing of surplus for business uses II. The availability of noncash incentives for attracting key personnel III. Possible tax savings through demutualization

II and III only

Which of the following is (are) among the economic functions of an annuity? I. To create an estate upon the death of the annuitant II. To liquidate a principal sum III. To protect against loss arising out of excessive longevity

II and III only

Which of the following statements concerning access to capital by life insurance companies wishing to expand new business sales is (are) correct? I. Demutualization is an option that is available to both stock and mutual companies. II. The issuance of bonds and the sale of real estate to an insurer-sponsored REIT can increase a life insurer's capital. III. From a financial point of view, the purchase of reinsurance is really the borrowing of the use of the reinsurer's capital.

II and III only

Which of the following statements concerning measures of the financial strength of life insurance companies is (are) correct? I. Despite the diversification of life insurance... II. The regulatory authorities use the new RBC standard... III. Except in cases of threatening insolvency

II and III only

Which of the following statements concerning the use of experience rating for life insurance reinsurance purposes is (are) correct? I. It is designed to permit the reinsurer to share in mortality gains or losses. II. The sharing is typically based on the combined mortality experience for all reinsurance amounts involving the two companies. III. Arrangements that permit the primary company to share in favorable mortality experience reduce the importance of recapture provisions

II and III only

Which of the following statements correctly explain why the net single premium for a five-year term policy issued at a particular age is not equal to the sum of the net single premiums for five consecutive one-year term policies, beginning at the same age? I. The total number of claims paid differs. II. The discounted value of the total claims to be paid differs. III. The number of persons over whom the present value of future claims is spread differs.

II and III only

In the calculation of the net single premium for an immediate life annuity with a five-year period certain, which of the following procedures is (are) correct? I. The first five payments are discounted for mortality. II. The first five payments are discounted for interest. III. The first payment after the end of the period certain is discounted for one year's interest.

II only

Modern variable life insurance contracts offer which of the following to the policyowner? I. A narrower range of investment fund options than in the early stages of development of variable life insurance II. A managed portfolio fund option, in which the insurer makes the investment allocation decisions for the policyowner

II only

The net level annual premium for an ordinary life policy with premiums payable for life is lower than the net level annual premium for a 10-payment life policy issued at the same age for which of the following reasons? I. The present value of a life annuity due of $1 for the premium-paying period is smaller for the ordinary life policy. II. The premium-paying period is longer for the ordinary life policy.

II only

Which of the following is (are) characteristic of the automatic premium loan feature? I. Premium payments may be resumed only if evidence of insurability is provided. II. Any special benefits in the policy, such as a double indemnity benefit, remain in full force.

II only

Which of the following is (are) valid reasons for an insurer to pay a surrender dividend to a surrendering policyowner? I. To compensate the policyowner for a recognized actuarial error in calculating the policy's surrender value II. To help assure equity in the treatment of surrendering policyowners when the policy's asset share exceeds the policy's surrender value.

II only

Which of the following statements about indexed universal life insurance is (are) correct? I. The indexed universal life insurance policy has a higher guaranteed rate than a standard universal life insurance policy II. In a bull market, the indexed universal life insurance policy typically will perform better than the guaranteed rate

II only

Which of the following statements concerning conversion of mutual companies by merger or bulk reinsurance is (are) correct? I. Under the merger approach, a stock company purchases the mutual company. II. Under the bulk reinsurance approach, the mutual company transfers all of its insurance business to a stock company.

II only

Which of the following statements concerning life insurance company operation results during the 1990s are correct?

II only

Which of the following statements concerning policy loans in typical universal life insurance policies is (are) correct? I. Policy loans are not permitted in universal life insurance policies II. Current interest rates are credited on the entire cash value as long as there are no outstanding policy loans III. Reduced interest rates are credited on the entire cash value once a policy loan of any amount is taken out

II only

Which of the following statements concerning state premium taxes is (are) correct? I. They occur in every year of the premium-paying period except the first. II. Their treatment in the loading formula requires no computation of their present value.

II only

Which of the following statements concerning the federal income tax treatment of variable universal life insurance policies is (are) correct? I. Switching investments among funds within the insurance company entails payment at the time of taxes on any capital gains realized up to that point II. A death benefit reduction that forces a distribution of cash values to retain life insurance status under the Internal Revenue Code may result in taxable income to the recipient

II only

Which of the following statements concerning the nature and operation of life insurance companies is (are) correct? I. The legal form is not important, since both partnerships and corporations are permitted to operate as life insurance companies in most states. II. A stock company is owned by its stockholders, and, theoretically, a mutual company is owned by its policyowners.

II only

Which of the following statements concerning the withdrawal feature in a typical universal life insurance policy is (are) correct? I. Interest is charged on amounts withdrawn II. Partial withdrawals are permitted

II only

Which of the following statements regarding prohibited policy provisions is (are) true? I. Less value statutes prevent an insurance company from providing a settlement option that has a value less than the policy's net cash surrender value. II. If the cash value of a life insurance policy is greater than the outstanding loan amount, regulations in most states prohibit forfeiture for nonpayment of principal or interest.

II only

All of the following statements about the suicide clause are true, EXCEPT:

If no suicide exclusion is included in the policy, suicide is not a risk covered by the policy.

Which of the following statements regarding level premium policies is (are) true? I. Level premium policies make insurance more affordable for younger policyowners. II. Level premium policies charge more than necessary to meet mortality costs at younger ages and less than necessary at older ages. III. Early level premium policies made no provision for return of accumulated reserves to the policyowner in the event of lapse or surrender. IV. Excess premium charges at younger ages, along with interest earnings, build cash reserves that support mortality costs at older ages.

II, III, and IV only

Which of the following statements regarding late remittance offers is (are) true? I. Late remittance offers are required under the mandatory grace period provision. II. A late remittance offer after coverage has lapsed is an extension of the grace period. III. With a late remittance offer, the policy can usually be reinstated with no evidence of insurability. IV. A late remittance offer is accepted when the policyowner meets any required conditions and pays the premium.

III and IV only

A variable life insurance policy is characterized by which of the following? I. Minimum guaranteed interest rates II. Minimum guaranteed cash values III. Required registration with the SEC as a security

III only

In a variable life insurance policy, the policyowner selects which of the following? I. The particular securities in which the savings element will be invested II. Whether the savings element will or will not be a part of the insurer's general investment portfolio III. The broad categories of investments in which the savings element will be invested

III only

Regardless of the approach to demutualization used by an insurance company, all the following are among the basic steps in the process, EXCEPT:

If a majority of the policyowners approve of the plan after public hearings are held, the official approval of the Insurance Commissioner is unnecessary.

All the following statements concerning the reinsurance of life risks on the coinsurance plan are correct, EXCEPT:

If the reinsurer accepted 30% of the face amount, it would be entitled to receive 30% of the premium.

All the following statements concerning the facultative method of reinsuring are correct, EXCEPT:

If the risk meets the reinsurer's normal underwriting standards, it must accept the risk.

All the following statements concerning the determination of life insurance policyowner dividends are correct, EXCEPT:

If there is no change in the rate of investment return, the interest contribution to an ordinary life policy's dividend should decline over time.

The NAIC's Holding Company Systems Regulatory Act was designed to achieve all the following, EXCEPT:

Improvement of the solvency record of life companies to emulate the more impressive record achieved by the property and liability insurers

The principal advantage of the renewability feature in term life insurance is that

It allows for renewal, without the need to show evidence of insurability

All the following statements concerning the NAIC's life insurance illustrations model regulation are correct, EXCEPT:

It exempts universal life policies from the scope of the regulation.

All the following are among the advantages of the yearly renewable term basis of reinsurance, EXCEPT:

It is considered more appropriate for participating insurance that offers great flexibility through the operation of the dividend formula.

All the following statements concerning catastrophe reinsurance in life insurance are correct, EXCEPT:

It is used exclusively when the primary company has no other reinsurance coverage (proportional or nonproportional).

What is the advantage to the primary company of using the modified coinsurance plan as compared to the straight coinsurance plan for reinsuring life risks?(C 16.11-16.12)

Its assets will increase more rapidly

Assume that a 30-year-old insured is known to have a terminal illness and has been given only a few months to live. Which of the following is the best advice for this person concerning his or her renewable and convertible life insurance policy?

Keep the term insurance in force through the renewal feature

All the following statements concerning investment principles and results are correct, EXCEPT:

Life companies' idyllic experience thus far with asset segmentation coordinated with product differentiation assures almost certain success for this new technique.

All of the following statements concerning nonforfeiture laws are true, EXCEPT:

Life insurance companies are required to use state-prescribed formulas for calculating surrender values.

The liability of the insurance company is fully discharged at the death of the insured when the proceeds are paid under which of the following settlement options?

Lump-sum option

All the following are among the responsibilities and functions of a life insurance company's actuarial department, EXCEPT:

Make sure company assets are maximizing cash flow

All the following statements concerning life insurance company investments are correct, EXCEPT:

Market rates of interest have generally tended to vary inversely with the rate of inflation

All the following are special actuarial problems for insurance companies writing annuity contracts, EXCEPT:

Most annuitants are men, who have greater longevity than women.

All the following statements concerning the operations of life insurance companies are correct, EXCEPT:

Mutual companies must generate exclusively from internal sources any funds needed for business expansion.

Which of the following statements concerning insurance compay expenses that are incurred only...

NONE OF THEM

According to the annuity principle, which of the following statements is (are) correct? I. If a person lives out his or her life expectancy exactly, he or she will have exhausted his or her accumulated principal long before his or her death. II. If a person outlives his or her life expectancy, he or she will have forfeited funds to those who die before reaching their life expectancy.

Neither I nor II

In an installment refund annuity, which of the following statements is (are) correct? I. The payments to the annuitant continue only until he or she has recovered the purchase price. II. Any refund that is payable is made in a lump sum.

Neither I nor II

Most insurance companies will give the beneficiary of proceeds under the life income option which of the following rights? I. After the income payments have begun, the right to substitute a different person to be the income beneficiary II. For benefits payable under a deferred life annuity, the right to commute the proceeds

Neither I nor II

The typical conversion feature in a term life insurance policy is characterized by which of the following? I. Evidence of insurability must be provided II. It guarantees access to continued term insurance protection.

Neither I nor II

Under the first-period option, which of the following will affect the length of time...

Neither I nor II

Under the fixed-period option, which of the following will affect the length of time over which life insurance proceeds are paid? I. Dividend accumulations and paid-up additions II. Policy loans

Neither I nor II

All the following statements concerning acquisitions are correct, EXCEPT:

The acquiring company cannot use as purchase money any funds obtained by disposing of the acquired company's assets.

Which of the following statements concerning equity-indexed annuities is (are) correct? I. They usually are credited with the full amount of any increase in the specified stock market index. II. They usually are debited or charged with the full amount of any decrease in the specified market index.

Neither I nor II

Which of the following statements concerning the death benefits under a universal life insurance policy is (are) correct? I. Under the level death benefit design, the death benefit never increases despite the size of the cash value II. Under the increasing death benefit design, the death benefit is a constant amount paid in addition to the policy value

Neither I nor II

Which of the following statements concerning the use of interest rates in life insurance policy illustrations is (are) correct? I. The use of higher interest rates creates higher present-value amounts. II. The use of higher interest rates creates lower future or accumulated values.

Neither I nor II

Which of the following statements concerning an insurance company practice with respect to the interest option...

Neither I not II require that it be paid out periodically - typically

"During the development of the GAAP accounting structure for life insurers, there was a split between the mutual and stock segments of the industry." Which of the following statements concerning this split between the mutual and stock segments of the life insurance business is (are) correct? I. The stock companies argued that GAAP accounting was not appropriate for them. II. The stock companies argued that the proposed GAAP treatment for dividends should not be applied to them. III. Since 1973, stock companies have prepared only statutory financial statements.

Neither I, nor II, nor III

The appeal of the buy-term-and-invest-the-difference argument is based on which of the following? I. The poor record of life insurance companies in diversifying their investments II. The more favorable income tax treatment accorded to individual investments that to life insurance cash values III. The higher degree of liquidity available in a separate investment portfolio than in life insurance cash values

Neither I, nor II, nor III

The main advantage of a "bail-out" provision applicable to an annuity's accumulation period is:

None of the above

A joint life policy is one written on the lives of two or more persons and payable only:

On the death of the first person to die

If a deferred annuity is purchased with level annual premiums, the first payment to the annuitant will be made:

One year after the final premium is paid

All of the following statements about guaranteed purchase options are true, EXCEPT:

Options that are not exercised are held on deposit and can be used at any time prior to the option termination date.

The divisible surplus provision applies only to:

Participating contracts

All the following statements concerning the variety of life insurance producers are correct, EXCEPT:

Personal-producing general agents (PPGAs) typically sell life insurance exclusively for one company and often are required to meet specific minimum production levels.

All the following would increase the length of time during which payments would be made under the fixed-amount option, EXCEPT:

Policy Loans

All the following statements concerning the cash value in typical variable life insurance policies are correct, EXCEPT:

Policy loans are not available

All the following statements concerning the risk assessment effectiveness of the RBC standard are correct, EXCEPT:

Preliminary tests indicate that the RBC standard's effectiveness will be substantial.

14. Which of the following is a type of mortality table that shows the mortality rates among those who have been insured for only a brief period, such as 5 years or less?

Select table

10. In order to compute on an electronic calculator with finance functions the future value of a $5,000 per year ordinary annuity consisting of 20 payments, accumulating at a compound annual interest rate of 7%, all the following steps are needed, EXCEPT:

Set the calculator for beginning-of-period payments.

The operations of a life company typically are departmentalized on all the following bases, EXCEPT:

Specialization

All the following statements concerning stop-loss reinsurance are correct, EXCEPT:(C 16.13-16.14)

Stop-loss reinsurance has not been popular with reinsurers because of the high cost of administration attributable to the need to maintain individual policy records.

All the following are steps in the calculation of an asset share for the end of the sixth year of a policy, EXCEPT:

Subtract the investment income and claim payments at the end of Year 6.

Of the four assumptions used in calculating asset shares on the basis of gross nonparticipating premiums, which assumption exerts an increasing influence over time?

That relating to interest

All the following statements concerning GAAP and statutory treatment of income of a life company are correct, EXCEPT:

The GAAP amount for premiums will be greater than the statutory amount for premiums, primarily because of the definitional difference.

All the following statements concerning the capital and surplus of a life insurance company are correct, EXCEPT:

The NAIC's new capital standards are based exclusively on each individual company's mortality risk, but not on its investment risk.

All the following statements concerning the capital and surplus of a life insurance policy are correct?

The Naci's new capital standards are based entirely on

The prospectus associated with a variable life insurance policy typically contains detailed information about all the following items, EXCEPT:

The SEC's evaluation of the merits of the policy

The main feature that differentiates current assumption whole life insurance from universal life insurance is:

The absence of total premium flexibility in the renewal years in current assumption whole life insurance

All of the following statements concerning a typical term-to-65 life insurance contract are correct, EXCEPT:

The annual premium rates are the same as for yearly renewable term policies that are renewable to age 65

All the following statements concerning important committees of life insurance companies are correct, EXCEPT:

The audit committee conducts internal and external audits of the company's financial affairs.

All the following statements concerning a typical variable annuity are correct, EXCEPT:

The benefit payments change with changes in the Consumer Price Index.

All the following statements concerning the duties, functions, and responsibilities of a life insurance company's board of directors are correct, EXCEPT:

The board divides itself into standing committees that meet only at the time of the board's annual or semi-annual meeting.

All the following statements concerning a manager's span of control are correct, EXCEPT:

The broader the spans of control a company uses, the more levels of management are needed.

All the following statements concerning the reduced paid-up insurance surrender option is correct, EXCEPT:

The cash value of the new coverage will gradually decline to zero by the last age in the mortality table.

All the following statements concerning the pure conversion approach to demutualization are correct, EXCEPT:

The common law approach to a pure conversion is popular today because the state Insurance Commissioners generally support this approach.

All the following statements concerning substantive GAAP/statutory differences are correct, EXCEPT:

The concept of nonadmitted assets applies to both the statutory balance sheet and the GAAP balance sheet.

All of the following statements about statutes of limitation are true, EXCEPT:

The courts will not hear a lawsuit that's filed after the statute of limitations has expired without a special writ from the state insurance commissioner.

The face page of a typical life insurance policy would be likely to include all of the following information, EXCEPT:

The entire contract and conformity with law provisions

What committee of the board of directors has for its purpose the consideration of the kinds of coverage the company will market and the territories to be developed for marketing purposes?

The executive committee

All the following statements concerning the levels of authority in a life insurance company are correct, EXCEPT:

The executive officers are the managerial level of authority.

Most insurance companies designate which of the following surrender options as the one to take effect automatically if the policyowner does not select another option?

The extended term insurance option

All of the following statements concerning the cession form used for reinsurance purposes are correct, EXCEPT:

The form differs, depending on whether a facultative or automatic type of agreement is used

If the policy illustration for a whole life insurance policy shows that the annual increase in cash value exceeds the annual premium, which of the following is correct?

The illustration does not show that cash value is available only through policy loans

All the following statements concerning the need for new skills in investment portfolio management for life companies are correct, EXCEPT:

The increasing risk of policyowners' withdrawals of cash requires both longer and staggered bond maturities.

Which of the following statements regarding the ownership provision is true?

The insured may be both the applicant and owner of the policy.

Technically, the right of commutation is a right attaching to proceeds distributed under any of the following options, EXCEPT:

The interest option

All the following statements concerning the retention limit of a life insurance company are correct, EXCEPT:

The larger the volume of insurance in force, the lower should a life insurer normally set its retention limit.

All the following statements concerning recent changes both within and outside the life insurance industry are correct, EXCEPT:

The life insurance industry has avoided the trap of responding to the public's increased financial orientation.

All the following statements concerning life insurance company investments in common stocks are correct, EXCEPT:(C 21.9)

The life insurance industry's ownership of common stocks has increased primarily because of the increase in the industry's general account holdings of common stocks.

The entire contract provision requires that:

The life insurance policy and a copy of the application make up the entire contract.

The severe decline in the sale of endowment policies in the U.S. in recent years is mainly attributable to which of the following?

The loss of tax-free buildup of cash values on most endowments

All the following statements concerning the extended term insurance surrender option are correct, EXCEPT:

The new coverage will be purchased by means of a gross single premium.

All the following statements concerning yield curves and maturities are correct, EXCEPT:

The normal yield curve slopes downward, indicating that the yield of the debt instrument increases with the length of time to maturity for the debt instrument.

7. An annuity due is an annuity in which:

The periodic payments occur at the beginning of each period.

Under the equal outlay method of comparing life insurance policy costs, all the following statements are correct, EXCEPT:

The policy producing the smaller death benefit is considered the preferable one

Which of the following is the main advantage of the automatic premium loan feature for the policyowner?

The policy will not lapse due to the policyowner's occasional, inadvertent nonpayment of the premium or temporary inability to pay the premium.

All of the following are characteristics of variable adjustable life insurance policies, EXCEPT:

The policyowner has the unilateral right to vary the size of each of the premium payments.

The net single premium for a life insurance policy is equal to which of the following?

The present value of all benefits expected to be paid

All the following statements concerning the coinsurance plan of reinsurance are correct, EXCEPT:

The primary company realizes a more rapid growth in assets than under the yearly renewable term plan of reinsurance.

All the following statements concerning rating services and their ratings are correct, EXCEPT:

The rating of AA+ for the three multi-industry rating services is superior to an AAA rating.

In a modified cash refund annuity:(C 24.11)

The refund applies only to the employee's contributions, not to those of the employer.

All the following statements concerning claim settlements involving reinsurance agreements are correct, EXCEPT:

The reinsurer does not share in any savings resulting from a settlement of the contract for less than the face amount of the policy.

All the following statements concerning spread-loss reinsurance are correct, EXCEPT:

The reinsurer is paid an annual premium plus a specified percentage that is designated to be for the reinsurer's expenses and profit.

All the following statements concerning the Williams Act and its aftermath are correct, EXCEPT:

The states continue to regulate acquisitions and mergers involving insurance companies under the state holding company laws that focus primarily on transactions involving securities.

All the following statements concerning the statutory financial statement and the statutory accounting rules applicable to life insurance companies are correct, EXCEPT:

The statutory statement focuses primarily on the income statement.

All the following statements concerning the organization of a new life insurance company are correct, EXCEPT:

The stockholders elect the board of directors, whether the company is a stock or a mutual.

All of the following statements concerning the target premium amount in universal life insurance policies are correct, EXCEPT:

The target premium amount is a legal obligation that the policyowner must meet in order to keep the policy in force.

The net cost method of comparing life insurance policy costs takes into account all the following factors, EXCEPT:

The time value of money

All the following statements concerning assumption reinsurance are correct, EXCEPT:

The typical arrangement retains for the primary company the right to receive the future premiums on all coverage reinsured.

Which of the following statements concerning the operation of stock life insurance companies are correct?

There is no legal reason why a stock company cannot issue both participating and nonparticipating policies in most states

A primary beneficiary's right to withdraw principal under the interest option may be limited in all the following ways, EXCEPT:

There may be a minimum amount that must be withdrawn each year.

Deferred annuities sold to individuals typically provide that if the annuitant dies during the accumulation period:

There will be a refund equal to the larger of the cash value or the gross premiums, without interest.

All of the following statement concerning life insurance policy loans are correct, EXCEPT:

They never have to be repaid.

All of the following statements concerning variable universal life insurance policies are correct, EXCEPT:

They offer the policyowner only the level death benefit design

All the following statements concerning the NAIC risk-based capital (RBC) measure are correct, EXCEPT:

This measure was developed because the capital standard imposed by state law traditionally has been quite high.

Variable universal life insurance policies are most suitable for which of the following types of clients?

Those who want to assume the investment risk

The interest option may be a useful way to accomplish all the following objectives, EXCEPT:

To conserve indefinitely for a primary beneficiary the availability of the policy's contract rates applicable to liquidating options

All of the following statements about the assignment provisions are true, EXCEPT:

To make an effective assignment of a life insurance policy, an assignment provision much be included

All the following are logical reasons for a life insurer to use reinsurance, EXCEPT:

To pass on to other insurers the risks on which it has made an underwriting error

All the following statements concerning nonforfeiture laws in the U.S. are correct, EXCEPT:

To protect continuing policyowners, the laws prohibit a life insurer from providing a larger nonforfeiture value than the amount prescribed by law.

A spendthrift clause in a settlement agreement is designed to accomplish which of the following purposes?

To protect the proceeds against the claims of the beneficiary's creditors

All the following statements concerning GAAP accounting and reporting are correct, EXCEPT:

Today, the focus of GAAP reporting is on the balance sheet

All the following statements concerning terminal or surrender dividends are correct, EXCEPT:

Today, the majority of U.S. life companies believe that terminal dividends should be paid.

All the following statements concerning life insurance company asset valuation are correct, EXCEPT:

Under GAAP accounting, valuation allowances are established in expectation of gains to be realized upon sale or other disposition of assets.

All of the following statements concerning the linkage of death benefits with investment performance in a variable life insurance policy are correct, EXCEPT:

Under the constant ratio model, excess investment earnings are used to buy single-premium increasing additions to the death benefit amount

All of the following statements regarding policy loans are true, EXCEPT:

Under the policy loan provision, a policyowner borrows from the insurance company using the policy cash value as collateral.

All the following statements concerning the measurement of a life insurance company's current financial strength are correct, EXCEPT:

Variable contracts should be supported by relatively more capital than GICs.

Under the extended term insurance option, the investment element in the coverage is at its peak at which of the following times?

When the option is elected

Which of the following statements concerning universal life policies is correct?

When withdrawals exceed total premiums paid, the excess is taxable income.

All the following statements concerning the claim that a life insurance policy's surrender benefits should be less than the policy's assets share are correct EXCEPT:

a larger contingent is needed per policy for a large block...

Which of the following is the definition of a "model office"...

a simplified book of business that is

All the following statements concerning current attitudes and state laws concerning the demutualization of mutual insurance companies are correct EXCEPT:

an increasing number of state have recently enacted legislation prohibiting demutualization.

The amount that is added to the net premium to provide a margin for expenses, contingencies, and profit is called the:

Assume that Lloyd dies and the principals of his life insurance policy are to be paid to Andrea, his wife, under a life in compensation. The essence of this arrangement is:

the death proceeds will be used as a single premium to but an immediate life annuity for Andrea

Which of the following options is designed to postpone the ultimate...

the interest option

All the following statements concerning the difference between the adjusted premium method and for calculating surrender values and the method used for calculating:

the present value of future net level annual premiums will be larger than the present value of future adjusted premiums

RMI312 Final

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