Manual Study manual for SOA exam MLC : life contingencies

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SOCIETY OF ACTUARIES. EXAM MLC Models for Life Contingencies EXAM MLC SAMPLE QUESTIONS - PDF

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Download Study Manual For Soa Exam Mlc Life Contingencies 2013

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See terms - opens in a new window or tab. Back to home page Return to top. Back to home page. Listed in category:. The light bulbs are all new. If a replacement bulb burns out, it too will be replaced with a new bulb. Calculate P. For a continuous whole life annuity of 1 on x : T is the future lifetime random variable for x.

For a special fully discrete whole life insurance on x : ii The death benefit is 0 in the first year and thereafter. Level benefit premiums are payable for life. Calculate 10 V. For a fully discrete 2-year term insurance of 1 on x : 0. Calculate Var Z A 0. For a special fully discrete 3-year term insurance on 55 , whose mortality follows a double decrement model: ii Decrement 1 is accidental death; decrement 2 is all other causes of death.

Calculate E 1 LK55 1. Each of independent lives purchase a single premium 5-year deferred whole life insurance of 10 payable at the moment of death. Keith was selected at age 45 and Clive was selected at age Calculate the probability that exactly one will be alive at the end of three years. A Less than B At least 0. A fund is established by collecting an amount P from each of independent lives age The fund will pay the following benefits: 10, payable at the end of the year of death, for those who die before age 72, or P, payable at age 72, to those who survive.

You are given: Mortality follows the Illustrative Life Table. The constant force of mortality for smokers is 0. The constant force of mortality for non-smokers is 0. For 80 and 84 , whose future lifetimes are independent: x p x Calculate the change in the value 2 q if p 82 is decreased from 0. Don, age 50, is an actuarial science professor. His career is subject to two decrements: ii Decrement 1 is mortality.

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Calculate qb2g A salvage company will pay at the end of 3 years if the machine is in State F. For two independent lives, a male age 65 and a female age 60, calculate the expected time until the second death. Calculate Var L. For a deferred whole life annuity-due on 25 with annual payment of 1 commencing at age 60, you are given: ii Level benefit premiums are payable at the beginning of each year during the deferral period.


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During the deferral period, a death benefit equal to the benefit reserve is payable at the end of the year of death. Which of the following is a correct expression for the benefit reserve at the end of the 20 th year? You are given: ii iii The future lifetimes of 50 and 50 are independent. Deaths are uniformly distributed over each year of age.

Calculate the force of failure at duration For a special whole life insurance: ii The benefit for accidental death is 50, in all years. The benefit for non-accidental death during the first 2 years is return of the single benefit premium without interest. There is no death benefit during the three year deferral period. Level benefit premiums are payable at the beginning of each of the first three years. For a life age 30, it is estimated that an impact of a medical breakthrough will be an increase of 4 years in e 30, the complete expectation of life.

A B C D E On January 1, , Pat, age 40, purchases a 5-payment, year term insurance of , Death benefits are payable at the moment of death. A special whole life insurance on x pays 10 times salary if the cause of death is an accident and , for all other causes of death. Calculate the expected present value of the benefits at issue. Calculate the expected number of students who will leave because of failure during their fourth year. The following graph is related to current human mortality: Age Which of the following functions of age does the graph most likely show?

Z is the present value random variable for a year pure endowment of 1 on x : The force of mortality is constant over the year period. You are given: ii k A V is the benefit reserve at the end of year k for type A insurance, which is a fully discrete payment whole life insurance of on x.

B k V is the benefit reserve at the end of year k for type B insurance, which is a fully discrete whole life insurance of on x. For a special 3-year term insurance on x , you are given: Z is the present-value random variable for the death benefits. A continuous two-life annuity pays: while both 30 and 40 are alive; 70 while 30 is alive but 40 is dead; and 50 while 40 is alive but 30 is dead. The expected present value of this annuity is Continuous single life annuities paying per year are available for 30 and 40 with actuarial present values of and , respectively.

Calculate the expected present value of a two-life continuous annuity that pays while at least one of them is alive. For a disability insurance claim: ii iii The claimant will receive payments at the rate of 20, per year, payable continuously as long as she remains disabled. For a fully discrete 3-year endowment insurance of on x , you are given: k L is the prospective loss random variable at time k. Calculate 1 L, given that x dies in the second year from issue. A B C D E For a population of individuals, you are given: Each individual has a constant force of mortality.

Calculate the probability that an individual drawn at random from this population dies within one year. For a special fully discrete 3-year term insurance on bxg : ii Level benefit premiums are paid at the beginning of each year. For a special fully continuous whole life insurance on x : The level premium is determined using the equivalence principle. T is the future lifetime random variable of x. Which of the following expressions is equal to L? Compute the temporary 1. Lee, age 63, considers the purchase of a single premium whole life insurance of 10, with death benefit payable at the end of the year of death.

The single gross premium at age 63 is Lee decides to delay the purchase for two years and invests the Calculate the minimum annual rate of return that the investment must earn to accumulate to an amount equal to the single gross premium at age Note to candidates in reformatting the prior question to match the new syllabus it has been split into three parts.

While this problem uses a constant force for the common shock which was the only version presented in the prior syllabus , it should be noted that in the multi-state context, that assumption is not necessary.