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Actuary Paper 1

Actuary Paper 1

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Actuarial Science Paper 1
Actuarial Science Paper 1

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Published by: billigee on Jun 22, 2010
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SOCIETY OF ACTUARIESEXAM MLC ACTUARIAL MODELS
EXAM MLC SAMPLE SOLUTIONS
Copyright 2008 by the Society of ActuariesSome of the questions in this study note are taken from past SOA examinations.
MLC-09-08 PRINTED IN U.S.A.
 
 
 MLC-09-08 - 1 -
Question #1
Key: E 
()()()()()()
23230:3430:3430:34230234230:34
0.90.80.720.50.40.200.720.200.144
q p p p p p
=======
 
()()()()()()
230:34330334330:34330:34
0.720.200.1440.7760.720.70.5040.200.30.060.5040.060.030240.5040.060.030240.53376
 p p p p p
=+========+=
 
230:34
0.7760.533760.24224
q
==
 Alternatively,
23034230234230342303223436230343236
1
q q q q p q p q p p
::::
= + = +
bg
 = (0.9)(0.8)(0.3) + (0.5)(0.4)(0.7) – (0.9)(0.8)(0.5)(0.4) [1-(0.7)(0.3)]= 0.216 + 0.140 – 0.144(0.79)= 0.24224Alternatively,
()()()()
()()()()
330334230234230:34330334230234
111110.50410.0610.7210.200.24224
q q q q q p p p p
=×−×===
 (see first solution for
230234330334
, , ,
 p p p p
)
 
 MLC-09-08 - 2 -
Question #2
Key: E 
0.100.12
110:10100.040.060.40.60.050.0700100.110.12001010.100.120
100010001000(0.06)(0.07)10000.06(0.07)10000.06(0.07)
t
 x x xt t t t e e
 A A Ae e dt e e e e de dt e e de
= += += += +
∫ ∫ 
( )
0111.20.060.070.100.12
10001110000.379270.21460593.87
e e e
⎡ ⎤= + ⎣ ⎦= + =
 Because this is a timed exam, many candidates will know common results for constantforceand constant interest without integration.
()
()
110:101010
For example 1
 x x x x
 A  E e A
μ δ 
μ μ δ μ μ δ 
+
=+==+
 With those relationships, the solution becomes
()
()
()
()
()
11010:100.060.04100.060.041011
100010000.060.07100010.060.040.070.0510000.6010.5833593.86
 x x x x
 A A E Ae ee e
+++
+=++++=
 
Question #3Key: D
[ ]
( )
0.060.080.05000.070
120110052077
t t t t t x
 E Z bv p x t dt e e e de
μ 
= + == =
∫ 
 

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