MA539 – ASSESSMENT B – Instruction sheet
代写精算assessment Make sure that you look at the results for the right time periods (e.g. monthly, yearly etc.) as required by the question.
You should not confer with anyone else during the assessment. If you have a problem, kindly mention it in the Teams chat – a lecturer will give a quick call directly to you via Teams to sort out the problem.
Instructions to follow before starting this assessment: 代写精算assessment
- Copy the folder called ASSMNTB v2 from the I:(SMSAS-ProphetWorkSpaces)\MA539 course folder on the remote PC into your own file space I (SMSASProphetWorkSpaces)\MA539\login\ also on the remote PC where login is your login.
Double-click the Prophet.prw file that is in the ASSMNTB v2 folder that you have just created in your login folder. The Prophet Start page is then displayed. If you see a script error message, then please click No to continue.
This assessment will cover two contracts:
- A unit-linked maximum investment plan contract with PROPHET product code U_MIP_. Under this type of contract, monthly premiums are payable until the end of a 10-year term. A reduced unit allocation percentage applies for the early years of the Plan. A sum assured (or value of the unit fund if greater) is payable on death of the life assured during the term or on survival to the end of the term.
If the plan is surrendered before the end of the term then a surrender benefit is paid equal to the value of the unit fund subject to a deduction of 2% of the remaining unpaid premiums. Initial commission payable on the contract is calculated as a percentage of the annual premium multiplied by the term of the contract. Among the charges made by the company are:
a fixed expense charge before each premium is allocated to units
a monthly deduction from units to meet the cost of life cover
a monthly expenses deduction from units
The model point file used was u_mip_.rpt. 代写精算assessment
- A Self-Employed Pension contract with PROPHET product code C_SEPP. Under this type of contract, regular premiums are payable until the end of the term. A sum assured (together with any bonuses attaching) is payable on death of the life assured during the term and a maturity benefit is payable on survival to the end of the term. Initial commission payable on the contract is calculated as a percentage of the annual premium multiplied by the term of the contract subject to a maximum term of 30 years.
The model point file used was c_sepp.rpt.
The Example Profit Test structure and the Example Profit Test run setting were used for the running of this profit test.
Examine the RESULTS for U_MIP_#54.newbus i.e. Run Number 10, Product U_MIP_, SubProduct 54, ResultType NB Profile.
Ensure Variable Category A and Variable Group A10 are chosen.
DISC_PROF_A at 31 Dec 2015 should be -962.09. If it is not, then post a message on the Teams meeting chat.
Hints for the assessment: 代写精算assessment
- Make sure that you look at the results for the right time periods (e.g. monthly, yearly etc.) as required by the question.
Remember that Prophet will perform the calculations for each model point in turn and then total the results. Thus, if asked to verify certain calculations, you may need to consider the calculations for each model point in turn and then total the results from each of the model points.
For the unit-linked product, you may need to also use the Variable Groups A30 (Sterling Revenue Account) and A31 (Unit Revenue Account) to answer some of the questions.
In several questions, you will be asked to how a particular variable in a particular month has been calculated. Make sure you include the value of this variable in your answer. (If you use the answer sheet then a space has been left on the sheet for you to include this value).