MA539 – MOCK ASSESSMENT – Instruction sheet
精算作业代写 You may wish to look up READ_MORT_TABLE in the Prophet Help Topics and look at the Mortality input variables under Section K
This assessment follows on from the exercises set in Tasks A and B which you have already completed. You can refer to the notes on Moodle while completing this assessment. Instructions to follow before starting this assessment:
- Copy the zipped folder called ASSMOCK from the I:(SMSAS-ProphetWorkSpaces)\MA539 course folder on the remote PC into your own file space I:(SMSAS-ProphetWorkSpaces)\MA539\login\ also on the remote PC where login is your login. Unzip the files in this zipped folder into your login folder.
Double-click the Prophet.prw file that is in the ASSMOCK 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 a Compulsory Purchase Annuity contract (PROPHET product code C_CPA_). Under this type of contract, a single premium payable at commencement of the policy by the policyholder purchases a regular income (annuity) for the policyholder until death. Any commission payable on the contract is only payable at the commencement of the policy and is calculated as a percentage of the single premium. 精算作业代写
For this assessment you will be using:
STRUCTURE: Example Profit Test.
RUN SETTING: Example Profit Test
Open the above run setting to display the 5 tabs available i.e.
Run Parameters/Tables/Results/Runtime Configuration/Actuarial Documentation. Accept the
default values given.
Now run this Structure and Run Setting. 精算作业代写
Examine the RESULTS for C_CPA_#51.newbus i.e. Run Number 10, Product C_CPA_, SubProduct 51, ResultType NB Profile, Variable Category A and Variable Group A10.
DISC_PROF_A at 31st Dec 2015 should be -6540.36. If it is not, then contact me.
Hints for the assessment:
- When running a profit test, always make sure that you have the right product, structure, run setting and model point/parameter files.
- 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.
You should now answer the following 10 questions in the boxes provided. You may need to change the number of years the results are shown on a monthly basis or on a yearly basis (using the Time Periods button) to answer some of the questions.
Open the model point file for this product. 精算作业代写
Q1. How many new business and in-force model points are there and what are the SPCODEs used for these model points? Give separate answers for new business and in-force model points.
Q2. In total, how many policies are represented by these model points? Give separate answers for new business and in-force model points. 精算作业代写
Now close the model point file and open the results file again.
Q3. For which year after 2015 does the projected Annuity Benefit Outgo, ANUITY_OUTGO, first fall below 800.
You will need to use Diagram View to answer some/all of the remaining questions.
Q4. Show how PREM_INC (i.e. total premium income) for Jan 2016 of 164500 has been calculated.
Q5. What are the values for INIT_COMM and REN_COMM for Jan 2016?
Q6. In which table can the rate of commission as a percentage of premium be found? Show how INIT_COMM for Jan 2016 has been calculated based on this rate of commission. You may ignore the effects of any variables that are zero in Jan 2016. (HINT: You will need to consider the variable IC_PAYBL_PP)
Q7. Show how TOT_EXP (i.e. total gross expenses) for Jan 2016 has been calculated. You may ignore the effects of any variables that are zero in Jan 2016.
Q8. The monthly expense after the first month is derived as follows (ignoring other zero terms
that do not affect the calculations in this case): 精算作业代写
TOT_EXP = REN_EXP_PP(t) * NO_POLS_IFSM(t)
and REN_EXP_PP(t) = RE_FIXED_Y/12 * RE_INFL_ADJ(t-1).
RE_FIXED_Y is a Parameter variable.
RE_INFL_ADJ(t-1) increases by a factor of (1 + RE_INFLAT_PC/100)^(1/12) each month
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