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    CT5 Faq 2008

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    Vishal Goel
    CT5 Actuarial Exam FAQ

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    CT5 Faq 2008

    Uploaded by

    Vishal Goel
    223 views3 pages
    CT5 Actuarial Exam FAQ

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    CT5 FAQ 2008

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    CT5 Actuarial Exam FAQ

    Copyright:

    © All Rights Reserved
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    Download as pdf or txt
    223 views3 pages

    CT5 Faq 2008

    Uploaded by

    Vishal Goel
    CT5 Actuarial Exam FAQ

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    CT5: Frequently Asked Questions Page 1

    Subject CT5
    Frequently Asked Questions

    Comment

    This document contains useful questions asked by students studying Subject CT5, with
    answers written by ActEds tutors. Each year, well incorporate these questions and
    answers into the study material.

    You may also find it useful to refer to the Subject CT5 Corrections page on the ActEd
    website, which contains details of any typographical errors and ambiguities in the
    Subject CT5 study materials for the 2008 exams that have been brought to our attention.

    If you have any small queries about any aspect of the Subject CT5 course, please email
    your question to CT5@bpp.com.

    General questions

    Question

    Which recent old era subject questions are relevant to Subject CT5?

    Answer

    April 2000 exams: Subject 104, Q3-5, 7, 9

    Subject 105, Q1, 3, 5-8, 11-14

    September 2000 exams: Subject 104, Q1-4, 7, 13

    Subject 105, Q1-3, 5, 6, 9, 10, 13, 14(i)

    April 2001 exams: Subject 104, Q2, 3, 5, 8, 9(i)

    Subject 105, Q2, 4, 7, 9, 11, 13-14

    The Actuarial Education Company IFE: 2008 Examinations


    Page 2 CT5: Frequently Asked Questions

    September 2001 exams Subject 104, Q3, 4, 7

    Subject 105, Q4-7, 9-11, 13(i)

    April 2002 exams: Subject 104, Q5, 9, 10

    Subject 105, Q1, 2, 6, 7, 10, 12-14

    September 2002 exams: Subject 104, Q1, 2, 5, 11

    Subject 105, Q3, 5-11, 13

    April 2003 exams: Subject 104, Q2, 9, 11, 13

    Subject 105, Q2, 3, 5, 7, 9, 10, 13, 14

    September 2003 exams: Subject 104, Q8-10

    Subject 105, Q1, 2, 5-7, 9, 11(i), 12, 13, 14

    April 2004 exams: Subject 104, Q1, 4, 6

    Subject 105, Q1, 2, 5, 7-10, 13, 14

    September 2004 exams: Subject 104, Q1, 2, 4, 5, 8, 11

    Subject 105, Q1, 2, 4-7, 9, 11-13

    Questions on the Course Notes

    Question

    Where can I find annuity functions calculated using ELT15 (Males) mortality?

    Answer

    These are on Page 136 (at 4% interest) and Page 140 (at 6% interest).

    IFE: 2008 Examinations The Actuarial Education Company


    CT5: Frequently Asked Questions Page 3

    Question

    When we have a constant increase to the force of mortality, why do we always calculate
    assurance functions using a premium conversion formula?

    Answer

    Lets use * to denote special mortality functions where there is a cons tant addition to
    the standard force of interest, ie:

    *x +t = x +t +

    Then:

    n
    vn px* = e n exp ( x +t + ) dt
    n 0

    =e (
    + )n
    exp x +t dt
    n
    0

    = ( v *)
    n
    n px

    where v* = e ( + ) . So whenever we have a term of the form v n n p x , a constant


    increase to the force of mortality can be treated as a constant increase to the force of
    interest and mortality is then treated as standard. Annuity functions are simply sums or
    integrals of terms of the form v n n p x , so these can be calculated in the manner just
    described.

    Now consider the assurance function A*x :


    A*x = v k+1 k px qx + k =
    * *
    v k +1 k p*x (1 p*x+k )
    k =0 k =0

    The presence of the q*x +k term means that we cannot treat the constant addition to the
    force of mortality as an addition to the force of interest. The easiest way to calculate
    A*x is to write it as:

    A*x = 1 d a&&*x

    Note that the d term is calculated using the standard rate of interest.

    The Actuarial Education Company IFE: 2008 Examinations

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