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Life Pricing Exam > Section F > Flashcards

Section F Flashcards

1
Q

Life Insurance Taxation Overview

A

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7702 and 7702A Chapter 1

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2
Q

Taxation of MECs

A

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7702 and 7702A Chapter 1

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3
Q

Taxation of Non-MEC Life Insurance

A

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7702 and 7702A Chapter 1

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4
Q

Section 1035

A

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7702 and 7702A Chapter 1

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5
Q

US Life Insurance Taxation History

A

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7702 and 7702A Chapter 1

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6
Q

Requirements to be considered Life Insurance

A

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7702 and 7702A Chapter 1

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7
Q

COLI Full DB Exclusion Allowed When:

A

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7702 and 7702A Chapter 1

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8
Q

Formulas for Test Policy Values

A

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7702 and 7702A Chapter 2

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9
Q

Cash Value Accumulation Test (CVAT)

A

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7702 and 7702A Chapter 2
7702 and 7702A Chapter 3

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10
Q

Guideline Premium Test

A

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7702 and 7702A Chapter 2

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11
Q

Guideline Premium Formulas

A

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7702 and 7702A Chapter 2

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12
Q

Cash Value Corridor Test

A

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7702 and 7702A Chapter 2

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13
Q

Choice of Tests

A

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7702 and 7702A Chapter 2

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14
Q

Modified Endowment Contracts (MECs) Under 7702A

A

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7702 and 7702A Chapter 2

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15
Q

Interest Rate Assumptions for 7702

A

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7702 and 7702A Chapter 2

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16
Q

Mortality Assumptions for 7702

A

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7702 and 7702A Chapter 2

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17
Q

7702 Grandfathered 80 CSO Policies Examples of Non-material Changes

A

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7702 and 7702A Chapter 2

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18
Q

Monthly Mortality and COI Formulas

A

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7702 and 7702A Chapter 2

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19
Q

Expense Charges for 7702

A

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7702 and 7702A Chapter 2

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20
Q

Future Benefits for 7702 Types of Benefits to Include

A

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7702 and 7702A Chapter 2
7702 and 7702A Chapter 3

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21
Q

Future Benefits for 7702 Computational Rules

A

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7702 and 7702A Chapter 2
7702 and 7702A Chapter 3

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22
Q

Qualified Additional Benefits (QABs)

A

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7702 and 7702A Chapter 2
7702 and 7702A Chapter 3

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23
Q

7702 Post-Issue Adjustments

A

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7702 and 7702A Chapter 2

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24
Q

Guideline Premium Post-Issue Adjustments

A

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7702 and 7702A Chapter 2

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25
Q

7-Pay Post-Issue Adjustments

A

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7702 and 7702A Chapter 2

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26
Q

7702 Calculation Methods Basic Actuarial Principles

A

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7702 and 7702A Chapter 2

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27
Q

Commutation Functions

A

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7702 and 7702A Chapter 2

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28
Q

Defining Age in 7702

A

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7702 and 7702A Chapter 3

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29
Q

Section 7702(e)(2)(A) and (B) Alternative Death Benefit Rules

A

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7702 and 7702A Chapter 3

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30
Q

Additional Benefits That are Not QABs

A

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7702 and 7702A Chapter 3

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31
Q

Treatment of Term Insurance Rider on the Insured - 7702 vs. 7702A

A

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7702 and 7702A Chapter 3

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32
Q

IRS Safe Harbors for Contracts with Maturity Dates Beyond Age 100

A

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7702 and 7702A Chapter 3

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33
Q

Substandard Mortality for 7702

A

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7702 and 7702A Chapter 3

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34
Q

7702 for Variable Life

A

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7702 and 7702A Chapter 6

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35
Q

7702 for Variable Life with GMWB

A

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7702 and 7702A Chapter 6

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36
Q

7702 for EIUL

A

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7702 and 7702A Chapter 6

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37
Q

7702 for Multiple-Life Plans

A

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7702 and 7702A Chapter 6

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38
Q

Application of 7702 for “Special Products” Part I

A

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7702 and 7702A Chapter 6

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39
Q

Application of 7702 for “Special Products” Part II

A

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7702 and 7702A Chapter 6

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40
Q

7702 Considerations for No Lapse Guarantees

A

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7702 and 7702A Chapter 6

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41
Q

7702 Special Products ROP Products

A

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7702 and 7702A Chapter 6

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42
Q

Scope of Sections 101(g) and 7702B

A

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7702 and 7702A Chapter 7

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43
Q

Taxation Rules under Sections 101(g) and 7702B

A

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7702 and 7702A Chapter 7

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44
Q

Section 101(g) and 7702B Per Diem Benefits

A

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7702 and 7702A Chapter 7

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45
Q

Definition of QLTCI under Section 7702B

A

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7702 and 7702A Chapter 7

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46
Q

Definition of QLTCI under Section 7702B Minimum Standards for Benefit Trigger

A

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7702 and 7702A Chapter 7

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47
Q

Section 101(g) Chronic Illness Riders

A

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7702 and 7702A Chapter 7

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48
Q

Accelerated Benefit Impact on Guideline Premiums

A

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7702 and 7702A Chapter 7

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49
Q

Compare / Contrast US and Canada Taxation Tests

A

Canada Tax Chapter 10

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50
Q

Canada Exempt Policy Test (1982-2016)

A

Canada Tax Chapter 10

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51
Q

Canada Policyholder Taxation (1989-Current)

A

Canada Tax Chapter 10

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52
Q

Factors that increase ACB

A

Canada Tax Chapter 10

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53
Q

Factors that decrease ACB

A

Canada Tax Chapter 10

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54
Q

Tax Rules for Pre-1982 Life Policies

A

Canada Tax Chapter 10

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55
Q

Disposition of a Life Policy

A

Canada Tax Chapter 10

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56
Q

Non-arm’s Length Transactions and Tax-free Rollovers

A

Canada Tax Chapter 10

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57
Q

Canada Policyholder Taxation - 2017 Updates

A

Canada Tax Chapter 10

58
Q

Taxation of Post-1989 Annuities Taxation of annuity income

A

Canada Tax Chapter 11

59
Q

Taxation of Pre-1982 Annuities

A

Canada Tax Chapter 11

60
Q

Prescribed annuity contracts (PAC) Requirements for a non-registered annuity

A

Canada Tax Chapter 11

61
Q

Annuity Taxation Upon Disposition or Death

A

Canada Tax Chapter 11

62
Q

Factors Affecting Nonforfeiture Benefits

A

Life and Annuity NF Practices (LP-121-13)

63
Q

Methods of Determining Nonforfeiture Benefits

A

Life and Annuity NF Practices (LP-121-13)

64
Q

Approaches to Calculating Benefits for Prospective Method

A

Life and Annuity NF Practices (LP-121-13)

65
Q

Nonforfeiture Practices in Select Countries

A

Life and Annuity NF Practices (LP-121-13)

66
Q

Required Nonforfeiture Benefit Provisions

A

Standard NF Law for Life insurance (LP-122-13)

67
Q

Steps in Adjusted Premium Calculation for Nonforfeiture Net Level Premium Method

A

Standard NF Law for Life insurance (LP-122-13)

68
Q

Future Adjusted Premium Calculation for Nonforfeiture Net Level Premium Method

A

Standard NF Law for Life insurance (LP-122-13)

69
Q

Prescribed Mortality and Interest Rates Under Standard Nonforfeiture Law

A

Standard NF Law for Life insurance (LP-122-13)

70
Q

Stipulations to prescribe mortality and Interest Under SNL

A

Standard NF Law for Life insurance (LP-122-13)

71
Q

Benefits That Can Be Ignored In Considering Policy’s Guaranteed Benefits

A

Standard NF Law for Life insurance (LP-122-13)

72
Q

Rules regarding progression of CV from duration to duration

A

Standard NF Law for Life insurance (LP-122-13)

73
Q

Exceptions to the standard nonforfeiture law for life insurance

A

Standard NF Law for Life insurance (LP-122-13)

74
Q

Products Excluded From SNL for Individual Deferred Annuities

A

Standard NF Law for Def Annuities (LP-123-13)

75
Q

Non-Forfeiture Requirements for Individual Deferred Annuities

A

Standard NF Law for Def Annuities (LP-123-13)

76
Q

Min NF Amount for Ind Deferred Annuities

A

Standard NF Law for Def Annuities (LP-123-13)

77
Q

How CV is calculated under SNL for Individual Deferred Annuities

A

Standard NF Law for Def Annuities (LP-123-13)

78
Q

Computation of PV, Maturity Date Disclosure of Limited DBs

A

Standard NF Law for Def Annuities (LP-123-13)

79
Q

Illustration Model Regulation - Purpose

A

Life Insurance Illustrations Model Reg (LP-125-13)

80
Q

Illustration Model Regulation Applicability and Scope

A

Life Insurance Illustrations Model Reg (LP-125-13)

81
Q

Illustration Model Regulation Scales Defined

A

Life Insurance Illustrations Model Reg (LP-125-13)

82
Q

Illustration Model Regulation Policies to be Illustrated

A

Life Insurance Illustrations Model Reg (LP-125-13)

83
Q

Illustration Model Regulation Minimum Assumed Expenses

A

Life Insurance Illustrations Model Reg (LP-125-13)

84
Q

Illustration Model Regulation General Rules

A

Life Insurance Illustrations Model Reg (LP-125-13)

85
Q

Illustration Model Regulation - Prohibitions

A

Life Insurance Illustrations Model Reg (LP-125-13)

86
Q

Illustration Model Regulation Standards for Basic Illustrations

A

Life Insurance Illustrations Model Reg (LP-125-13)

87
Q

Illustration Model Regulation Standards for Basic Illustrations - Format

A

Life Insurance Illustrations Model Reg (LP-125-13)

88
Q

Illustration Model Regulation Standards for Basic Illustrations Narrative Summary

A

Life Insurance Illustrations Model Reg (LP-125-13)

89
Q

Illustration Model Regulation Standards for Basic Illustrations Numeric Summary

A

Life Insurance Illustrations Model Reg (LP-125-13)

90
Q

Illustration Model Regulation Standards for Basic Illustrations Statements

A

Life Insurance Illustrations Model Reg (LP-125-13)

91
Q

Illustration Model Regulation Standards for Basic Illustrations Tabular Detail

A

Life Insurance Illustrations Model Reg (LP-125-13)

92
Q

Illustration Model Regulation Standards for Supplemental Illustrations

A

Life Insurance Illustrations Model Reg (LP-125-13)

93
Q

Illustration Model Regulation Delivery and Record Retention

A

Life Insurance Illustrations Model Reg (LP-125-13)

94
Q

Illustration Model Regulation Annual Report to the Policyholder

A

Life Insurance Illustrations Model Reg (LP-125-13)

95
Q

Illustration Model Reg Annual Certification

A

Life Insurance Illustrations Model Reg (LP-125-13)

96
Q

Requirements to be an Illustration Actuary

A

Life Insurance Illustrations Model Reg (LP-125-13)

97
Q

Scope of AG49

A

Actuarial Guideline 49: A Closer Look (LFV-145-16)

Actuarial Guideline 49…(LP-146-16)

98
Q

Benchmark Indexed Account (BIA) Product Design

A

Actuarial Guideline 49: A Closer Look (LFV-145-16)

99
Q

Max Illustrated Credited Rate under AG 49

A

Actuarial Guideline 49: A Closer Look (LFV-145-16)

100
Q

AG 49 - assumed interest rate of the disciplined current scale shall not exceed:

A

Actuarial Guideline 49: A Closer Look (LFV-145-16)

101
Q

Industry Reaction to AG 49

A

Actuarial Guideline 49: A Closer Look (LFV-145-16)

Actuarial Guideline 49…(LP-146-16)

102
Q

2017 GRET Factors

A

2017 Generally Recognized Expense Table (GRET)

103
Q

Guidelines for Canadian Life Insurance Illustrations Part 1

A

Guideline G6: Life Insurance Illustrations (LP-128-11)

104
Q

Guidelines for Canadian Life Insurance Illustrations Part 2

A

Guideline G6: Life Insurance Illustrations (LP-128-11)

105
Q

Insurance Regulation in Mexico

A

Regulatory Risk and North American Insurance Organizations

106
Q

Insurance Regulation in Canada

A

Regulatory Risk and North American Insurance Organizations

107
Q

Stakeholders Which Influence Regulation

A

Regulatory Risk and North American Insurance Organizations

108
Q

Purpose of Regulation

A

Regulatory Risk and North American Insurance Organizations

109
Q

Regulatory Risk Examples

A

Regulatory Risk and North American Insurance Organizations

110
Q

Ways Regulators Can Help Mitigate Risk

A

Regulatory Risk and North American Insurance Organizations

111
Q

Insurer Regulatory Risk Mitigation

A

Regulatory Risk and North American Insurance Organizations

112
Q

Life and Annuity Applications for Predictive Modeling

A

Predictive Modeling for Life Insurance

Predictive Modeling for Life Insurers

113
Q

Advantages of Predictive Modeling

A

Predictive Modeling for Life Insurance

Predictive Modeling for Life Insurers

114
Q

Predictive Modeling Data Considerations

A

Predictive Modeling for Life Insurance

115
Q

Predictive Modeling Data Preparation

A

Predictive Modeling for Life Insurance

116
Q

VA Lapse Behavior Predictive Modeling Model Inputs

A

Predictive Modeling for Life Insurers

117
Q

General Process for Conducting a Traditional Experience Study

A

The Use of Predictive Analytics in…Experience Studies

118
Q

General Process for Conducting a Predictive Modeling Experience Study

A

The Use of Predictive Analytics in…Experience Studies

119
Q

Advantage of Traditional Experience Studies

A

The Use of Predictive Analytics in…Experience Studies

120
Q

Advantages of using predictive analytics in experience studies

A

The Use of Predictive Analytics in…Experience Studies

121
Q

Challenges of Predictive Analytics

A

The Use of Predictive Analytics in…Experience Studies

122
Q

Reasons to Reinsure Business

A

Introduction to Reinsurance (ERM-114-13)

123
Q

Types and Forms of Reinsurance

A

Introduction to Reinsurance (ERM-114-13)

124
Q

Participants of the Reinsurance Industry

A

Introduction to Reinsurance (ERM-114-13)

125
Q

Reinsurance Treaty

A

Introduction to Reinsurance (ERM-114-13)

126
Q

History of Securitizations

A

Breaking the Ice: Using…Securitization Market (LFV-143-16)

127
Q

Six Principles to Rebuild the Securitization Market

A

Breaking the Ice: Using…Securitization Market (LFV-143-16)

128
Q

Regulatory Response to Rebuild the Securitization Market

A

Breaking the Ice: Using…Securitization Market (LFV-143-16)

129
Q

Issuer Response to Rebuild the Securitization Market

A

Breaking the Ice: Using…Securitization Market (LFV-143-16)

130
Q

Rebuilding the Securitization Market Investor Responsibility

A

Breaking the Ice: Using…Securitization Market (LFV-143-16)

131
Q

Strategies for Strategically Valuable Blocks

A

Capital, Cash…In-force Management (LFV-144-16)

132
Q

Conditions that must be met in order to adjust rates on inforce customers

A

Capital, Cash…In-force Management (LFV-144-16)

133
Q

Strategies for Non-Strategically Valuable Blocks

A

Capital, Cash…In-force Management (LFV-144-16)

134
Q

Exchange Programs Make Sense When:

A

Capital, Cash…In-force Management (LFV-144-16)

135
Q

Role of the Actuary in Product Roll-out

A

Role of the Actuary in Product Rollout (LP-124-13)

136
Q

Policy Form Filing Consists of:

A

Role of the Actuary in Product Rollout (LP-124-13)

137
Q

Policy Form Transmittal Letter

A

Role of the Actuary in Product Rollout (LP-124-13)

138
Q

Model Life and Annuity Replacement Regulation

A

Role of the Actuary in Product Rollout (LP-124-13)

139
Q

Advantages of the Interstate Compact

A

The Interstate Compact: Speeding Up Speed-To-Market

140
Q

Challenges of the Interstate Compact

A

The Interstate Compact: Speeding Up Speed-To-Market

Life Pricing Exam (6 decks)

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