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Actuarial Science 1021A/B Study Guide - Final Guide: Vehicle Insurance, Physical Therapy, Disability Insurance


Department
Actuarial Science
Course Code
AS 1021A/B
Professor
Kopp Steve
Study Guide
Final

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Practice Multiple Choice Question Set #2
Note --The following values may be useful.
RRSP annual contribution limits = $22,970 (2012), $23,820 (2013)
For Government Retirement Programs
YMPE for 2013 = 51,100
YBE for 2013 = 3,500
Employee CPP contribution rate for 2013 = 4.95%
Maximum CPP retirement benefit for 2013 = $1012.50
Survivor CPP pension (under age 65) = 176.45 + (0.375)(deceased retirement CPP benefit)
Disability CPP pension = 453.52 + (0.75)(disabled retirement CPP benefit)
Maximum OAS benefit for 2013 = $550.99; maximum income before claw back = $70,954
Maximum GIS benefit for 2013 = $747.11 (single), $495.39 (if both spouses are receiving OAS)
CPP retirement benefit increases: 2012 and before = 0.50%; 2013 and beyond = 0.70%
CPP retirement benefit decreases: 2012 and before = 0.50%; 2013 = 0.54%; 2014 = 0.56%;
2015 = 0.58%,
For workers’ compensation:
Maximum assessable earnings for workers’ compensation for 2013 = $82,300
non-economic lump sum = $57,069.08; goes up or down by $1268.66 per year above or below age 45
survivor lump sum = $76,537.17; goes up or down by $1913.43 per year above or below age 40
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Part A – Multiple Choice Questions
1. Joe retired on November 1, 2012 at exact age 66. He applies for CPP and OAS. He is eligible for the
maximum CPP retirement benefit. His income for all sources (including CPP) in 2013 turned out to be
$82,495. What would be his net combined CPP and OAS monthly benefit for December, 2013?
_________________
2. Jim is 17 years old, John is 29 years old and Sally is 66 years old. Regarding coverage by the Ontario
Health Insurance Plan (OHIP) for visits to a physiotherapist who works in a hospital, which of the
following is true?
No visits covered Provides some reimbursement
(A) John Jim, Sally
(B) Sally John, Jim
(C) John, Sally Jim
(D) John, Sally, Jim ---
(E) --- Jim, John, Sally
3. A man started working in a factory at age 20 operating a machine that produced widgets. After 15
years in that job, he was moved to another job driving a fork lift that loaded boxes of widgets onto
trucks. Just two weeks into that job, he suffered an injury at home that led to the loss of his left arm.
He could no longer safely drive the fork lift, but he could still operate the machine at his old job. The
man has disability coverage under an employer disability plan. Which of the following is true
regarding whether he is considered disabled or not?
Own Occupation Clause Any Occupation Clause
(A) Disabled Disabled
(B) Disabled Not Disabled
(C) Not Disabled Disabled
(D) He is not disabled under either clause because the injury did not take place at work
(E) He is actually considered disabled under the presumptive disability clause
Use the following information for the next question:
Year 2009 2008 2007 2006 2005 2004 2003 2002 2001
YMPE 46,300 44,900 43,700 42,100 41,100 40,500 39,900 39,100 38,300
4. Suppose a woman retired in 2009 and started receiving CPP monthly retirement benefits at age 63
years, 3 months, but she died 3 months later. She earned in excess of the YMPE every year of her life
since age 18. Her surviving spouse is age 62. What is the size of his monthly CPP survivor pension?
________________
For the next question, you are given a characteristic of a social insurance program, a private
insurance program or both types of programs. Determine which program the given characteristic is
more likely to apply to.
5. Provides pre-determined benefits that are not based on need.
(A) Social insurance (B) Private insurance (C) Both social and private
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