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如下

NO.PZ2018091705000088

问题如下：

Nanta and Olivia are considering purchase an annuity product and therefore they asks investment manager for recommendations. Nanta tells their investment manager that they would like the annuity payout that continues as long as either Nanta or Olivia is living, and offer a diversified menu of potential investment options. Based on the Nanta’ preferences, which annuity payout method should their investment manager recommend?

选项：

Life annuity with refund

Joint life annuity

Life annuity with period certain

解释：

B is correct.

考点: Annuity

解析： Joint life annuity最能实现Nanta夫妇的目标，即只要他们中的任何一个人还活着，他们就能得到年金赔偿。根据Joint life annuity的规定，两个或两个以上的个人，如丈夫和妻子，在所有受益人死亡之前都可以得到补偿。

个人IPS经典题module5的“risk management for individuals”中的第6题，statement 3的最后一句话：“but it would be reduced by………”是什么意思？

是不是说他等待买年金的时间越长，income yield 越小的意思。如果是这个意思的话，这句话不是错了吗。等待买年金的时间越长，pmt拿到手的时间越短，也就是n越短，yield 应该越大才对呀，不理解

Statement 3分两部分理解：

1. If Janice were to add a 10-year period certain option to her annuity, her income yield would be reduced when compared to not having the option,

如果一个人买了一个年金，但是同时他又买了个10-year period certain，那么就是即使他买完年没几年就死了，他依然可以拿到10年的年金。所以是增加了N，增加了N，则PMT下降，则yield income下降。

2. but it would be reduced by greater amounts the longer she waits to purchase the annuity.

后半句：

比如一个人30岁买annuity with 10-year period certain，她努力活到40岁对他没什么问题，所以30岁的时候买年annuity with 10-year period certain没什么意义，N不会被拉长

如果这人83岁买annuity with 10-year period certain，85岁就死，N原本=2，那么现在被拉长成了10，N上升，PMT下降。

这个statement的后半句想表达的是这个意思，确实不够清晰

如下

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