Singer Terhaar

anyone have any examples of how CFAI can make this question tricky?

Pretty straight forward if you know all the steps including the premiums.

They made it tricky by simplifying the original method with an absurd assumption: that the return on GIP is the same in either integrated or segmented situation. But at the same time, they also say that GIP is not the same: in the segmented case it is the local market.