Free SOA Exam ALTAM (Advanced Long-Term Actuarial Mathematics) Practice Questions
The entire SOA Exam ALTAM question bank is free: 890 practice questions on survival models, joint life insurance, profit analysis, universal life, and embedded options. From FreeFellow, where 'free' is in the brand name. No trial, no signup to browse, no credit card.
890 questions7 topics2026 syllabus
Built by Jeffrey Ting, FSA, CFA, who passed thirteen of the hardest finance exams on the first attempt. The full question bank and worked solutions are free forever.
Under which of the following conditions does a universal life policy lapse?
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Correct Answer: B
Solution
B is correct.
A universal life policy lapses when the account value is reduced to zero or below after charges are applied and the policyholder fails to make a sufficient premium payment within the grace period (typically 61 days) to restore a positive account value. This is the defining feature of UL's flexible premium structure: the policy persists only as long as the account value is sufficient to cover ongoing COI and expense charges.
Question 2
Medium
Which of the following embedded options in life insurance products is most analogous to a short position in a European call option from the insurer's perspective?
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Correct Answer: C
Solution
C is correct.
A guaranteed purchase rate (annuitization rate) provision gives the policyholder the right to convert the accumulated fund into an annuity at a rate fixed at policy issue. This is most analogous to a short call option from the insurer's perspective:
- Underlying: the present value of the annuity stream purchased at the prevailing market rate - Strike: the annuity stream purchased at the guaranteed rate
When market interest rates fall, the present value of the guaranteed annuity income rises above the market-rate annuity — the policyholder exercises the annuitization option, and the insurer must provide the higher-value annuity. This is exactly how a short call functions: the insurer (option writer) must deliver value when the underlying (market annuity PV) exceeds the strike (guaranteed annuity PV).
Question 3
Hard
Given Ax=0.25, Ay=0.30, and Axy=0.40, a student computes the last-survivor APV as Axˉyˉ=Ax+Ay−Axy=0.15. Which statement correctly evaluates this result?
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Correct Answer: A
Solution
A is correct.
The last-survivor status is alive whenever at least one of (x) or (y) is alive, so T(xˉyˉ)=max(T(x),T(y))≥T(x) and T(xˉyˉ)≥T(y) almost surely. Since the whole life insurance APV is an increasing function of the future lifetime, Axˉyˉ≥Ax and Axˉyˉ≥Ay hold under any dependence structure. With the given inputs, Axˉyˉ=0.15<0.25=Ax<0.30=Ay, which is impossible. Furthermore, Axy=0.40>min(Ax,Ay)=0.25 is itself a violation: since T(xy)≤T(x) always, we require Axy≥Ax. The inconsistency arises purely from Axˉyˉ=0.15<Ay, so the identity Axˉyˉ=Ax+Ay−Axy has been applied to inputs that cannot come from any joint lifetime model.
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Others charge $1,000+. FreeFellow gives you the 70% you need to pass for free.
The full question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your Exam ALTAM prep are free forever. No trial period, no credit card. Every written-answer problem has a copy-to-AI prompt builder for your own ChatGPT or Claude. Become a Fellow ($79/qtr) only if you want mock exams, flashcards, analytics, AI written-answer grading, and a personalized study plan.
What's Free, and What Fellow Unlocks
The 70% of Exam ALTAM prep you actually need to pass (questions, solutions, lessons, mixed practice, copy-to-AI written-answer prompts) is free forever. The remaining 30% (mocks, flashcards, analytics, study plan, AI written-answer grading) unlocks when you become a Fellow. Use the free tier as long as you like.
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890 practice questions with detailed solutions
Copy-to-AI written-answer prompts for your own ChatGPT or Claude
Mixed practice sessions across all topics
Formula sheet and reference materials
Readiness tracking with pass-probability estimates
No paywalls on questions · no trial period · no credit card
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Timed mock exams with weighted scoring
Spaced-repetition flashcards backed by memory science
Topic-level practice to drill weak areas
Performance analytics by topic and difficulty
AI grading for written-answer problems vs the official rubric
Personalized study plan that adapts to your exam date
How FreeFellow Compares
Per-exam pricing across the major prep providers. The FreeFellow core (questions, solutions, lessons) is free forever. The optional Fellow tier is $79 per quarter, a small fraction of what traditional providers charge.
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Coaching Actuaries
$200–$400/exam
The Infinite Actuary
$150–$350/exam
Traditional providers bundle prep into a single up-front fee. FreeFellow keeps the question bank and lessons free forever and charges only for deeper study tools (mocks, flashcards, analytics). All numbers are competitor list prices as of 2026.
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890+ Practice QuestionsFREE
Every question includes a detailed, step-by-step solution.
Dates mark the start of each testing window. Projected dates follow the Society of Actuaries's historical exam cadence for sittings the body has not yet published. Confirm dates directly with the Society of Actuaries before registering.
Exam date
Status
Oct 21, 2026
Confirmed
Apr 20, 2027
Projected
Oct 20, 2027
Projected
Frequently Asked Questions
How many free Exam ALTAM practice questions does FreeFellow have?
FreeFellow currently offers 890 free Exam ALTAM practice questions across 7 topics, each with a detailed step-by-step solution. Questions span three difficulty levels and are aligned to the 2026 syllabus. The question bank is updated regularly.
What Exam ALTAM topics are covered?
The questions cover 7 topics: Survival Models for Contingent Cash Flows, Premium and Policy Valuation for Long-Term Coverages, Joint Life Insurance and Annuities, Profit Analysis, Pension Plans and Retirement Benefits, and 2 more. Each topic page shows your progress and lets you filter by difficulty level. You can practice by topic to target your weak areas or take mixed-topic practice exams.
Is FreeFellow really free for Exam ALTAM prep, or is there a catch?
No catch. The 70% of Exam ALTAM prep you actually need to pass is free forever: the full question bank of 890 practice questions, detailed solutions on every question, mixed practice, the formula sheet, and readiness tracking. No trial period, no credit card. The remaining 30% (timed mock exams, flashcards with spaced repetition, performance analytics, and a personalized study plan) unlocks when you become a Fellow.
What does the $79 Fellow tier unlock for Exam ALTAM?
Fellow ($39 per month or $79 per quarter, per track; the $199 annual is Fellow Plus) unlocks four things on top of the free tier: timed mock exams with weighted scoring that match the real exam blueprint, spaced-repetition flashcards built on memory science from cognitive psychology, topic-level practice to drill weak areas, performance analytics broken down by topic and difficulty, and a personalized study plan that adapts to your exam date. Everything else (questions, solutions, lessons) stays free.
How does FreeFellow compare to Coaching Actuaries, ASM, or TIA on price?
Traditional Exam ALTAM prep providers charge $200 to $3,500 for a single exam, paid upfront. FreeFellow keeps the question bank, written solutions, and lessons free forever. The optional Fellow tier is $79 per quarter (a small fraction of what the big providers charge) and adds mock exams, flashcards, analytics, and a study plan. You can pass Exam ALTAM entirely on the free tier.
How should I use FreeFellow to study for Exam ALTAM?
Start with topic-based practice to identify weak areas. As your exam date approaches, switch to timed practice exams under realistic conditions. The free tier gives you everything you need to build mastery; if you want pacing tools (mock exams, analytics, a study plan) and long-term retention aids (spaced-repetition flashcards), become a Fellow.
What is the Exam ALTAM pass rate?
The Exam ALTAM pass rate is approximately 45-50%, based on historical SOA data. Pass rates vary by sitting. The SOA publishes pass rate statistics after each exam window.
How many hours should I study for Exam ALTAM?
The SOA recommends 250 to 300 study hours for each preliminary exam. Candidates with strong mathematical backgrounds may need 150 to 200 hours, while those new to the material may need 300 to 350 hours. Consistent daily study over 10 to 14 weeks is more effective than cramming.
What calculator is allowed on Exam ALTAM?
The SOA permits a list of Texas Instruments models including the BA II Plus (and Professional), TI-30Xa, TI-30X II, TI-30XS and TI-30XB MultiView, and TI-36X Pro. Most candidates bring the TI-30XS MultiView for statistics-heavy exams and the BA II Plus where time-value-of-money work dominates (FM, FAM, ALTAM).
How is Exam ALTAM scored?
Exam ALTAM is a written-answer exam graded by SOA graders against the point totals published with each question. Scores are reported on a 0-10 scale, with 6 as the passing threshold, several weeks after the sitting.
What is the Exam ALTAM exam format?
Exam ALTAM is a 3-hour written-answer exam offered twice a year (spring and fall). Candidates write out full solutions; there are no multiple-choice questions on the current format.
About FreeFellow
Jeffrey Ting
FSA, CFA · Founder
FreeFellow was built by Jeffrey Ting, a credentialed actuary and CFA charterholder who passed thirteen of the hardest exams in finance on the first attempt, and paid four-figure prep fees for every one. The learning itself was always free. The price was a moat.
So he started writing his own questions, then lessons, then mock exams, until it grew into a full prep platform covering 35 finance credentials with more than 40,000 original practice questions. The name says exactly what it is: the question bank is free, and Fellow is what you become once you pass.
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Cost shouldn't decide who gets in.
The exam is a fair gate. A four-figure prep course is not. FreeFellow takes the second gate down, so the exam is the only one left.
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Free should mean free.
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Built by someone who sat where you sit.
He paid for the big-name courses, found nothing he respected, and built the prep he wished had existed. Not a marketing team that has never sat an exam.
