Free SOA Exam ASTAM (Advanced Short-Term Actuarial Mathematics) Practice Questions

The entire SOA Exam ASTAM question bank is free: 971 practice questions on severity models, aggregate losses, coverage modifications, credibility, and reserving. From FreeFellow, where 'free' is in the brand name. Public samples need no signup. The full original question bank is free with an account, subject to usage limits.

971 questions 6 topics 2026 syllabus
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Sample Questions

Question 1 Easy
Which of the following best describes Allocated Loss Adjustment Expenses (ALAE)?
Solution
B is correct.

Allocated Loss Adjustment Expenses (ALAE) are claim-specific costs that can be directly assigned to an individual claim file, including defense counsel fees, expert witness costs, independent medical exams, and outside adjuster fees retained for that particular claim. Because they are identifiable at the claim level, ALAE is included in the total loss cost used in pure premium calculations.
Question 2 Medium
Which of the following is a core assumption of Mack's model for loss reserving?
Solution
A is correct.

Mack's model (1993) makes three key assumptions:
1. E[Ci,k+1∣Ci,1,…,Ci,k]=fk⋅Ci,kE[C_{i,k+1} \mid C_{i,1}, \ldots, C_{i,k}] = f_k \cdot C_{i,k} — the expected cumulative losses at the next age depend only on the current cumulative losses through a proportional relationship.
2. Var(Ci,k+1∣Ci,1,…,Ci,k)=σk2⋅Ci,k\text{Var}(C_{i,k+1} \mid C_{i,1}, \ldots, C_{i,k}) = \sigma_k^2 \cdot C_{i,k} — variance is proportional to current cumulative losses.
3. {Ci,k}k≥1\{C_{i,k}\}_{k \geq 1} are independent across accident years ii.
Question 3 Hard
For a compound Poisson SS with λ=2\lambda = 2 and severity P(X=1)=P(X=2)=0.5P(X=1) = P(X=2) = 0.5, use the Panjer recursion to compute g0g_0, g1g_1, and g2g_2, then find P(S≤2)P(S \leq 2).
Solution
E is correct.

For compound Poisson with a=0a=0, b=λ=2b=\lambda=2, and f1=f2=0.5f_1 = f_2 = 0.5: g0=e−λ=e−2g_0 = e^{-\lambda} = e^{-2}. For s=1s=1: g1=b1f1g0=21(0.5)(e−2)=e−2.g_1 = \frac{b}{1}f_1 g_0 = \frac{2}{1}(0.5)(e^{-2}) = e^{-2}. For s=2s=2: g2=b2f1g1+2b2f2g0=22(0.5)(e−2)+2⋅22(0.5)(e−2)=0.5e−2+e−2=1.5e−2.g_2 = \frac{b}{2}f_1 g_1 + \frac{2b}{2}f_2 g_0 = \frac{2}{2}(0.5)(e^{-2}) + \frac{2 \cdot 2}{2}(0.5)(e^{-2}) = 0.5e^{-2} + e^{-2} = 1.5e^{-2}. Therefore P(S≤2)=e−2(1+1+1.5)=3.5e−2≈0.4726P(S \leq 2) = e^{-2}(1 + 1 + 1.5) = 3.5e^{-2} \approx 0.4726.

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Topics

Severity Models

120 questions

Aggregate Models

155 questions

Coverage Modifications

117 questions

Construction and Selection of Parametric Models

204 questions

Credibility

146 questions

Reserving and Pricing for Short-Term Insurance Coverages

229 questions

Deciding between the SOA and CAS tracks? Try the 10-question SOA vs CAS sampler quiz.

Exam ASTAM Glossary (28 terms) ›
Exam ASTAM Formula Sheet (21 formulas, free PDF) ›

Guides & Articles

Free Exam ASTAM Sample Questions: 20 Constructed-Response Items with SOA Rubrics (2026) Best Free Actuarial Exam Prep 2026: P, FM, FAM, SRM & More Best Calculators for Finance Exams (2026): Every Credential's List Excel 2024 Functions Worth Knowing for SOA Written-Answer Exams

Upcoming Exam ASTAM Exam Dates (2026)

Dates mark the start of each testing window. Confirm dates directly with the Society of Actuaries before registering.

Exam dateStatus
Oct 22, 2026Confirmed
Apr 21, 2027Confirmed
Oct 20, 2027Confirmed

Frequently Asked Questions

How many free Exam ASTAM practice questions does FreeFellow have?
FreeFellow currently offers 971 free Exam ASTAM practice questions across 6 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 ASTAM topics are covered?
The questions cover 6 topics: Severity Models, Aggregate Models, Coverage Modifications, Construction and Selection of Parametric Models, Credibility, Reserving and Pricing for Short-Term Insurance Coverages. 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.
How many questions are on the Exam ASTAM exam, and how long is it?
The Exam ASTAM carries 6 written-answer, 60 points; electronic formula sheet (SOA). FreeFellow's Exam ASTAM practice questions follow this format, and the free mixed practice draws from the full bank.
Is FreeFellow really free for Exam ASTAM prep, or is there a catch?
The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free. The original question bank, worked solutions, written lessons, mixed practice, and readiness score stay free forever. Timed mock exams, spaced-repetition flashcards, AI grading on supported exams (5 attempts a day), performance analytics, and a personalized study plan. Practice and grading usage limits apply.
What does the $79 Fellow tier unlock for Exam ASTAM?
Fellow is $39 per month or $79 per quarter, per exam family (USD). Fellow Plus is $49 per month, $99 per quarter, or $199 per year, per exam family (USD). Every annual plan is Fellow Plus. Fellow adds 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?
The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free. The original question bank, worked solutions, and written lessons stay free forever. Fellow is $39 per month or $79 per quarter, per exam family (USD). See https://freefellow.org/pricing for package prices and coverage.
How should I use FreeFellow to study for Exam ASTAM?
Start with topic-based practice to identify weak areas. As your exam date approaches, switch to timed practice exams under realistic conditions. 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 ASTAM pass rate?
The Exam ASTAM 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 ASTAM?
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 ASTAM?
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 ASTAM scored?
Exam ASTAM 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 ASTAM exam format?
Exam ASTAM is a 3-hour written-answer exam of six questions worth 60 points total, offered twice a year (spring and fall). Five are answered in a paper booklet and one in a provided Excel workbook; there are no multiple-choice questions on the current format.

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