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

The entire SOA Exam ASTAM question bank is free: 963 practice questions on severity models, aggregate losses, coverage modifications, credibility, and reserving. From FreeFellow, where 'free' is in the brand name. No trial, no signup to browse, no credit card.

963 Questions
6 Topics
3 Difficulty Levels
2026 Syllabus
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The full question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your Exam ASTAM prep are free forever. No trial period, no credit card. Every lesson ships with AI-narrated audio, and every constructed-response item has a copy-to-AI prompt builder for your own ChatGPT or Claude. Become a Fellow ($59/qtr) only if you want mock exams, flashcards, analytics, AI essay grading, and a personalized study plan.

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The 70% of Exam ASTAM prep you actually need to pass — questions, solutions, lessons, mixed practice, AI-narrated audio, copy-to-AI essay prompts — is free forever. The remaining 30% (mocks, flashcards, analytics, study plan, AI essay grading) unlocks when you become a Fellow. Use the free tier as long as you like.

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Per-exam pricing across the major prep providers. The FreeFellow core (questions, solutions, lessons) is free forever — the optional Fellow tier is $59 per quarter, roughly 1/20th of what traditional providers charge.

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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.

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.

Topics

Severity Models

120 questions

Aggregate Models

153 questions

Coverage Modifications

116 questions

Construction and Selection of Parametric Models

202 questions

Credibility

145 questions

Reserving and Pricing for Short-Term Insurance Coverages

227 questions
Σ Exam ASTAM Formula Sheet (21 formulas, free PDF)

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Frequently Asked Questions

How many free Exam ASTAM practice questions does FreeFellow have?
FreeFellow currently offers 963 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.
Is FreeFellow really free for Exam ASTAM prep, or is there a catch?
No catch. The 70% of Exam ASTAM prep you actually need to pass is free forever: the full question bank of 963 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 $59 Fellow tier unlock for Exam ASTAM?
Fellow ($59 per quarter or $149 per year, per track) 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 ASTAM 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 $59 per quarter (about 1/20th of what the big providers charge) and adds mock exams, flashcards, analytics, and a study plan. You can pass Exam ASTAM entirely on the free tier.
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. 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 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 the Texas Instruments TI-30XS MultiView on all preliminary exams. No other calculators are allowed. Familiarize yourself with its functions before exam day.
How is Exam ASTAM scored?
SOA preliminary exams are scored on a 0-10 scale, with 6 as the passing threshold. You receive a pass/fail result along with your numeric score. The exam uses multiple-choice questions and the score is based on the number of correct answers.
What is the Exam ASTAM exam format?
SOA preliminary exams are 3-hour, 30-question computer-based tests administered at Prometric testing centers. All questions are multiple choice. The exam is offered in multiple testing windows throughout the year.
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The 70% you need to pass — question bank, written solutions, lessons, formula sheet, mixed practice, readiness tracking — is free forever, with no trial period and no credit card. Become a Fellow ($59/quarter or $149/year per track) to unlock mock exams, flashcards with spaced repetition, performance analytics, AI essay grading, and a personalized study plan.