CAS Exam 7Estimation of Policy Liabilities, Insurance Company Valuation & ERM
Associateship (ACAS)
4 hours·25 written-answer items·≈450 study hoursWhat is officially available
The CAS publishes past exam papers, examiner's reports (model solutions with common errors) and pass marks for its upper-level exams. Actuarium does not reproduce copyrighted papers; use the official archive below and the practice set on this page, which is original and written in the same style.
Sittings worth mining
2011–2019 papers
Mack, Clark, Brosius appear almost every sitting; examiner's reports show the expected solution layout.
2020–2025
Greater weight on ERM readings and Bayesian/Meyers material; check syllabus changes before using old reports.
Recurring question patterns
- Full Mack mse calculation for one accident year from a small triangle.
- Clark: compute expected emergence or the truncation point; discuss LDF vs Cape Cod parameter counts.
- Brosius credibility interpretation of $a$ and $b$.
- ERM essays: list and apply criteria (e.g., coherent risk measures, capital allocation methods).
The practice tab reproduces these patterns with original numbers — work a pattern here, then confirm against the official paper.