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Question 1
The probability that a person aged 40 survives to age 50 is 0.85. What is the probability that the same person dies before age 50?
Correct Answer:
0.15
Question 2
An insurance company covers losses up to $10,000 per claim. If the probability distribution of losses is: P(X≤10,000)=0.7, P(X>10,000)=0.3, and the average claim for losses exceeding $10,000 is $15,000, what is the expected claim amount?
Correct Answer:
$$9,500
Question 3
An insurance company observes that the average claim amount for a policyholder is $1,200, based on past experience. The population mean is $1,000 with a variance of $400. What is the Bayesian estimate of the claim amount if the weight of credibility (Z) is 0.6?
Correct Answer:
$$1,120
Question 4
The hazard rate for a survival model is given by ℎ(?)=0.02. What is the probability that an individual survives beyond time t=5?
Correct Answer:
0.95
Question 5
An insurance company models aggregate losses as the sum of ? independent claims, where ? follows a Poisson distribution with mean ?=5, and each claim amount is $1,000. What is the expected aggregate loss?
Correct Answer:
$$5,000
Question 1
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About this Exam

Prepare with the Society of Actuaries (SOA) Actuarial Certification Exam practice quiz. This question bank includes 35 questions covering expected, probability, company, claim, and insurance. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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Society of Actuaries (SOA) Actuarial Certification Exam

This practice set contains 35 questions from the matching question bank and focuses on expected, probability, company, claim, and insurance. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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