CAS Exam 5 exam at a glance
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CAS Exam 5 key facts & eligibility
| Conducting body | Casualty Actuarial Society (CAS). |
|---|---|
| Official website | casact.org — Exam 5 ↗ |
| Mode | Computer-based test at a Pearson VUE test centre (in-person and proctored; an approved calculator and provided scratch materials only). CAS moved these exams to computer-based testing in 2020. |
| Frequency | Offered twice a year — a Spring and a Fall sitting. |
| Scoring & marking | A 4-hour exam of mainly constructed-response (written-answer) questions, with some short-answer and spreadsheet items. Results are reported on a 0–10 scale, with a grade of 6 or higher a pass. |
| Language | English. |
Who is eligible for CAS Exam 5?
Open registration — no degree requirement. Candidates usually complete the preliminary exams first, but there is no academic bar.
Last verified July 2026 against CAS — Exam 5, CAS — About computer-based testing. Always confirm current details on the official website before you register.
CAS Exam 5 section breakdown
The CAS Exam 5 mock test on Wrexa Edge replicates the real exam's section structure — same names, same question count per section, same time limits. No inter-section breaks — the timer runs continuously.
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CAS Exam 5 (45 Q)
Marking scheme
+1 per correct. Try your score.
Strategy: CAS Exam 5 has no negative marking. Attempt every question — blank answers cost you potential marks but cannot pull your score down.
Scale: CAS Exam 5 (pass 700/1000).
How CAS Exam 5 is conducted
- Mode
- Test format
- Backtracking
- Mark for review
CAS Exam 5 time strategy
With 45 questions in 240 minutes, you have about 320 seconds per question on average. Successful candidates aim for the following pacing on each section:
- CAS Exam 5 (45 Q)
Wrexa Edge's analytics show your actual time-per-question after every mock so you can spot which sections you're losing time on.
CAS Exam 5 topics covered
Across the 50 Wrexa Edge variants of CAS Exam 5, the following topics appear most often (sample distribution from one variant):
CAS Exam 5 (45 Q)
- CAS 5 — Overall rate indication · 6
- CAS 5 — Trending · 5
- CAS 5 — Reserving diagnostics · 4
- CAS 5 — Exposure bases · 4
- CAS 5 — Classification ratemaking · 4
- CAS 5 — Expenses · 3
- CAS 5 — Chain-ladder · 3
- CAS 5 — On-leveling · 3
CAS Exam 5 difficulty calibration
Elite tier. Elite-tier: among the toughest exams in its category. Most successful candidates prepare for 6-12+ months.
CAS 5 · written-answer, 4h. Basic ratemaking techniques and estimating unpaid claim liabilities (loss reserving) for property & casualty insurance. · Official language: English.
Verified content — Wrexa Edge's CAS Exam 5 bank has been deeply curated with real exam-aligned content (estimated 100% syllabus coverage).
How Wrexa Edge prepares you for CAS Exam 5
- Real test-day interface
- 50 distinct variants
- Detailed analytics
- Spaced repetition (Notebook)
- Optional proctoring
- Free to start
Expert take: what CAS Exam 5 really tests
CAS Exam 5 is the first Casualty Actuarial Society exam devoted purely to property-casualty techniques — building rate-level indications and estimating unpaid claim liabilities (reserving). It is a 4-hour, mostly written-answer computer-based exam graded on a 0–10 scale with 6 to pass, and a core ACAS requirement.
Preparation tips
- Master Basic Ratemaking (Werner & Modlin) and Estimating Unpaid Claims (Friedland) cold — most points come straight from them.
- Drill full past papers under a 4-hour clock; the exam rewards speed on calculation-heavy problems.
- Practise both the reserving methods and the ratemaking indication end-to-end, not in isolation.
Common mistakes to avoid
- Under-practising the reserving half because ratemaking feels more intuitive — both carry heavy weight.
- Only computing numbers and skipping the “explain / justify” written portions, leaving easy points behind.
CAS Exam 5 study plan
A phase-by-phase roadmap from your first concept to test-ready. Stretch or compress each phase to fit the time you have before your attempt.
- Work through Basic Ratemaking (Werner & Modlin) end-to-end
- Build full rate-level indications from exposure, premium and loss data
- Make concise method summaries you can rehearse
- Master Estimating Unpaid Claims (Friedland) — loss triangles and reserving methods
- Practise the development, expected-claims and Bornhuetter-Ferguson approaches
- Balance both halves — reserving carries as much weight as ratemaking
- Drill full CAS past papers under a 4-hour clock
- Answer the “explain/justify” written parts, not just the numbers
- Time calculation-heavy problems to build speed
Where CAS Exam 5 can take you
A strong CAS Exam 5 result opens up these careers and higher-study paths:
- ACAS requirement
- P&C pricing / reserving actuary
- Gateway to the upper exams
Best books & official prep for CAS Exam 5
- Basic Ratemaking — Werner & Modlin
- Estimating Unpaid Claims Using Basic Techniques — Jacqueline Friedland
Official practice: CAS publishes the syllabus and Content Outline plus the Complete-Text reading references on the exam page.
Previous-year papers: CAS publishes past exam papers on its website (numeric pass marks, answer keys and Examiners’ Reports were discontinued when the exams moved to computer-based testing in 2020).
Sample CAS Exam 5 practice questions
5 questions taken from the CAS Exam 5 mock tests on Wrexa Edge. Try each one, then reveal the answer.
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Q1. Which aggregation of data groups losses by the year in which the loss event occurred?
- Policy year
- Calendar year
- Report year
- Accident year
Show answer
Answer: D — Accident year
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Q2. Calendar-year written premium is 1,200, the unearned premium reserve is 500 at the start of the year and 600 at the end. What is calendar-year earned premium?
- 1,100
- 1,300
- 1,200
- 700
Show answer
Answer: A — 1,100
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Q3. In the Bornhuetter-Ferguson method, the IBNR equals:
- Reported losses times the cumulative development factor minus one
- Expected ultimate losses times the expected percentage unreported
- Earned premium times the actual reported loss ratio to date
- Expected ultimate losses times the percentage already reported
Show answer
Answer: B — Expected ultimate losses times the expected percentage unreported
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Q4. A one-way pure premium analysis can produce distorted class relativities because:
- It requires on-level premium for every class
- It always credits the base class fully
- It ignores correlation between rating variables
- It cannot use exposure-weighted averages
Show answer
Answer: C — It ignores correlation between rating variables
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Q5. Why is premium trended separately from the on-level adjustment?
- On-level factors already include all of the premium trend effects observed
- Premium never changes unless rates are explicitly revised
- Trend applies only to losses and expenses, never to premium
- Premium changes from shifts in mix of business, not just rate changes
Show answer
Answer: D — Premium changes from shifts in mix of business, not just rate changes
Frequently asked questions
- What is the CAS Exam 5 exam pattern?
- Casualty Actuarial Society — Exam 5 (Basic Ratemaking & Estimating Claim Liabilities) contains 45 questions across 1 section: CAS Exam 5 (45 Q). Total duration is 240 minutes (about 320 seconds per question).
- Does CAS Exam 5 have negative marking?
- No — CAS Exam 5 has no negative marking. Each correct answer is worth 1 mark, so attempt every question.
- How is CAS Exam 5 scored?
- Scaled score range: 100 to 1000. CAS Exam 5 (pass 700/1000).
- How can I practise CAS Exam 5 online for free?
- Wrexa Edge gives you a free full-length CAS Exam 5 mock test — with instant scoring, detailed explanations and analytics — plus 49 more with a one-time $1.99 unlock that never expires. Start practising in under a minute, no card required.
- What is the difficulty level of CAS Exam 5?
- CAS Exam 5 is rated Elite difficulty on Wrexa Edge. Elite-tier: among the toughest exams in its category. Most successful candidates prepare for 6-12+ months. CAS 5 · written-answer, 4h. Basic ratemaking techniques and estimating unpaid claim liabilities (loss reserving) for property & casualty insurance. · Official language: English.
- How long is the CAS Exam 5 exam?
- CAS Exam 5 runs for 240 minutes total. On Wrexa Edge the timer is enforced exactly as on the real exam — including no inter-section breaks.
- What topics are covered in CAS Exam 5?
- CAS Exam 5 is split into: CAS Exam 5 (45 Q). Each section is timed and weighted separately. CAS 5 · written-answer, 4h. Basic ratemaking techniques and estimating unpaid claim liabilities (loss reserving) for property & casualty insurance. · Official language: English.
- What tools or aids are allowed during CAS Exam 5?
- No special tools are required. Note: real exam is proctored — Wrexa Edge mirrors this with a webcam-based proctoring flow you can enable.
- Is the CAS Exam 5 test adaptive?
- No — CAS Exam 5 is a fixed-form (linear) test. Every candidate sees the same number of questions per section.
- How many CAS Exam 5 mock tests does Wrexa Edge offer?
- Wrexa Edge generates 50 distinct CAS Exam 5 variants — each with different question content, not just shuffled options — the first one free for everyone and 49 more with a one-time $1.99 unlock. That's 2250 unique practice questions in the real test-day interface.
- Is there a free CAS Exam 5 test series 2026?
- Yes. The Wrexa Edge CAS Exam 5 test series for 2026 gives you a free full-length mock test (50 in total) plus subject-wise and topic-wise tests — instant scoring and detailed analysis, no card required.
- Are CAS Exam 5 previous year question–style papers included?
- Every CAS Exam 5 mock is modelled on the official exam pattern and the style of previous years' papers — the same 45-question structure, sections and marking — so your practice mirrors the real paper you'll sit.
- Which is the best free CAS Exam 5 mock test online?
- Wrexa Edge's CAS Exam 5 mock test replicates the real exam interface, timing and marking scheme, with instant score, section-wise analysis and 50 fresh variants — a strong free choice for 2026 preparation.
- Can I take the CAS Exam 5 mock test on mobile?
- Yes. CAS Exam 5 mock tests run in any browser on mobile, tablet or desktop — no app or download needed. Start on your phone and your progress and analytics sync when you sign in.
- What is the CAS Exam 5 syllabus?
- The CAS Exam 5 syllabus maps to its 1 section: CAS Exam 5 (45 Q). Wrexa Edge's mock tests cover the complete syllabus topic by topic — see the topics-covered breakdown above — so you practise every area at real exam difficulty.
- What is the eligibility for CAS Exam 5?
- Open registration — no degree requirement. Candidates usually complete the preliminary exams first, but there is no academic bar. Wrexa Edge focuses on realistic CAS Exam 5 practice: a free full-length mock in the exact exam pattern, ready whenever you are.
- When is the CAS Exam 5 exam and how should I prepare?
- Official CAS Exam 5 exam dates are announced by the conducting body for each cycle — check the latest notification for the current schedule. To be ready, follow a phased study plan and take full-length timed mocks; Wrexa Edge gives you a free CAS Exam 5 mock with instant scoring so you can track your readiness week by week.
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