CAS Exam 5 case studies
CAS Exam 5 · Put your knowledge to work in context.
CAS Exam 5 is one of the ACAS exams listed in the Casualty Actuarial Society's navigation: the link text on casact.org identifies it as "Exam 5" pointing to a page titled "exam-5-basic-ratemaking-and-est-claim-liabilities." From that title, the exam covers two areas: basic ratemaking and estimating claim liabilities. It sits in the ACAS group alongside Exam 1 and 2, Exam MAS-I, Exam MAS-II, the CAS DISCs, and the Course on Professionalism, and precedes the FCAS exams (7, 8, 9). The CAS Exam 5 case studies are 5 cases and about 4,298 words.
1On-Leveling a Rate Change When Policyholders Renew Early
A regional personal auto carrier is preparing its 2026 rate indication. Policy year 2023 earned premium is 48.0M on 60,000 exposure units; PY2024 is 51.0M on 63,000 units, both at historical rate levels.
825 words, about 4 min2Deductible Change and a One-Event Catastrophe Load in Homeowners
A homeowners writer is preparing its 2026 filing. The experience period is accident years 2022-2024, during which every policy carried a 500 deductible.
893 words, about 4 min3Credibility and Large-Loss Treatment for a New Commercial Auto Segment
A specialty carrier has written commercial auto for food-delivery fleets since 2022. Three accident years (2022-2024) are now available: on-level earned premium is 4.20M and reported incurred loss and LAE is 3.90M, a 92.9% ratio.
822 words, about 4 min4Paid vs. Incurred Development After a Case-Reserving System Change
A commercial liability carrier is setting reserves at December 31, 2025. Its new claims system went live January 1, 2025 and sets every newly reported claim at a default 1,000 case reserve until an adjuster reviews it; the prior system required an adjuster estimate within 24 hours.
898 words, about 4 min5Catastrophe IBNR and an Exhausted Reinstatement Cover
A commercial property carrier is reserving accident year 2025 at December 31, 2025. Non-catastrophe losses for AY2025 are 11.5M reported, of which 3.0M is case outstanding, and the selected 12-to-ultimate development factor for non-cat losses is 1.85.
860 words, about 4 min