Exam Summaries

2022 Spring

Note: Thank you to everyone who submitted their grade report. The number of grade reports now seems credible and the statistics aren't changing with the inclusion of additional grade reports.

The following estimate is based on currently available grade reports submitted from unsuccessful candidates:

Estimated %-score required to pass Exam 6U in 2022-Spring

69.2%

Exam summaries as provided for 2019-Fall and earlier are no longer available because the CAS has stopped publishing exams and providing detailed grade reports to unsuccessful candidates. The grade reports currently provided to unsuccessful candidates now show only a 10% score range for each major learning objective. For example: Section A: 60-70%. Here are the average scores for each section across all candidates from whom we received a grade report:

Section	Learning Objective	Average Score
A	Regulation of Insurance and U.S. Insurance Law	88%
B	Government & Industry Insurance Programs	68%
C	Financial Reporting & Taxation	60%
D	Professional Responsibilities	75%
E	Reinsurance Accounting Principles	44%

Score distribution and number of score reports received:

Candidate Score	Number of Candidates
not provided	2
0	0
1	0
2	0
3	0
4	7
5	7
Total	16

2019 Fall

2019.Fall Avg Scores - All Candidates

Questions highlighted in orange are outdated.

link	reference	paper tested	topic	type of problem
E	(2019.Fall #1)	NAIC.Telematics	UBI: benefits & concerns	essay
E	(2019.Fall #2)	Dearie.Excess	surplus lines: advantages, regulatory requirements	essay
E	(2019.Fall #3)	Vaughan.Crisis	regulation: judging effectiveness, reasons for failure, strengths of U.S. system	essay
E	(2019.Fall #4)	Porter.12-Insolvency	insolvency: types of corrective action by commissioner	essay
E	(2019.Fall #5)	Feldblum.Ratings, Odomirok.19-RBC	financial strength ratings: uses, capital requirements, comparison to RBC	essay
E	(2019.Fall #6)	Porter.2-Devlpt	legal: Paul v VA, SEUA case, McCarran-Ferguson Act	essay
E	(2019.Fall #7)	Germani.GovtIns	crop insurance: private/public roles, RMAs, social welfare systems	essay
E	(2019.Fall #8)	Horn2018.Flood	flood insurance: FEMA & NFIP, private flood insurance (issues & barriers)	essay
E	(2019.Fall #9)	Cook.Personal	ARPs: social purpose, FAIR plans: uninsurable exposures, DIC policy	essay
E	(2019.Fall #10)	Germani.GovtIns	WC: impacts of lack of WC, federal & state WC programs	essay
E	(2019.Fall #11)	Odomirok.6-7-BS, Odomirok.8-9-IS	calculate: U/W income, year-end liabilities	calc
E	(2019.Fall #12)	Odomirok.6-7-BS, Odomirok.8-9-IS	calculate: total assets (and give an example of a non-admitted asset)	calc
E	(2019.Fall #13)	Odomirok.8-9-IS, NAIC.SSAP-62R	reinsurance accounting: impact on Income Statement	essay
E	(2019.Fall #14)	Odomirok.15-P	calculate: closure rates, average case O/S: calculation, importance, cautions	essay / calc
E	(2019.Fall #15)	Odomirok.14-F	calculate: reinsurance provision, describe: mapping between B/S & Schedule F	essay / calc
E	(2019.Fall #16)	Odomirok.10-Notes	notes to fin. stmts.: structured settlements, high deducs, credit risk, uncoll. reins.	essay
E	(2019.Fall #17)	NAIC.IRIS	calculate: IRIS ratios 4 & 9	calc
E	(2019.Fall #18)	Odomirok.19-RBC, NAIC.IRIS	calculate: RBC R2 charge, interpret: RBC trend test, IRIS 5	calc
E	(2019.Fall #19)	Odomirok.19-RBC	calculate: compnents of R4 charge, L+LAE resv, interpret: impact of new LOB on R4	essay / calc
E	(2019.Fall #20)	Odomirok.6-7-BS, Odomirok.22-23-GAAP	calculate: SAP & GAAP bonds values, interpret: SAP vs GAAP	essay / calc
E	(2019.Fall #21)	Odomirok.22-23-GAAP	calculate: goodwill, interpret: impact of sale on GAAP, goodwill under SAP & GAAP 2	essay / calc
E	(2019.Fall #22)	Odomirok.16-17-SAO, COPLFR.SAO	SAO: language for OPINION, items in Exhibit B	essay
E	(2019.Fall #23)	Odomirok.16-17-SAO, COPLFR.SAO	SAO: materiality, RMAD, subsequent events (see NAIC.SSAP-62R)	essay / calc
E	(2019.Fall #24)	Odomirok.16-17-SAO, COPLFR.SAO	SAO, AOS, Actuarial Report: users, purpose, public or confidential	essay
E	(2019.Fall #25)	Odomirok.16-17-SAO, COPLFR.SAO	SAO: disclosures in SCOPE section, provide an OPINION	essay
E	(2019.Fall #26)	Klann.ReinsComm, Odomirok.10-Notes	commutations: definition, impact on losses & reserves, ann. stmt. disclosures 1	essay
E	(2019.Fall #27)	Freihaut.Reins	risk transfer tests: 10-10 rule, ERD rule, pitfalls in a risk transfer test (reinsurer expenses)	essay

¹ The answer to part (c) of this problem in the examiners' report likely contains an error. According to the Klann source text, a commutation will distort the claim closure rates in Part 5 of the reinsurer’s Schedule P, since from the reinsurer’s standpoint a commuted claim is considered to be closed. No mention is made regarding distortion of the ceding insurer's closure rates.

² The examiners' report solution to this question is outdated. For an explanation, see this forum discussion.

2019 Spring

2019.Spring Avg Scores - All Candidates

Questions highlighted in orange are outdated.

link	reference	paper tested	topic	type of problem
E	(2019.Spring #1)	NAIC.Telematics	UBI: benefits & concerns	essay
E	(2019.Spring #2)	Porter.5-Opns-State, Porter.8-Rates	rate filings: disapproval, level of regulatory scrutiny	essay
E	(2019.Spring #3)	NAIC.Solvency, Porter.12-Insolvency	insolvencies: reasons, stages of regulatory intervention, slow regulatory response	essay
E	(2019.Spring #4)	Porter.2-Devlpt	regulation: Paul v VA, U.S. v SEUA, NAIC recommendations	essay
E	(2019.Spring #5)	Porter.2-Devlpt	regulation: Clayton, Robinson-Patman, & McCarran-Ferguson Acts, NAIC model law	essay
E	(2019.Spring #6)	Porter.12-Insolvency	guaranty funds: how they work, coverage limitations, elimination	essay
E	(2019.Spring #7)	Cook.Personal, Webel.TRIA-1	auto & terrorism: high-risk auto plans, TRIA (goals & loss-sharing)	essay
E	(2019.Spring #8)	Germani.GovtIns, Horn2018.Flood	WC, crop, flood: reasons for programs, subsidies, participation rates	essay
E	(2019.Spring #9)	Odomirok.8-9-IS	income statement: U/W income, investment income, bond value decrease	calc
E	(2019.Spring #10)	Odomirok.8-9-IS, NAIC.IRIS	calculate: SAP surplus, IRIS 9, identify: liquidity exhibits	essay / calc
E	(2019.Spring #11)	Odomirok.15-P	Schedule P: financial health, reserve adequacy	essay
E	(2019.Spring #12)	Odomirok.18-IEE	calculate: investment gain, describe: surplus allocation issues	essay / calc
E	(2019.Spring #13)	Odomirok.19-RBC, Odomirok.16-17-SAO	interpret: RBC ratio, calculate: materiality standard, R4, RBC ratio	essay / calc
E	(2019.Spring #14)	NAIC.IRIS	calculate: IRIS 10, 11, 12, 13 (and evaluate financial health)	calc
E	(2019.Spring #15)	Odomirok.19-RBC	calculate: R5	HARD calc
E	(2019.Spring #16)	Odomirok.22-23-GAAP	fair value of liabilities: 3 required components under GAAP	essay
E	(2019.Spring #17)	Odomirok.22-23-GAAP	compare: SAP vs GAAP for various annual statement quantities	essay
E	(2019.Spring #18)	Odomirok.16-17-SAO, COPLFR.SAO	AOS: items A → E	essay / easy calc
E	(2019.Spring #19)	Odomirok.16-17-SAO, COPLFR.SAO	SAO: bright-line indicator test, RMAD	essay / easy calc
E	(2019.Spring #20)	Odomirok.16-17-SAO, COPLFR.SAO	SAO: id & opinion (language errors, qualified opinion, disclosures)	essay
E	(2019.Spring #21)	Odomirok.16-17-SAO, COPLFR.SAO	SAO: Exhibit A, language for SCOPE, disclosures (pooling, reins)	essay / easy calc
E	(2019.Spring #22)	Odomirok.16-17-SAO, COPLFR.SAO	SAO: opinion, RMAD, new business considerations	essay / easy calc
E	(2019.Spring #23)	Freihaut.Reins, NAIC.SSAP-62R	reinsurance: cash flows in a risk transfer test, accounting treatment	essay
E	(2019.Spring #24)	Klann.ReinsComm	commutations: price & taxation, motivation for commutation	essay / HARD calc

2018 Fall

Questions highlighted in orange are outdated.

link	reference	paper tested	topic	type of problem
E	(2018.Fall #1)	NAIC.Price	price optimization: regulation, permissibility under actuarial standards	essay
E	(2018.Fall #2)	Porter.5-Opns-State, Porter.12-Insolvency	financial exams, capital & surplus, rehab vs liquidation	essay
E	(2018.Fall #3)	Porter.2-Devlpt, McCarty.Credit	McCarran-Ferguson Act, shortcomings of credit scores	essay
E	(2018.Fall #4)	Feldblum.Ratings	financial strength ratings: importance, stability, information-sharing	essay
E	(2018.Fall #5)	Baribeau.Regs	Dodd-Frank: Federal Insurance Office functions & impact	essay
E	(2018.Fall #6)	Horn.Flood	NFIP: ways of selling, types of subsudies	essay
E	(2018.Fall #7)	Cook.Personal	residual markets: placing risks, loss allocation, FAIR plans	essay
E	(2018.Fall #8)	Webel.TRIA-1	terrorism: federal/state/private roles, goals of TRIA	essay
E	(2018.Fall #9)	Germani.GovtIns	WC: ads/disds of exclusive state fund, WC residual market	essay
E	(2018.Fall #10)	Odomirok.8-9-IS	calculate: value of investments, surplus, balance sheet impact of events	calc
E	(2018.Fall #11)	Odomirok.8-9-IS	calculate: investment income, U/W income, PDR	essay / calc
E	(2018.Fall #12)	Odomirok.15-P	Schedule P: reporting conventions by line, interpretation of reinsurance	essay
E	(2018.Fall #13)	Odomirok.15-P	Schedule P: calculate reserve adequacy, considerations	essay / calc
E	(2018.Fall #14)	Odomirok.18-IEE, Odomirok.8-9-IS	calculate: unpaid loss, incurred loss, U/W gain	calc
E	(2018.Fall #15)	Odomirok.14-F	calculate: provision for reinsurance, strategies to reduce	essay / calc
E	(2018.Fall #16)	NAIC.IRIS, Odomirok.8-9-IS	calculate: IRIS 7 (you also need to calc surplus, see Odomirok)	calc
E	(2018.Fall #17)	NAIC.IRIS	calculate: IRIS 13, identify reserve adequacy concerns	essay / calc
E	(2018.Fall #18)	Odomirok.19-RBC, NAIC.IRIS	calculate: RBC ratio, action level & actions, regulator concerns	essay / calc
E	(2018.Fall #19)	Odomirok.8-9-IS, Odomirok.22-23-GAAP	SAP versus GAAP: intended users, differences between SAP & GAAP	essay
E	(2018.Fall #20)	Odomirok.25-Solv2	calculate: technical provisions, items required by ORSA	essay / calc
E	(2018.Fall #21)	Odomirok.16-17-SAO, COPLFR.SAO	SAO: Exhibit A, AOS Exhibits A-D, type of opinion	essay / calc
E	(2018.Fall #22)	Odomirok.16-17-SAO, COPLFR.SAO	SAO: language for opinion & relevant comments, materiality standard	essay / calc
E	(2018.Fall #23)	Odomirok.16-17-SAO, COPLFR.SAO	SAO: identify location of given text & errors, type of opinion	essay
E	(2018.Fall #24)	Odomirok.16-17-SAO, COPLFR.SAO	SAO: identify required disclosures in SAO & AOS	essay
E	(2018.Fall #25)	Freihaut.Reins	risk transfer methods: 10-10 rule, ERD rule	essay / calc
E	(2018.Fall #26)	Klann.ReinsComm	commutation: definition, motivation	essay

2018 Spring

link	reference	paper tested	topic	type of problem
E	(2018.Spring #1)	NAIC.Price	price optimization: vs traditional ratemaking, discrimination, regulation, disclosures	essay
E	(2018.Spring #2)	Porter.2-Devlpt	surplus lines: exemption, regulation	essay
E	(2018.Spring #3)	Vaughan.Crisis	regulatory failure: forbearance, associated RBC action levels	essay
E	(2018.Spring #4)	Porter.2-Devlpt	regulation: Paul v VA, McCarran-Ferguson, state & federal regulation	essay
E	(2018.Spring #5)	Porter.2-Devlpt	regulation: Gramm-Leach-Bliley Act	essay
E	(2018.Spring #6)	Cook.Personal	residual markets: ARPs (assigned risk plans), JUAs (Joint U/W Associations)	essay
E	(2018.Spring #7)	Porter.12-Insolvency	guaranty funds: solvency regulation, insolvency, elimination of guaranty funds	essay
E	(2018.Spring #8)	Cook.Personal, Germani.GovtIns	government insurance: reasons for, beachfront & windstorm, FAIR plans	essay
E	(2018.Spring #9)	Odomirok.14-F	reinsurance: location of line items in balance sheet & income statement	essay
E	(2018.Spring #10)	Odomirok.8-9-IS	calculate: statutory income, discuss: expense allocation method	essay / calc
E	(2018.Spring #11)	Odomirok.15-P	Schedule P: net loss & expense ratio	calc
E	(2018.Spring #12)	Feldblum.Surplus	calculate: liquidate or continue operations	calc
E	(2018.Spring #13)	Odomirok.12-5yr	interpret: potential areas of concern (no calculations required)	essay
E	(2018.Spring #14)	Odomirok.26-Taxes	calculate: TBI (Tax-Basis Income)	calc
E	(2018.Spring #15)	NAIC.IRIS	calculate: IRIS 5, interpret: how a regulator might respond	essay / calc
E	(2018.Spring #16)	NAIC.IRIS	calculate: IRIS 1,2,4, interpret: how a regulator might respond	essay / calc
E	(2018.Spring #17)	Odomirok.25-Solv2	3 pillars: governance pillar (4 functional areas)	essay
E	(2018.Spring #18)	Odomirok.19-RBC	calculate: RBC charge, discuss: excessive premium growth charge	essay / calc
E	(2018.Spring #19)	Odomirok.22-23-GAAP	calculate: surplus, describe: SAP vs GAAP, bond treatment under SAP	essay / calc
E	(2018.Spring #20)	Odomirok.16-17-SAO, COPLFR.SAO	AOS: contents (vs SAO), SOA: required sections, disclosures	essay
E	(2018.Spring #21)	COPLFR.SAO	SAO: disclosures (yes/no for 5 different situations)	essay
E	(2018.Spring #22)	COPLFR.SAO	SAO: work of others, disclosures for changes in assumptions/procedures	essay
E	(2018.Spring #23)	COPLFR.SAO	SAO: Schedule P, point estimate of reserves, opinion	essay
E	(2018.Spring #24)	COPLFR.SAO	AOS: items A,B,C,D,E,	essay
E	(2018.Spring #25)	COPLFR.SAO	SOA: materiality standard (considerations, language for RELEVANT COMMENTS)	essay
E	(2018.Spring #26)	Freihaut.Reins	risk transfer testing: 10-10 rule, substantially all rule, ERD method	essay / calc
E	(2018.Spring #27)	NAIC.SSAP-62R	reinsurance: benefits, prospective vs retroactive	essay