Structure and features of common insurance and retirement products including life insurance, annuities, health, and short-term insurance.
These are the key learning objectives for Insurance Coverages and Retirement Products on SOA Exam FAM. Paraphrased from the public SOA syllabus — we recommend also checking the current syllabus on soa.org before your exam sitting.
Describe the features of whole life, term life, universal life, and annuity products
Identify key differences between short-term insurance products such as auto, property, and health
Compare retirement plan structures and benefit formulas
Upload your ACTEX Exam FAM digital edition, scanned ASM pages, TIA handouts, or your own notes. exclam.ai extracts the Insurance Coverages and Retirement Products sections and generates flashcards automatically.
Generate multiple-choice quizzes specifically on Insurance Coverages and Retirement Products. Weak questions get re-surfaced until you get them right consistently.
Because Insurance Coverages and Retirement Products is 5–10% of your exam, losing it during review costs you. FSRS brings it back at the optimal moment.
SOA Exam FAM has 7 topic areas. Insurance Coverages and Retirement Products is weighted at approximately 5–10% of the exam — here is where it sits relative to the other topics.
| Topic area | Weight |
|---|---|
| → Insurance Coverages and Retirement Products | 5–10% |
| Severity, Frequency, and Aggregate Models | 15–20% |
| Parametric Estimation | 10–15% |
| Mortality and Survival Models | 10–15% |
| Life Insurance Pricing and Reserving | 15–20% |
| Short-Term Insurance Pricing and Reserving | 15–20% |
| Option Pricing Fundamentals | 5–10% |
Statistical models for individual loss severity, claim frequency, and aggregate loss distributions including compound distributions.
Maximum likelihood and method of moments estimation for parametric models, including goodness of fit testing.
Life table construction, force of mortality, select and ultimate mortality, and multiple-decrement models.
Pricing and reserving for life insurance and life annuity products using the equivalence principle and benefit reserves.
Pricing, loss reserving, and credibility for short-term insurance products including property, casualty, and health.
Introduction to option pricing including put-call parity, binomial models, and Black-Scholes pricing for European options.
Upload your ACTEX Exam FAM digital edition, scanned ASM pages, TIA handouts, or your own notes. exclam.ai generates a fully guided study plan with adaptive flashcards and quizzes for this topic.