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ASP Fellowship II Practice Questions - ASP Fellowship Exam II - Actuarial Society of the Philippines Exam

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About this Exam

Prepare with the ASP Fellowship II Practice Questions - ASP Fellowship Exam II - Actuarial Society of the Philippines Exam practice quiz. This question bank includes 100 questions covering insurance, premium, philippines, group, and monthly. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

Sample Questions

Question 1
In group term life insurance underwriting, what is the primary purpose of establishing a Free Cover Limit (also known as the Non-Medical Limit)?
To allow members to opt out of the group plan without a penalty fee.
To define the maximum amount of insurance that can be issued to any single member without individual evidence of insurability.
To set the minimum level of coverage that must be paid for entirely by the employer's contributions.
To specify the age threshold at which members must submit to annual medical examinations to retain coverage.
Question 2
Under standard group-life underwriting practice, what participation level is generally required for a non-contributory plan?
50% of all eligible employees
75% of all eligible employees
85% of all eligible employees
100% of all eligible employees
Question 3
An actuary is designing an experience rating scheme for a large group medical plan in the Philippines. Which of the following credibility formulas is most commonly applied to determine the experienced-rated premium?
Premium = Z * (Claims + Expenses) + (1 - Z) * Manual Premium
Premium = Z * (Claims) + (1 - Z) * (Expenses + Net Worth)
Premium = Z * (Manual Premium) + (1 - Z) * (Claims * Expenses)
Premium = Z * (Paid Claims / Paid Premiums) + (1 - Z) * Margin
Question 4
In the actuarial valuation of group term life insurance, how is the Unearned Premium Reserve (UPR) typically computed under the standard 24ths method?
By assuming that premiums are written in the middle of each month and allocating a proportional fraction of the premium to the future risk period.
By taking exactly 50% of the total written premium of the current calendar year regardless of execution dates.
By calculating the present value of future claims using the discount rate set by the Insurance Commission.
By matching the premium earned exactly with the incidence of claim payments in the preceding twelve months.
Question 5
For a group term life policy with a credibility factor (Z) of 0.60, a manual premium of PHP 1,500,000, and a calculated experience premium (claims + administrative loading) of PHP 1,200,000, what is the experience-rated premium?
PHP 1,200,000
PHP 1,320,000
PHP 1,380,000
PHP 1,500,000

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Additional Information

ASP Fellowship II Practice Questions - ASP Fellowship Exam II - Actuarial Society of the Philippines Exam

This practice set contains 100 questions from the matching question bank and focuses on insurance, premium, philippines, group, and monthly. 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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Frequently Asked Questions

This quiz contains a total of 100 practice questions carefully selected to test your knowledge on this subject.
Yes, you will have exactly 0 minutes to complete the exam. A countdown timer will be visible once you start.
Yes, you can retake this practice test as many times as you need. The questions and options may be randomized on subsequent attempts to ensure comprehensive learning.

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