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Free Practice Questions for CONAC Actuario Seguros y Fianzas

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Sample CONAC Actuario Seguros y Fianzas Practice Questions

Try these sample questions to review concepts for the CONAC Actuario Seguros y Fianzas exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which authority inspects and supervises Mexican insurance and surety institutions and issues the Circular Única de Seguros y Fianzas (CUSF) that develops the LISF?
A.Comisión Nacional Bancaria y de Valores (CNBV)
B.Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros (CONDUSEF)
C.Comisión Nacional de Seguros y Fianzas (CNSF)
D.Comisión Nacional del Sistema de Ahorro para el Retiro (CONSAR)
Explanation: The CNSF is the supervisor of insurance and surety institutions. The LISF repeatedly refers to general provisions issued by the Comisión with the agreement of its Junta de Gobierno, and those provisions are compiled in the CUSF.
2Under LISF Article 201, who may prepare and sign the nota técnica of an insurance product?
A.An actuary with cédula who holds a current college certification or CNSF accreditation of knowledge
B.Any actuary with cédula who belongs to an actuarial association, even without a certification
C.The director general, once the consejo de administración has approved the product and its premiums
D.An external auditor registered with the CNSF to dictaminar the institution's financial statements
Explanation: LISF Article 201 requires the nota técnica to be prepared and signed by an actuary with cédula profesional who also holds a current certification from the professional college of the specialty, or who accredits the required knowledge before the CNSF. CONAC's certification is the college route; CUSF Title 31 governs the CNSF accreditation route.
3Under Article 9 of CONAC's Reglamento para la Certificación Profesional de Actuarios (CONAC-CPCS-001-02), what must a candidate achieve to pass the Examen de Certificación (EXC)?
A.At least 60% on the global exam, with no minimum score required in any module
B.70% global, plus 67.5% in notas técnicas and 67.5% in reservas técnicas
C.At least 67.5% on the global exam, plus at least 70% in each of the two modules
D.At least 75% in each module, with no separate requirement on the global score
Explanation: Article 9 sets a minimum of 70% on the global exam, plus at least 67.5% in the product technical-notes component and 67.5% in the technical-reserves component. CONAC's 2023 information session showed the same thresholds for the integral and per-module exams in Vida, AyE, Daños and Fianzas.
4Under Article 10 of the CONAC certification reglamento, which specific functions does the certificate state for registration before the CNSF?
A.Underwriting of risks, adjustment of claims and placement of reinsurance treaties
B.Dictamen of the financial statements, internal audit and regulatory compliance
C.Notas técnicas, valuación de reservas técnicas and auditoría actuarial
D.Investment management, asset-liability matching and treasury operations
Explanation: Article 10 says the certificate identifies, for CNSF registration, the functions covered: development of product technical notes, valuation of technical reserves and actuarial audit. These match the LISF functions that require a certified or CNSF-accredited actuary.
5An insurer discovers that the insured omitted a material fact asked about in the application questionnaire. Under Articles 47 and 48 of the Ley sobre el Contrato de Seguro (LCS), what may the insurer do?
A.Reduce the claim in proportion to the premium that should have been charged
B.Rescind the contract, but only if the omitted fact actually caused the loss
C.Keep the contract in force but charge double premium for the remaining term
D.Treat it as rescinded by law, notifying the insured within 30 natural days
Explanation: LCS Article 47 lets the insurer consider the contract rescinded de pleno derecho for any omission or inexact declaration of the facts covered by Articles 8, 9 and 10, even if they did not influence the loss. Article 48 requires the insurer to communicate the rescission within the 30 natural days after it learns of the omission.
6In which situation does LCS Article 50 bar the insurer from rescinding a contract, despite an omission or inexact declaration by the applicant?
A.When the insurer knew or should have known the undeclared fact
B.When the policy has been in force for more than six months
C.When the sum insured is below the retention of the ceding insurer
D.When the omission concerned a fact that later increased the premium
Explanation: LCS Article 50 lists cases in which the insurer cannot rescind despite the omission. They include cases where the insurer provoked the omission and where it knew or should have known the undeclared fact. Actuaries who draft underwriting questionnaires and product rules should know these limits.
7A policy's premium (or an installment) is not paid and the contract does not state a payment term. Under LCS Article 40, when do the contract's effects cease automatically?
A.Immediately on the premium due date, with no grace period of any kind
B.At 12:00 on the last day of a 30-natural-day period after the due date
C.After 90 natural days, and only once the insurer has sent written notice
D.Only when a court declares the contract terminated at the insurer's request
Explanation: Article 40 says the contract's effects cease automatically at twelve noon on the last day of the agreed payment term. If no term was agreed, a period of 30 natural days after the due date applies. Article 41 voids any agreement that tries to deprive Article 40 of effect.
8Under LCS Article 25, what can an insured do if the policy delivered does not match the offer, and within what period?
A.Demand cancellation with a full premium refund at any point during the policy term
B.File a complaint with the CNSF within one year of the policy's issue date
C.Request rectification within 30 days of receipt; after that, the terms stand
D.Request rectification within 5 business days, or else the policy becomes void
Explanation: Article 25 lets the insured request rectification within the 30 days after receiving the policy or its modifications. Once that period passes, the policy's stipulations are considered accepted, and Article 26 requires this text to appear in the policy.
9Under LCS Article 81, when do actions arising from an insurance contract prescribe?
A.Ten years for all coverages, counted from the date the policy was issued
B.Three years for life insurance and one year for every other coverage
C.Five years for all coverages, counted from the date the policy was issued
D.Five years for the death cover in life insurance; two years in other cases
Explanation: Article 81 sets five years for the death coverage of life insurance and two years in all other cases. Both periods run from the event that gave rise to the action, and Article 82 adjusts the start date when there were omissions or the interested parties did not know of the loss.
10An insured dies by suicide 18 months after a life policy was issued. What does LCS Article 197 require of the insurer?
A.Pay the full sum insured, because suicide exclusions are void under the LCS
B.Reimburse only the mathematical reserve, because two years have not yet passed
C.Pay nothing and keep the mathematical reserve as compensation for the risk
D.Pay half of the sum insured and return the premiums paid for the current year
Explanation: Article 197 obliges the insurer to pay in case of suicide, whatever the suicide's mental state or motive, if it occurs after two years from the contract's celebration. If it happens before two years, the insurer reimburses only the mathematical reserve.

About the CONAC Actuario Seguros y Fianzas Exam

Independent CONAC actuarial practice by OpenExamPrep. The CONAC Examen de Certificación (EXC) is a Spanish-language, computer-based exam, and candidates may consult books and their own Excel and PDF files. Under the LISF, actuaries who sign notas técnicas and reserve valuations for insurers and surety companies need a current certification from the professional college (CONAC) or an accreditation of knowledge before the CNSF. This bank covers the temario shared by Vida, Accidentes y Enfermedades, Daños and Fianzas, including some field-specific items. It does not cover Prueba de Solvencia Dinámica, Rentas Vitalicias or Pasivos Laborales Contingentes as separate certifications. It is an English-language MCQ study adaptation, not an official translation or a simulation of the exam format.

Exam sponsor: Colegio Nacional de Actuarios (CONAC) — Comité Permanente de Certificación. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

One field per day (Vida; Accidentes, Enfermedades y Salud; Daños; Fianzas), taken as an integral exam or by module (Notas Técnicas or Reservas). Up to three modules per field, two for Prueba de Solvencia Dinámica, with a maximum of 6 hours.

Time Limit

Up to 6 hours in total (modules of 1 to 3 hours each)

Passing Score

At least 70% global, plus at least 67.5% in Notas Técnicas and 67.5% in Reservas Técnicas

Exam / Certification Fees

Not published; payment details are sent after CONAC accepts the registration

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

20% of practice bank

Marco normativo general (LISF, CUSF, LCS)

Operations and ramos, product registration, contract law, governance and función actuarial, RCS and certification rules

30% of practice bank

Notas técnicas y cálculo de primas

Nota técnica contents, pure premium and loadings, life contingencies, guaranteed values, health cost-sharing and credibility

30% of practice bank

Valuación de reservas técnicas

Best estimate, risk margin, recoverables, registered methods, development triangles, catastrophe reserves and PSD

20% of practice bank

Fianzas y reaseguro

Surety reserves and law, recovery guarantees, claims procedure, proportional and non-proportional reinsurance, RGRE

Preparing for the CONAC Actuario Seguros y Fianzas Exam

What You Need to Know

  • Passing score: At least 70% global, plus at least 67.5% in Notas Técnicas and 67.5% in Reservas Técnicas
  • Assessment: One field per day (Vida; Accidentes, Enfermedades y Salud; Daños; Fianzas), taken as an integral exam or by module (Notas Técnicas or Reservas). Up to three modules per field, two for Prueba de Solvencia Dinámica, with a maximum of 6 hours.
  • Time limit: Up to 6 hours in total (modules of 1 to 3 hours each)
  • Exam / certification fees: Not published; payment details are sent after CONAC accepts the registration Official sources

Using Our Practice Resources

  • Work through all 100 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

CONAC Actuario Seguros y Fianzas: Suggested Study Strategy

1Know where answers live in the LCS, LISF and CUSF: CONAC's own guidance stresses knowing the laws and where to find the answers, since reference materials are allowed.
2Master CUSF Title 4 (registration of products and actuarial standards for notas técnicas) and Title 5 (technical reserves, including the 10% cost-of-capital risk margin in Chapter 5.4).
3Practise development-triangle calculations (link ratios, chain ladder, Bornhuetter-Ferguson) and best-estimate discounting with risk-free curves.
4Review the surety chapters of the LISF: reserves, garantías de recuperación, the Article 279 claims procedure and the rules on orden y excusión and extensions.

Frequently Asked Questions

What is the CONAC Actuario Seguros y Fianzas certification?

It is the professional certification the Colegio Nacional de Actuarios (CONAC) grants in fields such as Vida, Accidentes y Enfermedades, Daños and Fianzas. The LISF requires actuaries who sign notas técnicas and reserve valuations to hold a current certification from the professional college, or an accreditation of knowledge before the CNSF, and the CONAC certificate lists the functions (notas técnicas, reservas, auditoría actuarial) for CNSF registration.

What is the passing score for the CONAC Examen de Certificación?

Under Article 9 of the CONAC regulation (CONAC-CPCS-001-02), candidates need at least 70% on the global exam, plus at least 67.5% in Desarrollo de Notas Técnicas de Productos and 67.5% in Valuación de Reservas Técnicas.

What materials are allowed during the CONAC certification exam?

According to CONAC's 2023 information session, candidates may bring books and a USB drive with Excel and PDF files, which is erased before leaving. Phones and smartwatches are not allowed, and the session is supervised in person and on video.

Who can take the exam?

Actuaries with a título and cédula profesional, current CONAC membership and at least three years of experience in the technical-actuarial field (five for Auditoría Actuarial). CONAC's FAQ confirms that the cédula is required before sitting the exam.

How are these practice questions adapted from the official exam?

This is an independent, English-language MCQ study adaptation of the shared temario, focused on Mexican insurance law, pricing, reserving, surety and reinsurance. It is not an official translation or a simulation of the Spanish, open-book exam format.