100+ Free ASP Fellowship I Practice Questions

Prepare for the ASP Fellowship Exam I — Actuarial Society of the Philippines exam with instant access — no signup required.

✓ No registration✓ No credit card✓ No hidden fees✓ Start practicing immediately

Not-published Pass Rate

100+ Questions

100% Free

Loading practice questions...

Same family resources

Explore More Actuarial Society of the Philippines (ASP) Fellowship

Continue into nearby exams from the same family. Each card keeps practice questions, study guides, flashcards, videos, and articles in one place.

ASP Fellowship Exam II — Actuarial Society of the Philippines

Practice Questions100 questions

2026 Statistics

Key Facts: ASP Fellowship I Exam

6 hours

Exam Duration

ASP Catalogue

6 / 10

Minimum Passing Grade

ASP Grading Scale

AASP

Prerequisite

ASP Rules

Php 12,000

Registration Fee

ASP Catalogue

25% each

Syllabus Distribution

ASP Syllabus

The ASP Fellowship Exam I is a key requirement for Fellowship status (FASP) in the Philippines. It is a 6-hour written exam focusing on Philippine practice, laws, and regulations. Key topics include the Philippine Insurance Code, the RBC2 capital framework, PFRS 17 accounting, annual statement preparation, and local valuation standards for life and non-life insurance companies. Candidates are graded on a 0-10 scale, with a grade of 6 or higher required to pass.

Sample ASP Fellowship I Practice Questions

Try these sample questions to test your ASP Fellowship I exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under Section 48 of the Amended Philippine Insurance Code (RA 10607), after what period does a life insurance policy become incontestable by the insurer?

A.One year from the date of issue or last reinstatement

B.Two years from the date of issue or last reinstatement

C.Three years from the date of issue only

D.Five years from the date of issue or last reinstatement

Explanation: Section 48 of the Amended Insurance Code (RA 10607) states that after a life insurance policy has been in force during the lifetime of the insured for a period of two years from its date of issue or of its last reinstatement, the insurer cannot prove that the policy is void or voidable due to misrepresentation or concealment of the insured. This incontestability clause is a consumer-protection measure designed to prevent insurers from denying claims long after the policy has been active. It places the burden on the insurer to discover any misrepresentation within the two-year window.

2Under Section 234 of the Amended Insurance Code (RA 10607), what is the mandatory minimum grace period that must be provided for the payment of any premium after the first on a standard life insurance policy?

A.15 days

B.30 days or one month

C.45 days

D.60 days

Explanation: Section 234(a) of the Amended Insurance Code (RA 10607) mandates that all standard life insurance policies must contain a provision for a grace period of either 30 days or one month for the payment of every premium after the first, during which period the policy remains in force. This requirement ensures that policyholders are protected from sudden policy lapses due to delayed premium payments.

3Under the Amended Insurance Code, who has the primary statutory authority to issue cease-and-desist orders to insurance companies operating in a hazardous financial condition?

A.The Secretary of Finance

B.The Governor of the Bangko Sentral ng Pilipinas

C.The Insurance Commissioner

D.The Securities and Exchange Commission Chairperson

Explanation: The Insurance Commissioner is vested with primary regulatory and supervisory authority under RA 10607, which includes the power to issue cease-and-desist orders, place companies under conservatorship or receivership, and revoke licenses of entities operating in a hazardous financial condition. These administrative powers are designed to ensure the protection of policyholders and maintain public confidence in the stability of the insurance industry. The Commissioner acts as the principal official of the Insurance Commission.

4An insurance company has a Total Available Capital (TAC) of Php 1.5 Billion and an RBC Requirement of Php 1.3 Billion. Calculate its RBC2 Ratio and determine its status under the Trend Test if its RBC ratio was 135% in the prior year.

A.RBC2 Ratio = 115.4%; the company fails the Trend Test because the ratio is below 125% and has decreased from the prior year.

B.RBC2 Ratio = 115.4%; the company passes the Trend Test because the ratio is above 100%.

C.RBC2 Ratio = 86.7%; the company fails the Trend Test and is subject to immediate receivership.

D.RBC2 Ratio = 115.4%; the company passes the Trend Test because the difference between current and prior ratios is less than 20%.

Explanation: The RBC2 Ratio = 1.5 / 1.3 = 115.4%. Under CL 2016-68, a company fails the Trend Test if its RBC ratio is between 100% and 125%, has decreased from the prior year (from 135% to 115.4%), and the difference between the RBC ratio and the decrease over the past year is less than 100%. Here, the company must submit linear projections and is subject to closer monitoring.

5What is the minimum statutory RBC2 Ratio that an insurance company must maintain at all times to avoid triggering progressive regulatory intervention?

A.75%

B.100%

C.125%

D.150%

Explanation: Under the RBC2 framework (CL 2016-68), the minimum statutory solvency ratio is 100%. If an insurer's RBC ratio falls below 100%, the Insurance Commission will require a corrective RBC plan (Company Action Level). Below 75% or 50%, progressively stricter intervention zones are triggered.

6Under the Amended Insurance Code (RA 10607), what is the minimum paid-up capital required for a newly established domestic life or non-life insurance company to operate in the Philippines?

A.Php 500 Million

B.Php 900 Million

C.Php 1 Billion

D.Php 2 Billion

Explanation: The Amended Insurance Code mandates that any new domestic insurance company (life or non-life) seeking a license to operate in the Philippines must have an unimpaired paid-up capital of at least Php 1,000,000,000 (1 Billion Pesos). This high capitalization requirement ensures that new entrants possess sufficient financial backing to absorb early operational losses and support underwriting activities. For professional reinsurers, the capitalization requirement is even higher.

7What is the final minimum net worth requirement for existing domestic life and non-life insurance companies that took effect on December 31, 2022, under RA 10607?

A.Php 550 Million

B.Php 900 Million

C.Php 1.3 Billion

D.Php 1.5 Billion

Explanation: Under the graduated schedule of the Amended Insurance Code, the minimum net worth requirement for existing insurance companies increased over time, reaching its final target of Php 1.3 Billion (1,300,000,000 Pesos) on December 31, 2022. This net worth must remain unimpaired at all times to maintain compliance with statutory solvency standards. Insurers with deficient net worth are subject to capital restoration directives from the Insurance Commission.

8An existing domestic non-life insurer has a statutory net worth of Php 1.15 Billion as of December 31, 2025. Calculate the net worth deficiency of this company under the requirements of the Amended Insurance Code.

A.No deficiency; the company meets the Php 1 Billion paid-up capital requirement.

B.Php 150 Million deficiency; the company must infill capital to meet the Php 1.3 Billion net worth requirement.

C.Php 850 Million deficiency; the company must reach Php 2.0 Billion net worth.

D.Php 150 Million deficiency, but it is waived if the company's RBC ratio is above 150%.

Explanation: For existing companies, the minimum net worth requirement is Php 1.3 Billion (effective December 31, 2022). A net worth of Php 1.15 Billion results in a deficiency of Php 150 Million (1.3B - 1.15B = 150M). The RBC ratio does not waive this statutory net worth requirement; the company must correct this capital impairment.

9Under Circular Letter No. 2025-09 (Omnibus Guidelines on Investments), which of the following is true regarding prior approval requirements for insurance company investments?

A.All investments, regardless of asset class, require prior written approval from the Insurance Commission.

B.Investments that meet designated market standards (such as approved credit ratings or exchange listings) do not require prior approval, but are subject to post-audit and portfolio limits.

C.Only investments in real estate require prior approval, while equities are completely deregulated.

D.Prior approval is required only if the investment exceeds 50% of the company's net worth.

Explanation: CL 2025-09 streamlined investment rules by removing the prior approval requirement for many standard instruments that satisfy specific ratings, listings, and liquidity conditions. However, the investments remain subject to portfolio caps, reporting requirements, and post-audit verification to qualify as admitted assets.

10Under Philippine Insurance Commission regulations, what is the maximum percentage of an insurance company's admitted assets that can be invested in a single real estate property or project for own use?

A.10% of admitted assets

B.25% of admitted assets

C.50% of net worth

D.20% of net worth

Explanation: The Insurance Code limits the acquisition of real estate for own business/office use to twenty-five percent (25%) of the company's total admitted assets. Purchases exceeding this ratio must be pre-approved or are classified as non-admitted.

About the ASP Fellowship I Exam

A comprehensive 6-hour written examination covering Philippine-specific insurance regulation, business law, product development, financial reporting under PFRS 17, and actuarial valuation standards.

Assessment

Question count not published by the exam provider

Time Limit

6 hours

Passing Score

Grade of 6 on a 0-10 scale (minimum pass mark is confidential)

Exam Fee

Php 12,000 (Actuarial Society of the Philippines)

ASP Fellowship I Exam Content Outline

25%

Business Law and Regulations

The Philippine Insurance Code (RA 10607), RBC2 framework, capitalization, investment rules, and reinsurance treaties.

25%

Product Development and Distribution

Regulatory guidelines for life, non-life, and medical products, product filing procedures, and microinsurance rules.

25%

Financial Reporting and Accounting

PFRS 17 standards, preparation of the Philippine Annual Statement (Life/Non-Life), and accounting of premiums and commissions.

25%

Valuation and Actuarial Standards

Net Premium Valuation (NPV), Gross Premium Valuation (GPV), non-life reserves (UPR, IBNR, PDR), and ASP actuarial practice guidelines.

How to Pass the ASP Fellowship I Exam

What You Need to Know

Passing score: Grade of 6 on a 0-10 scale (minimum pass mark is confidential)
Assessment: Question count not published by the exam provider
Time limit: 6 hours
Exam fee: Php 12,000

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

ASP Fellowship I Study Tips from Top Performers

1Familiarize yourself thoroughly with the Philippine Insurance Code (RA 10607) and key Insurance Commission Circular Letters, especially regarding RBC2 and reserving.

2Understand the transition and valuation implications of PFRS 17 compared to PFRS 4.

3Practice calculations for reserve methods like Net Premium Valuation (NPV) and Gross Premium Valuation (GPV) under current local guidelines.

4Be prepared for scenario-based essay questions requiring you to apply actuarial principles to product pricing or financial reporting issues.

5Use these practice questions to check your knowledge of key terminology, legal rules, and formula definitions before the exam.

Frequently Asked Questions

What is the format of the ASP Fellowship Exam I?

The ASP Fellowship Exam I is a six-hour written paper containing a combination of essay questions, case studies, and quantitative actuarial calculation problems. It is designed to test a candidate's deep understanding and practical application of Philippine insurance laws, regulations, financial reporting standards, and valuation practices.

What is the passing grade for the ASP Fellowship Exam I?

The exam is graded on a scale of 0 to 10. A grade of 6 to 10 is a pass, while 0 to 5 is a fail. A grade of 6 represents a score of at least 100% of the minimum passing mark, which is set dynamically by the Education Committee and is confidential.

What are the major topics covered under ASP Fellowship Exam I?

The syllabus covers four main areas: (1) Business Law and Regulation, including the Insurance Code (RA 10607) and the RBC2 framework; (2) Product Development and Distribution guidelines, including microinsurance; (3) Financial Reporting, including PFRS 17 and Annual Statement preparation; and (4) Valuation and Actuarial Standards, such as NPV/GPV and non-life reserve methods.

How often is the ASP Fellowship Exam I administered?

The exam is administered twice a year, typically in June and December. Candidates must check the Actuarial Society of the Philippines official website or the annual Exam Catalogue for exact dates, locations, and registration deadlines.

Are there any prerequisites for taking this exam?

Yes, candidates must be Associate members of the Actuarial Society of the Philippines (AASP) in good standing. This means they have already completed all the preliminary exams and module requirements (e.g. from the Society of Actuaries or Casualty Actuarial Society) needed for Associateship.