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ASP Fellowship Exam I — Actuarial Society of the Philippines

Practice Questions
2026 Statistics

Key Facts: ASP Fellowship II Exam

6 hours

Exam Duration

ASP

Grade 6+

Passing Mark

0-10 Scale

PHP 12,000

Exam Fee

Registration

150-200 hrs

Study Time

Recommended

6 Domains

Syllabus Areas

ASP Syllabus

Not published

Official Question Count

ASP June 2026 catalogue

ASP Integrated Exam II is a six-hour written-answer examination and part of the current FASP pathway. The 2026 fee is PHP 12,000. ASP reports grades on a 0–10 scale: grades 6–10 pass, but grade 6 is not a literal 60% raw-score cut; the committee sets the passing mark before the examination. ASP does not publish a fixed question count or domain percentages.

Sample ASP Fellowship II Practice Questions

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

1In group term life insurance underwriting, what is the primary purpose of establishing a Free Cover Limit (also known as the Non-Medical Limit)?
A.To allow members to opt out of the group plan without a penalty fee.
B.To define the maximum amount of insurance that can be issued to any single member without individual evidence of insurability.
C.To set the minimum level of coverage that must be paid for entirely by the employer's contributions.
D.To specify the age threshold at which members must submit to annual medical examinations to retain coverage.
Explanation: The Free Cover Limit (or Non-Medical Limit) is a fundamental group underwriting concept. It allows members of a group to receive automatic coverage up to a specified amount without having to undergo medical examinations or provide evidence of good health, thereby reducing administrative costs and facilitating rapid enrollment.
2Under standard group-life underwriting practice, what participation level is generally required for a non-contributory plan?
A.50% of all eligible employees
B.75% of all eligible employees
C.85% of all eligible employees
D.100% of all eligible employees
Explanation: In a non-contributory group life plan, the employer pays the full premium and standard underwriting practice generally requires all eligible employees to participate. Requiring 100% participation substantially limits individual selection into or out of coverage and helps the insured group reflect the eligible workforce.
3An 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?
A.Premium = Z * (Claims + Expenses) + (1 - Z) * Manual Premium
B.Premium = Z * (Claims) + (1 - Z) * (Expenses + Net Worth)
C.Premium = Z * (Manual Premium) + (1 - Z) * (Claims * Expenses)
D.Premium = Z * (Paid Claims / Paid Premiums) + (1 - Z) * Margin
Explanation: The standard credibility formula used in experience rating is Premium = Z * (Claims + Expenses) + (1 - Z) * Manual Premium. Here, Z represents the credibility factor (ranging from 0 to 1) assigned to the group's historical claim experience, while the remainder of the premium is based on the manual (standard) rate.
4In the actuarial valuation of group term life insurance, how is the Unearned Premium Reserve (UPR) typically computed under the standard 24ths method?
A.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.
B.By taking exactly 50% of the total written premium of the current calendar year regardless of execution dates.
C.By calculating the present value of future claims using the discount rate set by the Insurance Commission.
D.By matching the premium earned exactly with the incidence of claim payments in the preceding twelve months.
Explanation: The 24ths method is a monthly distribution method used to calculate unearned premiums. It assumes that policies are issued on average in the middle of each month, resulting in a fractional allocation of unearned premiums (e.g., a policy written in January has 23/24ths earned and 1/24th unearned at the end of December).
5For 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?
A.PHP 1,200,000
B.PHP 1,320,000
C.PHP 1,380,000
D.PHP 1,500,000
Explanation: Using the credibility rating formula: Premium = Z * (Experience Premium) + (1 - Z) * (Manual Premium). Substituting the given values: Premium = 0.60 * 1,200,000 + 0.40 * 1,500,000 = 720,000 + 600,000 = PHP 1,320,000.
6Which of the following describes the actuarial concept of 'Incurred But Not Reported' (IBNR) reserves in group health insurance?
A.Reserves set aside for claims that have been reported and approved but are waiting for check disbursement.
B.Reserves for claims that occurred before the valuation date but have not yet been reported to the insurer.
C.The portion of the gross written premium that corresponds to the unexpired risk period of the policy.
D.A contingency reserve funded by the employer to cover potential premium increases in the subsequent policy year.
Explanation: IBNR reserves are established to cover the insurer's liability for claims resulting from events that occurred during the coverage period but have not yet been reported to the insurer as of the valuation date. This is critical in group health insurance due to high claim frequencies and processing lags.
7When applying the Chain Ladder (loss development) method to estimate IBNR reserves for group medical insurance in the Philippines, what is the primary assumption regarding claim development factors?
A.The historical patterns of claim reporting and processing lags will remain relatively stable in future periods.
B.The discount rate applied to health claims will track the Philippine government treasury bill yields.
C.Claim severity will increase exponentially while claim frequency remains completely constant.
D.The insurer will transition all group plans from fully-insured to self-funded administrative services contracts.
Explanation: The Chain Ladder method relies on the fundamental assumption that historical patterns of claim reporting, recording, and payment lags are stable and will continue in the future. If claim processing speed or policyholder reporting behavior changes, the development factors must be adjusted manually.
8Which of the following factors increases the risk of anti-selection (adverse selection) in a group life insurance scheme?
A.Mandatory enrollment of all employees with 100% employer-paid premiums.
B.Allowing employees to voluntarily purchase additional coverage units without medical underwriting.
C.Applying a strictly enforced Free Cover Limit with standard age-based entry caps.
D.Basing coverage amounts on a strict multiple of each employee's basic monthly salary.
Explanation: Anti-selection occurs when individuals with higher expected risk are more likely to buy or increase insurance coverage. Allowing voluntary top-ups or optional coverage without medical underwriting allows employees who know they are in poor health to select higher coverage limits, driving up overall group claims.
9In group insurance, how is the 'actively-at-work' provision typically utilized by underwriters?
A.To verify that all employees have been working at least 40 hours per week for the last 5 years.
B.To ensure that coverage is only active on days when an employee is physically inside the employer's premises.
C.To postpone the effective date of coverage for any employee who is absent from work due to injury or illness on the policy's start date.
D.To limit the insurer's liability to only accidents that occur during official working hours.
Explanation: The 'actively-at-work' provision is a standard underwriting safeguard. It stipulates that an employee must be actively performing their normal duties on the date coverage would otherwise take effect. If the employee is absent due to illness or injury, coverage is deferred until they return to active work, protecting the insurer from immediate death claims.
10Which of the following group insurance funding arrangements exposes the employer to the highest amount of claim volatility risk?
A.Fully-insured premium plan
B.Experience-rated premium plan with a premium refund cap
C.Administrative Services Only (ASO) contract
D.Minimum Premium plan with stop-loss insurance
Explanation: Under an Administrative Services Only (ASO) contract, the administrator processes claims but does not assume the underlying claim risk. Absent separately purchased stop-loss coverage, the self-funded employer pays the actual claims and therefore bears the greatest claim-volatility risk among these choices.

About the ASP Fellowship II Exam

ASP Integrated Exam II is a six-hour written-answer fellowship examination on Philippine practice and regulation. Beyond legislation and current benefit/contribution structures, the June 2026 syllabus expects application to pricing, underwriting, product development, market conduct, HMO and pre-need financial reporting, capitalization and conservatorship, reserving and valuation, taxation, PAS 19 pension work, PERA, and pre-need investments.

Assessment

A six-hour written-answer examination covering social insurance and microinsurance, health care systems, pre-need, group insurance, employee benefits and PERA, and taxation. The 2026 catalogue does not publish fixed domain weights or a question count.

Time Limit

6 hours

Passing Score

A numerical grade of 6 or higher on a 0-10 scale (where 6 represents the minimum passing standard set by the committee)

Exam Fee

PHP 12,000 for a 2026 sitting (Actuarial Society of the Philippines (ASP))

ASP Fellowship II Exam Content Outline

Official weighting not published

Group Insurance

Actuarial pricing, underwriting, valuation, credibility-weighted experience rating, and claims reserving (IBNR) for group life and medical schemes.

Official weighting not published

Social Insurance & Microinsurance

Benefits, contribution schedules, and actuarial structures of SSS (including WISP), GSIS, Pag-IBIG, and the microinsurance regulatory framework under the Insurance Commission.

Official weighting not published

Healthcare Systems & HMOs

The national health insurance system (PhilHealth under the UHC Act) and the regulation and financial supervision of Health Maintenance Organizations (HMOs) under EO 192.

Official weighting not published

Taxation

Taxation of life insurance companies, premium tax, and tax treatment of retirement plans, employee benefits, and pension trust funds under Sections 32 and 60 of the NIRC.

Official weighting not published

Pre-Need Plans

The Pre-Need Code of the Philippines (RA 9829), actuarial valuation of pre-need liabilities, trust fund deposit ratios, liquidity reserves, and investment limit guidelines.

Official weighting not published

Pension Fund Management & Employee Benefits

Design and valuation of private retirement benefits, the Retirement Pay Law (RA 7641), and financial accounting for employee benefits under PAS 19 / PFRS 19.

How to Pass the ASP Fellowship II Exam

What You Need to Know

  • Passing score: A numerical grade of 6 or higher on a 0-10 scale (where 6 represents the minimum passing standard set by the committee)
  • Assessment: A six-hour written-answer examination covering social insurance and microinsurance, health care systems, pre-need, group insurance, employee benefits and PERA, and taxation. The 2026 catalogue does not publish fixed domain weights or a question count.
  • Time limit: 6 hours
  • Exam fee: PHP 12,000 for a 2026 sitting

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 II Study Tips from Top Performers

1Study the Pre-Need Code (RA 9829) in detail, focusing on trust fund limits, liquidity reserves, and investment guidelines.
2Master the 22.5-day retirement pay calculation under RA 7641 and the actuarial valuation principles of PAS 19.
3Understand the contribution rules and benefits of SSS, GSIS, PhilHealth, and Pag-IBIG, including 2025/2026 updates.
4Learn the premium tax rules and retirement benefit tax exemption conditions under the NIRC (Sections 32 and 60).
5Practice calculating credibility-weighted premiums and IBNR claims reserves under group insurance.

Frequently Asked Questions

What is the ASP Fellowship Exam II?

The ASP Fellowship Exam II (Integrated Exam II) is an advanced professional examination administered by the Actuarial Society of the Philippines (ASP). It tests a candidate's ability to apply actuarial science principles within the specific statutory, regulatory, and financial context of the Philippines.

What does the ASP Fellowship Exam II cover?

The syllabus covers six main domains: Group Insurance (pricing and reserves), Social Insurance and Microinsurance (SSS, GSIS, Pag-IBIG, microinsurance rules), Healthcare Systems (PhilHealth, HMOs), Taxation (local corporate and premium tax), Pre-Need Plans (RA 9829 guidelines), and Pension Fund Management (RA 7641, PAS 19).

What is the passing score for the exam?

The exam is graded on a 0-10 scale. A grade of 6 or higher represents a passing score. The passing mark (the raw score required to achieve a grade of 6) is determined by the Education and Examination Committee prior to grading.

How much does it cost to register for the exam?

The June 2026 catalogue lists PHP 12,000 for each Integrated Exam II sitting. It does not add a PHP 3,500 exam accreditation fee.

How long should I study for the ASP Integrated Exam II?

OpenExamPrep suggests a 150-to-200-hour self-study plan over roughly three to six months. This is study guidance, not an ASP requirement; candidates should work from the current catalogue, listed statutes, regulatory readings, and ASP standards.

Can I take this exam online?

The June 2026 catalogue describes a written examination in two three-hour sessions and says the venue will be announced separately. Candidates should use the current ASP notice rather than assume a remote option or a fixed venue.