Free SOA Exam ALTAM (Advanced Long-Term Actuarial Mathematics) Practice Questions
The entire SOA Exam ALTAM question bank is free: 890 practice questions on survival models, joint life insurance, profit analysis, universal life, and embedded options. From FreeFellow, where 'free' is in the brand name. No trial, no signup to browse, no credit card.
890 Questions
7 Topics
3 Difficulty Levels
2026 Syllabus
AI-native · Pay less · Access more
Others charge $1,000+. FreeFellow gives you the 70% you need to pass for free.
The full question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your Exam ALTAM prep are free forever. No trial period, no credit card. Every lesson ships with AI-narrated audio, and every constructed-response item has a copy-to-AI prompt builder for your own ChatGPT or Claude. Become a Fellow ($59/qtr) only if you want mock exams, flashcards, analytics, AI essay grading, and a personalized study plan.
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The 70% of Exam ALTAM prep you actually need to pass — questions, solutions, lessons, mixed practice, AI-narrated audio, copy-to-AI essay prompts — is free forever. The remaining 30% (mocks, flashcards, analytics, study plan, AI essay grading) unlocks when you become a Fellow. Use the free tier as long as you like.
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890 practice questions with detailed solutions
Copy-to-AI essay prompts for your own ChatGPT or Claude
Mixed practice sessions across all topics
Formula sheet and reference materials
Readiness tracking with pass-probability estimates
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Spaced-repetition flashcards backed by memory science
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Personalized study plan that adapts to your exam date
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Per-exam pricing across the major prep providers. The FreeFellow core (questions, solutions, lessons) is free forever — the optional Fellow tier is $59 per quarter, roughly 1/20th of what traditional providers charge.
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Sample Questions
Question 1
Easy
Under which of the following conditions does a universal life policy lapse?
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Correct Answer: B
Solution
B is correct.
A universal life policy lapses when the account value is reduced to zero or below after charges are applied and the policyholder fails to make a sufficient premium payment within the grace period (typically 61 days) to restore a positive account value. This is the defining feature of UL's flexible premium structure: the policy persists only as long as the account value is sufficient to cover ongoing COI and expense charges.
Question 2
Medium
Which of the following embedded options in life insurance products is most analogous to a short position in a European call option from the insurer's perspective?
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Correct Answer: C
Solution
C is correct.
A guaranteed purchase rate (annuitization rate) provision gives the policyholder the right to convert the accumulated fund into an annuity at a rate fixed at policy issue. This is most analogous to a short call option from the insurer's perspective:
- Underlying: the present value of the annuity stream purchased at the prevailing market rate - Strike: the annuity stream purchased at the guaranteed rate
When market interest rates fall, the present value of the guaranteed annuity income rises above the market-rate annuity — the policyholder exercises the annuitization option, and the insurer must provide the higher-value annuity. This is exactly how a short call functions: the insurer (option writer) must deliver value when the underlying (market annuity PV) exceeds the strike (guaranteed annuity PV).
Question 3
Hard
Given Ax=0.25, Ay=0.30, and Axy=0.40, a student computes the last-survivor APV as Axˉyˉ=Ax+Ay−Axy=0.15. Which statement correctly evaluates this result?
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Correct Answer: A
Solution
A is correct.
The last-survivor status is alive whenever at least one of (x) or (y) is alive, so T(xˉyˉ)=max(T(x),T(y))≥T(x) and T(xˉyˉ)≥T(y) almost surely. Since the whole life insurance APV is an increasing function of the future lifetime, Axˉyˉ≥Ax and Axˉyˉ≥Ay must hold under any dependence structure. With the given inputs, Axˉyˉ=0.15<0.25=Ax<0.30=Ay, which is impossible. Furthermore, Axy=0.40>min(Ax,Ay)=0.25 is itself a violation: since T(xy)≤T(x) always, we require Axy≥Ax. The inconsistency arises purely from Axˉyˉ=0.15<Ay.
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Frequently Asked Questions
How many free Exam ALTAM practice questions does FreeFellow have?
FreeFellow currently offers 890 free Exam ALTAM practice questions across 7 topics, each with a detailed step-by-step solution. Questions span three difficulty levels and are aligned to the 2026 syllabus. The question bank is updated regularly.
What Exam ALTAM topics are covered?
The questions cover 7 topics: Survival Models for Contingent Cash Flows, Premium and Policy Valuation for Long-Term Coverages, Joint Life Insurance and Annuities, Profit Analysis, Pension Plans and Retirement Benefits, and 2 more. Each topic page shows your progress and lets you filter by difficulty level. You can practice by topic to target your weak areas or take mixed-topic practice exams.
Is FreeFellow really free for Exam ALTAM prep, or is there a catch?
No catch. The 70% of Exam ALTAM prep you actually need to pass is free forever: the full question bank of 890 practice questions, detailed solutions on every question, mixed practice, the formula sheet, and readiness tracking. No trial period, no credit card. The remaining 30% (timed mock exams, flashcards with spaced repetition, performance analytics, and a personalized study plan) unlocks when you become a Fellow.
What does the $59 Fellow tier unlock for Exam ALTAM?
Fellow ($59 per quarter or $149 per year, per track) unlocks four things on top of the free tier: timed mock exams with weighted scoring that match the real exam blueprint, spaced-repetition flashcards built on memory science from cognitive psychology, topic-level practice to drill weak areas, performance analytics broken down by topic and difficulty, and a personalized study plan that adapts to your exam date. Everything else — questions, solutions, lessons — stays free.
How does FreeFellow compare to Coaching Actuaries, ASM, or TIA on price?
Traditional Exam ALTAM prep providers charge $200 to $3,500 for a single exam, paid upfront. FreeFellow keeps the question bank, written solutions, and lessons free forever. The optional Fellow tier is $59 per quarter (about 1/20th of what the big providers charge) and adds mock exams, flashcards, analytics, and a study plan. You can pass Exam ALTAM entirely on the free tier.
How should I use FreeFellow to study for Exam ALTAM?
Start with topic-based practice to identify weak areas. As your exam date approaches, switch to timed practice exams under realistic conditions. The free tier gives you everything you need to build mastery; if you want pacing tools (mock exams, analytics, a study plan) and long-term retention aids (spaced-repetition flashcards), become a Fellow.
What is the Exam ALTAM pass rate?
The Exam ALTAM pass rate is approximately 45-50%, based on historical SOA data. Pass rates vary by sitting. The SOA publishes pass rate statistics after each exam window.
How many hours should I study for Exam ALTAM?
The SOA recommends 250 to 300 study hours for each preliminary exam. Candidates with strong mathematical backgrounds may need 150 to 200 hours, while those new to the material may need 300 to 350 hours. Consistent daily study over 10 to 14 weeks is more effective than cramming.
What calculator is allowed on Exam ALTAM?
The SOA permits the Texas Instruments TI-30XS MultiView on all preliminary exams. No other calculators are allowed. Familiarize yourself with its functions before exam day.
How is Exam ALTAM scored?
SOA preliminary exams are scored on a 0-10 scale, with 6 as the passing threshold. You receive a pass/fail result along with your numeric score. The exam uses multiple-choice questions and the score is based on the number of correct answers.
What is the Exam ALTAM exam format?
SOA preliminary exams are 3-hour, 30-question computer-based tests administered at Prometric testing centers. All questions are multiple choice. The exam is offered in multiple testing windows throughout the year.
FreeFellow is an AI-native exam prep platform for actuarial (SOA & CAS), CFA, CFP, CPA, CAIA, GARP FRM, IRS Enrolled Agent, IMA CMA, and FINRA / NASAA securities licensing candidates — built around modern AI as a core capability rather than as a bolt-on. Every lesson ships with AI-narrated audio. Every constructed-response item has a copy-to-AI prompt builder so candidates can paste their answer into their own ChatGPT or Claude for self-graded feedback. Fellow members get instant AI grading on essays against the official rubric (currently CFA Level III, expanding to other essay-bearing sections).
The 70% you need to pass — question bank, written solutions, lessons, formula sheet, mixed practice, readiness tracking — is free forever, with no trial period and no credit card. Become a Fellow ($59/quarter or $149/year per track) to unlock mock exams, flashcards with spaced repetition, performance analytics, AI essay grading, and a personalized study plan.