Fellow of the Casualty Actuarial Society (FCAS)

About this exam family

FCAS study builds on the ACAS foundation and brings together three distinct technical problems. In Exam 7, you turn claim triangles and exposure information into liability estimates, test development assumptions, and explain uncertainty around a selected reserve, including the effect of reinsurance. Exam 8 asks how experience becomes a defensible rate: model frequency and severity, validate classifications, apply credibility, and price deductibles, limits and individual risk plans. Exam 9 asks whether those underwriting risks fit an insurer’s capital and risk appetite. You compare tail measures, value cash flows, allocate capital, and test dependence and mitigation. Throughout the guide, the useful habit is to state assumptions, calculate the result, and explain what evidence would change the decision.