---
path: /students/cas-exams/exam-5
title: "Exam 5: Basic Techniques for Ratemaking and Estimating Claim Liabilities — study guide"
description: "Exam 5 (Basic Techniques for Ratemaking and Estimating Claim Liabilities) study guide: format, syllabus topics, and study tips for the CAS exam path. Basic ratemaking and reserving — the core technical skills of a P&C actuary."
section: Customers
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---

# Exam 5: Basic Techniques for Ratemaking and Estimating Claim Liabilities — study guide

Basic ratemaking and reserving — the core technical skills of a P&C actuary. This guide covers the format, the syllabus topics, and how to study for Exam 5 on the path to your CAS credentials. Always confirm current fees, dates, and syllabus weights on the official page before you register.

## Format

Written-answer exam administered in an exam window

## What it covers

- Ratemaking (45–55%): data, exposure bases, overall rate-level indications via pure premium and loss ratio methods
- Estimating claim liabilities / reserving (45–55%): development triangles and unpaid-claim estimation
- Methods: development/chain ladder, expected losses, Bornhuetter-Ferguson, Cape Cod, frequency-severity, Berquist-Sherman, Benktander

## How to study

- Friedland’s "Estimating Unpaid Claims Using Basic Techniques" is the backbone of the reserving half.
- Be able to select and justify a method, not just compute it.
- Use the CAS retired sample items and Answering & Grading Insights videos — they show exactly how answers are graded.
- Practice written-answer technique; partial credit and clear justification matter.

## Where it sits on the path

Exam 5 is a ACAS requirement administered by the CAS. See the full CAS path from preliminary exams through the ACAS and FCAS designations.