Practice Test Questions - Exam P/1: Probability Society of Actuaries

Sep 27, 2026

Uploaded by awa

Practice Test Questions for Society of Actuaries Exam P focuses on probability and statistics fundamentals. The set covers discrete and continuous distributions, Venn diagrams, multivariate distributions, and moment-generating functions, with questions largely math-based. Learners can expect problems that may involve calculus and advanced algebra, with no time limit and allowed reference materials. Detailed solutions begin on page 44, with guidance on retaking the test using scratch paper and aiming for 75% accuracy.

LanguageEnglish

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Pages9

Reading Time23 min

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1 Practice Test Questions Exam P/1: Probability Society of Actuaries (Sample Only – Purchase the Full Version) Created By: Digital Actuarial Resources Introduction: This guide from Digital Actuarial Resources (DAR) contains sample test problems for Exam P offered through the Society of Actuaries. The book has 250 practice questions to test your knowledge of the principles of probability and statistics. The problems encompass applications of chance in discrete distributions, continuous distributions, Venn diagrams, multivariate distributions, and moment-generating functions. The set of questions is very comprehensive and attempts to cover all major topics featured on the actual test. Nearly all of these questions are math-based. Some of the examples require calculus, while others entail advanced algebra. You should expect to spend several days taking this test. There is no time limit. You can use your notes, textbooks, other actuaries, and whatever will help you answer the questions. These problems test your introductory actuary skills and also attempt to teach you something. If you can correctly answer 75% of the questions (about 188 problems), you are prepared for the actual test. The first half of this guide contains the practice test questions. You should use your own scratch paper when taking the test so that you can retake it several times. The detailed solutions start on page 44. If you find any errors in the solutions or would like to debate an answer, please contact the Digital Actuaries. © Copyright 2007 [www.digitalactuarialresources.com](www.digitalactuarialresources.com) Digital Actuarial Resources Exam P, Practice Test Questions 2 (18.) A computer chip has a 9% chance of a manufacturing defect. Drur tests a set of 20 chips. What is the probability that at most 2 of the chips are defective? (29.) Dredge is a terrible driver but is taking a test for his license. Dredge will keep taking the test until he passes. The probability that Dredge passes any given test is 35%. Use this information for the next few questions. What is the probability that Dredge passes the test on the third attempt? (39.) A football kicker is making practice field goal attempts. The probability of making a field goal is 85%. The kicker will continue making field goal attempts until he makes 3 goals. What is the probability that the player makes the third goal on the fourth kick? (43.) A carpenter with a nail gun must put 12 nails through a board. The probability that the carpenter correctly drives in a nail with a given shot is 90%. What is the probability that the carpenter completes the job with exactly 15 nails? (67.) Suppose the continuous distribution of an event is uniform with an expected value of $700,000 and a standard deviation of $100,000. Find the endpoints of the distribution. (94.) A farmer uses 2 types of fertilizer and 2 levels of irrigation – light or heavy. The probability of light irrigation given that the farmer used fertilizer number 1 is 70%. The probability of heavy irrigation given that the farmer used fertilizer number 2 is 45%. The probability of using fertilizer number 1 is 62%, and the probability of using fertilizer number 2 is 38%. Given that the farmer used heavy irrigation, what is the probability he used fertilizer number 2? Digital Actuarial Resources Exam P, Practice Test Questions 3 (112.) Suppose X equals the number of service calls under a warranty during a given year. The company sold 4,000 warranties, and the probability of a service call is 0.03. Find the probability that the company receives at least 135 calls this year. (116.) Consider 2 classes of 45-year-olds under a health insurance plan. The nonsmoker class has 750 insureds with annual clams following a uniform distribution between $200 and $2,600. The smoker class has 125 insureds with annual claims following a uniform distribution between $500 and $4,500. What is the probability that the differ

FAQs

How should you take this practice test and how much time is allowed?

Plan to spend several days taking the test. There is no time limit, and you may use notes, textbooks, other actuaries, and other helpful materials.

Where can you find the detailed solutions?

Detailed solutions start on page 44. Use your own scratch paper so you can retake the test multiple times.

What score indicates readiness for the actual Exam P?

Correctly answering 75% of the questions (about 188 problems) indicates you are prepared for the actual test.

Sep 27, 2026

Uploaded by awa