CAS Exam Errata

Update (1/10/26): We corrected some spelling/grammar typos in the study guide and reposted fresh copies of the outlines and study guide.

Study Guide & Review Videos

WM Ch. 4 (1/13/26) – On the top of page 31, the in-force exposures should say 3.00.

WM Ch. 7 (1/10/26) – On page 103, the commission & brokerage example calculation should say 450/5000 – 1 = 9%. On page 110, the general expense dollar amount of 2015 should be $5.82.

Friedland Ch. 13 (1/10/26) – On page 419, for AYs 2003-2004, the final column should show 14,591 and 16,506, respectively.

Friedland Ch.14 (1/10/26) – On page 425, the definition of subrogation should say “…insurer’s right to recover the amount…”

Update (1/5/26): Hi! As we were revising the accounting videos, we made some changes to the study guide to clarify some topics. Since those same changes impacted the flashcards, high-levels summaries, and essay problems, you will see similar changes throughout. Fresh copies of the study tools below have been posted to the course.

Study Guide & Review Videos

CFR Ch. 8 (1/5/26) – On page 179, a few of the numbers in the bond discount example were slightly off. These were revised.

CFR Ch. 10 (1/5/26) – On page 219, the final two bullets under “Section I” needed to be merged (they are an “AND” condition). On page 218, under “Section C,” the ceding commissions noted here are specifically related to ceded UEPR.

CFR Ch. 13 (1/5/26) – On page 247, in the last use of Schedule T, the first line “Actuaries use this schedule to create a distribution…” should be removed.

CFR Ch. 18 (1/5/26) – On page 304, for the differences between Part 1 of the IEE and Part 3 of the U&IE, bullets 2 and 4 should be removed and replaced with “The IEE shows expenses on an incurred basis only whereas the U&IE also shows total expenses paid.”

CFR Ch. 19 (1/5/26) – On page 343, it should say “The R5 risk charge considers underwriting risk associated…”

CFR Ch. 22 (1/5/26) – On page 395, the GAAP discounting description was changed to be more clear that discounting is not generally allowed under GAAP.

CFR Ch. 25 (1/5/26) – On page 415, the example should say “Suppose the discounted best estimate of liabilities is $1.446M, with a risk margin of $0.041M.”

Cedar & Thompson (1/5/26) – On page 590, it should say “debt is $500 and equity is $2,000.”

Klann (1/5/26) – On page 654, the final bullet was revised to say “Difference in the discount factor (0.875 vs. 0.85)”

Practice Problems

CFR Ch. 10 (1/5/26) – Revised solution to essay problem #2 around Sections C and I.

CFR Ch. 13 (1/5/26) – Revised the final bullet in the solution to essay problem #7.

CFR Ch. 18 (1/5/26) – Revised the solution to essay problem #7a.

High-Level Summaries

CFR Ch. 13 (1/5/26) – Revised the final use of Schedule T

CFR Ch. 18 (1/5/26) – Revised the differences between Part I of the IEE and Part 3 of the U&IE

CFR Ch. 22 (1/5/26) – Revised loss reserve discounting to make it clear that it generally not allowed under GAAP

Flashcards

CFR Ch. 10 (1/5/26) – Revised flashcard 2 to make it clear that Section C focuses on ceding commissions related to the ceded UEPR. Added Section I to flashcard 3

CFR Ch. 13 (1/5/26) – Revised final bullet of flashcard 8

CFR Ch. 18 (1/5/26) – On flashcard 16, revised the second way in which the IEE and U&IE differ.

Study Guide & Review Videos

Brosius (1/19/26) – On page 34, the formulas for E[(Q(X)-L(X))^2] and E[(Q(X)-a-bX)^2] should have the exponents within the expected value brackets, as shown here.

Flashcards

Fisher Ch. 3 (1/19/26) – On page 71 of the standard PDF, the title of the flashcard should say “Balance Equations (Per-Occurrence Limit).” On page 79 of the standard PDF, the title of the flashcard should say “Table L Savings.”

Study Guide & Review Videos

Mildenhall Ch. 8 (1/19/26) – On page 192, under “Time t= 1,” the first bullet should say “investors receive after-tax UW profit of…and after-tax investment income…”
Mildenhall Ch. 5 (1/13/26) – On page 164, in the second to last bullet under “Law Invariant (LI),” it should say “Y models losses from a portfolio independent of E_1”

Clark (12/20/25) – On page 50, in the second bullet, the last number in the bracket should be 0.05, not 0.06. The calculated value of 0.056 is correct.

Cookbook

Clark – Reinstatement Premium (1/5/26) – [PDF Version] In step 5, Reinstate Premium for loss 1 should be multiplied by 22/50, not 11/50. The Excel version and all answers are correct.

Practice Problems

No errata to report.

High-Level Summaries

No errata to report.

Flashcards

No errata to report.