I think you are probably right. If an argument is bigger than 709 then EXP overflows. You need to identify the big numbers and decide how to handle them. See the second half of the blog post "Constants in SAS" for how to prevent the overflow.
You might also want to ask yourself WHY you are getting these overflows. Are you trying to evaluate a probability dentiy function (PDF) for an observation that is way out in the tail? The PDF for those observations is zero. Fitting a model to data? Maybe the model isn't appropriate for those data.
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