actuary

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Related to actuarial: Actuarial Gains and Losses

Actuary

A statistician who works for an insurance company or other organization that assesses risk. The actuary computes various risk factors and determines the likelihood of whether (or when) an event will occur. For example, an actuary will look at a person's medical information, such as height, weight, and pre-existing conditions, and mathematically determine how likely it is that the person will cost the insurance company more than he/she will pay in premiums. This helps the insurance company decide whether the person will receive coverage and, if so, what the monthly premium will be.

actuary

a statistician employed by an INSURANCE COMPANY to calculate insurance risks and premiums.

actuary

a statistician who calculates insurance risks and premiums. See RISK AND UNCERTAINTY, INSURANCE COMPANY.
References in periodicals archive ?
The actuarial division of Insurans Islam TAIB was established in 2015.
Certain sections of the book can also serve as supplemental material to regular textbooks used with actuarial courses taught at the university level.
The actuarial function within many property and casualty (P&C) insurers has historically remained constant, but the rising pressures and challenges have led to greater demands.
Another way is to see how the average actuarial value of the coverage has changed.
SAN encourages all professionals engaged in the provision of actuarial services to local institutions to become members of the society.
The obvious purposes of an actuarial report include a reserve estimate to support the company's financial statements and an estimate of retained losses for the upcoming year to support the company's budgeting process.
The second trend is that more and more insurers are seeking external actuarial opinions.
If the aggregate actuarial cost method is used, explain that the data presented for funding progress are calculated using the entry-age actuarial cost method and therefore only approximates funding progress
In analyzing these trusts any restrictions and actuarial assumption requirements should be considered.
Actuarial computation: The determination of the deductible amount for funding retiree medical benefits involves an actuarial calculation that considers the cost of the benefits likely to be paid in retirement, the value of the assets currently held in the trust, the participants' life expectancies and current employees' remaining working lives.
Baker reaffirms that taxpayers entering retirement communities may continue to deduct certain of their costs without a costly actuarial analysis.