actuary

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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 ?
Private insurers may offer superior performance in building a surplus, underwriting properties, spreading risk through the reinsurance and capital markets, determining actuarially sound rates, and prioritizing and implementing coastal mitigation strategies.
It accumulates year after year into what is called the actuarially accrued liability.
insurance company's policies to remain actuarially sound, it must
Sections III through VII derive closed-form actuarially fair premium formulas for five ubiquitous deductible insurance policies, depict their premia for various parameters, and provide the economic intuition for our results.
Given this collective moral hazard, we obtain our third and final result: the incentive-efficient premium that discourages banks from excessive correlation in their investments features a higher charge for joint bank failure risk than the actuarially fair premium.
Insurance is readily available at an actuarially sound rate everywhere," he said.
The requirements in this Statement will allow more agent employers to use the alternative measurement method to produce actuarially based information for purposes of financial reporting.
Citizens is required by law to charge actuarially sound rates.
In the case where the average per capita consumption is the only source of the consumption externality, we find that the optimum in the private insurance market is also a social optimum if the insurance price is actuarially fair.
In an effort to make the program more actuarially sound, the bill that would reauthorize NFIP phases out subsidized rates on vacation homes and second homes.
On the McCords' 1996 gift tax returns, the gifts' taxable values were based on the gross FMV transferred to the nonexempt donees ($6,910,933), reduced by the total Federal gift taxes payable and the actuarially determined present value of their obligations for additional estate taxes under Sec.
There are two funding methods available--the more common pay-as-you-go and the seldom-used advance funded on an actuarially determined basis.