Even though it is consistently ranked as a top job in America, many high school students are unaware of the actuarial profession, the steps required to become an actuary
, and that it remains one of the most sought-after professions, said Kevin Cormier, FCAS, MAAA, senior actuary
, trustee of The Actuarial Foundation and Project Math Minds chairperson.
activities conclude recognizing the possibilities of insurance risks, use of statistical models, and use of calculated cash flow.
For those that go this route, here are 10 questions that a risk manager should discuss with their actuary
When a marketing officer asked an actuary
why he recommended selling more life insurance policies to 98-year-olds, the actuary
replied, "According to our tables, very few of them die each year.
In addition, a set of computer-based modules exposes a broad range of techniques that the actuary
can recognize and identify as to their application and inherent limitations.
Shaun Wang, actuary
and research director at reinsurer SCOR Group in Schaumberg, Ill.
Officials in the city's retirement system discovered that an error by the fund's actuary
had caused the city to underpay the retirement fund by $30.
The contributor, Lawrence Eagle (a partner with the actuary
and consulting firm of Bacon & Woodrow), provides an insightful analysis on the historic development of friendly societies, the financial and social functions friendly societies fulfilled, their historical legal and financial changes, and the consulting role actuaries played in their development.
Vinson & Elkins chose #1 above, and the actuary
used a 1958 life insurance mortality table to compute the insurance premiums, but used a 1971 annuity table, which estimated longer lives than the 1958 table, to calculate pension costs.
However, because the regulations under IRC 414(1) permit the actuary
to step into an annuity carrier's shoes and to estimate what its cost might be, neither the plan sponsor nor the annuity carrier has to undergo this shopping expedition.
So, an appropriate understanding and timely and detailed discussions and close coordination between the auditor, the actuary
and the client are often critical in formulating a Statement no.
BOSTON -- Jacobson Executive Search has placed Clifford "Cliff" Lange as the Chief Financial Officer and Chief Actuary
at Boston Mutual Life Insurance Company of Canton, Mass.