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 ?
The actuary found that using current contribution rates, the projected revenue on a declining membership base would never be able to amortize the projected shortfall.
This precept provides that, where an actuary has knowledge of an unresolved, material violation of the code of conduct by another actuary, the first actuary should discuss the situation with the second and attempt to resolve the apparent violation.
Students will have the option to consult with an actuary for questions on their project.
When the actuary system is used, it is necessary to determine the activity field and the advisory field in insurance company.
is the actuary aware of all intended uses of the report?
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.
For example, an inquiry into whether the best estimate requirement has been satisfied may involve determining whether assumptions truly came from the plan actuary or were instead chosen by management for tax planning or cash flow purposes.
The Vinson & Elkins actuary used conservative estimates to calculate plan contributions.
As a result, it's usually up to the actuary for the seller's plan to declare the transfer in compliance with the law and the IRC.