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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
actuarya statistician employed by an INSURANCE COMPANY to calculate insurance risks and premiums.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
actuarya statistician who calculates insurance risks and premiums. See RISK AND UNCERTAINTY, INSURANCE COMPANY.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005