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 ?
By providing objective, evidence-based information, actuaries help assure the public that financial security programs' promises of future payments are fairly made and can be relied upon when and if they are needed," Alpert said.
Actuaries apply actuarial techniques and professional experience to come up with adequate amount of reserves for claims in the following categories.
Those increase figures are lower than the increase forecasts the actuaries published a year ago.
Our hope is that through this challenging and interactive competition, participants will gain a solid understanding of the critical contributions actuaries make and the impact the profession has on the business world, as well as the steps required to become an actuary, said Richard Lambert, senior vice president and chief actuary at Prudential.
It is necessary that in some cases, the actuaries have access to the members of management board directly.
He said that Tillinghast, as actuarial consultants, used to depend upon insurance industry-trained actuaries to attract talent.
based Society of Actuaries (SOA) and the American Academy of Actuaries (AAA), based in Washington, want to change what they see as the miscast image of actuaries as boring executives immersed in numbers as turgid as they are incomprehensible.
By entrusting actuaries with the task of determining plan contributions and granting the latitude inherent in the reasonableness test, Congress intended to give actuaries some leeway and freedom from second-guessing.
6, Measuring and Allocating Actuarial Present Values of Retiree Health Care and Death Benefits, says actuaries, in determining per-capita claims costs, may make various adjustments to historical claims data after considering their volume, availability, credibility, quality and consistency with similar information.
The American Academy of Actuaries (AAA) is trying to get states to use the same approach to defining the term "qualified actuary" in laws and regulations relating to the health insurance rate review provisions in the Patient Protection and Affordable Care Act of 2010 (PPACA).