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 ?
Actuaries, however, who have been both immersing themselves in data and bridging gaps between analytical and real business problems for decades, are right in the center of the action as predictive analytics initiatives bring fresh insights to the industry in 2019.
When actuaries price for the risk, they take all these things into account.
Actuarial independence can be compromised when appointed actuaries also hold an officer position, for two reasons.
Drawing strength from its community, across generations of outstanding Actuaries, ASP holds yearly gatherings to ensure a sense of camaraderie and relevance among its members.
With roots dating back to 1889, the Society of Actuaries (SOA) is the world's largest actuarial professional organisation with more than 30,000 actuaries as members.
Actuaries whether the life insurance policy data they get for certain types of programs is really the right data.
"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.
Another reason for insurers to establish separate reserves for LTCI business, and analyze the reserves carefully, is that bonds rarely have durations longer than 30 years, while LTCI issuers might have liabilities that last longer than 30 years, the actuaries say.
The duty to disclose the mistake may be reinforced by Precept 8 of the actuaries' code, which indicates that an actuary should take reasonable steps to ensure that actuarial services are not used to mislead other parties.
Actuaries advise senior managers as well as using the above skills.
Independent actuaries can also advise what needs to be done when it is intended to share pension assets to produce an equal income stream on retirement.
The Actuarial Resources actuaries looked at rate stability mechanisms used in California, Florida, North Carolina and Wisconsin, and they also looked at a report from the National Association of Insurance Commissioners.