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 ?
Instead, insurers are likely to design plans that are actuarily equivalent but don't have the gaps and holes that will be in place for beneficiaries choosing stand-alone drug plans under Medicare.
Under accrual accounting procedures, federal agencies pay the actuarily determined cost of future benefits into a trust fund.
Another scenario in which MSAs may be actuarily feasible is when the introduction of the MSA causes "positive selection" in the risk pool.