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 ?
An actuary may be examining the risk of interruption of normal business operations.
Our first finding is evidence of overreserving to shield taxes by the average appointed actuary. Overreserving could add value to the firm in the long run, mainly because taxes are paid over a longer horizon.
A key component of actuarial reports is the "actuarially determined contribution," or how much the actuary determines local governments should contribute annually to pension funds.
He is a Fellow of the Society of Actuaries, an Enrolled Actuary, a Fellow of the Conference of Consulting Actuaries, and a Member of the American Academy of Actuaries.
Therefore, if the buyer's actuarial team obeys the buyer's instruction not to correct the error made by the other side, this may also violate another mandate of Precept 1, specifically that an actuary should act in all matters with honesty and integrity.
"Aon Hewitt has achieved high growth rates in Middle East countries in recent years and is one of the main actuary services providers to social security systems, including pensions and healthcare, and advisory services to companies in the wider area," Philippos Mannaris, director of Aon Hewitt in Nicosia and manager of the Egypt project said adding that the agreed cooperation reflects the company's high standard of services.
The actuary should have pretty good estimates of how many members can be expected to enroll, how many of them would be hospitalized during the year, and how much their medical bills would run up to, to be able to set the right enrollment fees to cover the medical bills and overhead expenses.
An actuary is a business professional who deals with the financial impact of risk and uncertainty.
It's vital, therefore, if you want a fair settlement, to get good legal advice and bring in an independent actuary to assess the true value of the pension assets.
Actuaries at the academy and another actuary group, the Society of Actuaries, formed an Individual Disability Table Work Group in February this year, at the request of the Health Actuarial Task Force.
Brienza noted that property-casualty companies are now dealing with problems for which the professional actuary can provide assistance and guidance, such as how to cut premiums without incurring future losses, how to reserve properly, how to deal with the ramifications of the 1986 Tax Act changes.
It describes and explains the major types of financial risk analyzed by actuaries and presents a variety of stochastic models for the actuary to use in undertaking this analysis.