actuary

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Related to Actuarial analysis: Actuarial Risk

Actuary

A statistician who computes insurance and Pension rates and premiums on the basis of the experience of people sharing similar age and health characteristics.

The profession also includes statisticians who provide expert data analysis on risk assessment and risk management for the financial services sector. Actuaries are most often employed within the insurance industry, but also prepare and assess data for commercial and investment banks, retirement and pension fund administrators, or are self-employed as consultants. Specific data prepared by actuaries is often presented in the form of actuarial tables (mortality tables) that indicate the life expectancy of an individual. Such tables may be used as the bases for calculating estimated insurance premiums or monthly retirement annuities. When utilized by expert witnesses, actuarial tables are admissible in evidence to show life expectancy. Juries may award damages to plaintiffs for compromised life expectancy resulting from the alleged wrongdoing of tortfeasors (wrongdoers).

actuary

noun calculator of insurance risks, compiler of tables of mortality, insurance adviser, statistician
Associated concepts: actuarial bureaus, actuarial solvency, actuarial tables

ACTUARY. A clerk in some corporations vested with various powers. In the ecclesiastical law he is a clerk who registers the acts and constitutions of the convocation.

References in periodicals archive ?
If the loss development patterns change, this would substantially complicate the actuarial analysis.
Consumer Watchdog's actuarial analysis, conducted by Allan Schwartz of AIS Risk Consultants, Inc.
Milliman focused its actuarial analysis on the cost and benefit of screening acommercially insured population of high-risk 50-64 year olds.
For more information, please see the actuarial analysis that was performed by a joint work group of the American Academy of Actuaries Federal Long-Term Care Task Force and the Society of Actuaries Long-Term Care Insurance Section Council.
It is based upon actuarial analysis of past sales numbers.
actuarial profession on public policy and professionalism issues, the Academy is uniquely positioned to provide expert actuarial analysis of policy options to address these needs.
Clients like Royal London and the Phoenix Group have chosen Integrate because it brings together all of their modelling needs in a nimble platform that lets actuaries focus on actuarial analysis.
The 2014 Long Term Care General Liability and Professional Liability Actuarial Analysis provides estimates of loss rates, or the cost of liability to the beds that care providers operate.
Regulatory intervention in 2013 requires all companies to set pricing for medical and motor business in line with independent actuarial analysis.
com)-- Medcom is pleased to announce the expansion of its Pay or Play Actuarial Analysis to meet the needs of a broader group of employers.
Regardless of method, there is always one critical step: conducting an actuarial analysis of the retained liabilities remaining on the corporate balance sheet.
You should do your own actuarial analysis," he says, "and get a sense of what the carrier is going to ask for.