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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).
actuarynoun 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.