actuary

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Related to actuarial: Actuarial Gains and Losses

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 ?
Nicholas Actuarial Solutions is founded with a mission to develop and implement novel, cutting edge solutions.
The research project " Insurance Analytics from Data Analysis to Decision Making" from the University of Wisconsin-Madison's Department of Actuarial Science, Risk Management and Insurance, will emphasize the role of insurance data analytics.
Integrate enables a holistic approach to the actuarial modeling and financial reporting process-offering a streamlined solution in one actuarial system that balances flexibility and control.
SAN encourages all professionals engaged in the provision of actuarial services to local institutions to become members of the society.
The obvious purposes of an actuarial report include a reserve estimate to support the company's financial statements and an estimate of retained losses for the upcoming year to support the company's budgeting process.
As in the 2006 study, both the auditor and actuarial markets remained dominated by a handful of firms servicing the larger, group-affiliated insurers, with a significant number of smaller accounting and actuarial firms filling the needs of small independent insurers and those with less standard ownership or profit structures.
In addition, the standard requires comparison of contributions made to annual other post-employment benefits cost, changes in the net other post-employment benefits obligation (as of the most recent actuarial date the funded status of each plan) and a description of the actuarial valuation process with significant methods and assumptions used.
3) This is an actuarial determination that must be done on a basis no more rapid than a level basis, according to Sec.
And this protection extends to tax services that incorporate elements of appraisal, valuation, and actuarial services that are permissible under the SEC's current rule.
In general, amortization of unrecognized amounts that would typically reduce expense or generate income under Statements 87, 88 and 106 (for example, transition assets, other actuarial gains and negative plan amendments in the postretirement plans) were reflected as part of the cumulative catch-up adjustment required to be recorded upon initial application of the new standard.
Includes details on the new structures of the Society of Actuaries' (SOA) and Casualty Actuarial Society (CAS) examinations, as well as sample questions and answers
OPTION 1: Actuarial Consulting Services - MCERA seeks one qualified actuarial firm to perform actuarial services to provide annual valuations of the MCERA, and experience study every three (3) years, and other actuarial services on an "as needed" basis.