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 ?
Computational Actuarial Science With R is divided into four main parts: Introduction to R Language, Statistical Models With R, Methodology, and Life Insurance, Finance, and Non-Life Insurance.
As a result, insurance leaders are driven to refocus the actuarial team on higher analytics while also improving efficiency, responsiveness and transparency.
The average actuarial value of consumers' individual coverage fell in all but three of the jurisdictions included in the interim 2015 report.
The society currently has a potential membership of 34 individuals that includes resident and foreign actuaries and actuarial students.
The most recent actuarial report estimates the following workers compensation reserves as of 12/31/11:
The GCA featured concurrent sessions for actuaries to hone their understanding of the key areas of actuarial practice - Health and Care Insurance, Employee Benefits, Life Insurance and General Insurance.
and Canadian insurance companies to identify the accounting and actuarial firms used by insurers.
The ED proposes that employers participating in single-employer or agent multiple-employer plans that use the aggregate method be required to prepare the schedule of funding progress using actuarial data calculated using the entry-age actuarial cost method.
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.
Actual earnings that are greater than those used in the actuarial assumptions, and actual benefits paid that are less than those assumed in the calculations, are part of the trust's experience gains and reduce future years' deductible contribution amounts.
Mary Frances Miller, senior partner and consulting actuary for Select Actuarial Services in Nashville, Tenn.
More restrictive rules were adopted for certain valuation, appraisal and actuarial services in that members may not perform any such service if the results of the service will be material to the client's financial statements and the service is subject to a significant amount of subjectivity.