actuary

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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 ?
Generally accepted accounting principles (GAAP) have required that this actuarially determined amount, known as the actuarially required contribution (ARC), (1) be calculated within standardized parameters and disclosed as part of an employer's annual financial report.
illustrate how actuarially fair reformation would work in practice.
We analytically and numerically derive, using option-pricing techniques, the actuarially fair premium for the five most common deductible insurance policies.
We revisit this point in Section 5, when we investigate whether actuarially fair deposit insurance can prevent systemic risk.
Furthermore, since the insurance premium is actuarially unfair, an increase in insurance decreases average per capita consumption and thus increases the other people's utility if [U.
amounts reasonably and actuarially necessary to fund incurred but unpaid medical claims as of the end of the taxable year and administrative costs associated with those claims;
When a claim occurs, an actuarially sound estimate of the present and future liabilities of that claim must be made.
The expected utility hypothesis predicts that, when the price of insurance is actuarially fair to the consumer, a risk-averse consumer will choose to fully insure against a potential loss.
By actuarially dividing it-the inflation portion basically funded by the 401 (h)-we have funded a significant portion of the liability.
50 effective January 1, 1993; early retirement at age 55 with 25 years of service, with benefits being actuarially reduced; a $15 increase over the term of the contract (previously, $75) in the weekly accident and sickness benefits, up to a maximum of 15 weeks annually; $100,000 (previously, $85,000) combined lifetime maximum benefit for inpatient, home health care, and outpatient surgical benefits effective November 1, 1990, and $110,000 effective November 1, 1992; and establishment of discounted programs with health and welfare providers, with the discounts being equally shared by the company and the employees.
Investment losses have propelled pension funding to well below average levels, despite the city's funding at actuarially determined levels.