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Actuary |
Also found in: Dictionary/thesaurus, Encyclopedia, Wikipedia, Hutchinson | 0.04 sec. |
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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). 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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Annual OPEB cost for
most employers will be based on actuarially determined amounts that, if
paid on an ongoing basis, generally would provide sufficient resources
to pay benefits as they come due. ,
cause employees to forfeit) pension benefit payments to employees who
work beyond normal retirement age, without actuarially increasing the
monthly benefit when the employee does retire (assuming the employee
retires before attaining age 70 1/2), as long as the employer provides
the suspension-of-benefits notice required by the DOL regulations when
the employee attains normal retirement age. Various reductions of attack probability illustrated the impact of
these estimates on the calculation of actuarially fair premiums. |
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