actuary

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Related to actuaries: Actuarial science

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 ?
2) Reish, Ashton and Ashton, Actuarial Audits: A Legal and Tactical Analysis (American Society of Pension Actuaries, 1990), at 2-3.
She has ample amounts of experience with both small and large retirement plans, making her a versatile and valuable addition to our team of actuaries.
Due to their training, actuaries are entrusted by regulatory authorities to provide each insurer with a "Statement of Actuarial Opinion" as part of the company's annual financial statement.
In-house actuaries can then concentrate on the activities that add the greatest strategic value, such as establishing new products, performance measurement, capital management and forecasting.
The repercussions are examined in detail in The Challenge of Longevity Risk: Making Retirement Income Last a Lifetime, a paper jointly released today by the American Academy of Actuaries, the Actuaries Institute Australia, and the Institute and Faculty of Actuaries (IFoA) in the United Kingdom.
Our hope is that through this challenging and interactive competition, participants will gain a solid understanding of the critical contributions actuaries make and the impact the profession has on the business world, as well as the steps required to become an actuary, said Richard Lambert, senior vice president and chief actuary at Prudential.
In some countries, the actuaries are testing and providing the related results to the potential effects on the current and future financial conditions.
Actuaries can help the management of a company's self-insurance program in many ways.
Here's an idea that will make your head spin: Actuaries ascending to the top spot of enterprise risk management and taking on the role of chief risk officer.
The contributor, Lawrence Eagle (a partner with the actuary and consulting firm of Bacon & Woodrow), provides an insightful analysis on the historic development of friendly societies, the financial and social functions friendly societies fulfilled, their historical legal and financial changes, and the consulting role actuaries played in their development.
412(c)(3) evinces Congress's recognition that actuaries could come up with a wide range of reasonable estimates and its desire to ensure that actuaries would pick the most likely result within the range to prevent either more or less conservative assumptions.