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 ?
The American Academy of Actuaries is a 19,000-member professional association based in Washington, D.
Actuaries apply actuarial judgement in order to select the most appropriate method and assumptions.
A year ago, the actuaries were predicting that nursing home spending would rise 3.
Comments calculation requires expertise, methods, and particular techniques and actuaries usually benefit from them.
A recent survey by the Jobs Rated Almanac found that actuaries ranked first based on salary, stress level, job outlook, and physical demands, according to a report in the Wall Street Journal.
Qualifications: Eligible candidates have successfully completed an examination series for actuaries that includes advanced actuarial practice, financial and fiduciary aspects of qualified plans and advanced retirement plan consulting.
Instead, they want to highlight the dynamic role actuaries play in modeling insurance and non-insurance risks and the mathematical precision and discipline they bring to anticipating and managing future risks.
He is chairman of the AICPA FASB 106 communications with actuaries task force and a member of the Labor Department liaison task force.
The monthly sessions cover hot topics in the P&C industry, allowing actuaries to explore theoretical and practical solutions for improving insurance pricing, reserving, enterprise risk management (ERM), and modeling methods.
The AAA, Washington, is a professional association that says part of its mission is to set "qualifications, practice, and professionalism standards for actuaries in the United States.
These cases involved the reasonableness of actuarial assumptions made by the enrolled actuaries of the taxpayers' defined benefit plans.
He is a Fellow of the Society of Actuaries (FSA), a Member of the American Academy of Actuaries (MAAA), a Fellow of the Life Management Institute (FLMI) and a Chartered Life Underwriter (CLU).