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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).


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 ?
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 addition, there are so many differences in the way of cooperating of actuaries with each other and accessing to related data and studies to actuary science.
And absent an understanding of these extra uses, the actuary may not devote sufficient attention to the aspects of the report that will support them.
Description: Through completion of the FSA program, the actuary gains expertise in the financial risk of life insurance, health programs, retirement systems, enterprise risk management, finance, or investment specialties, along with a course in ethics/professionalism and business applications.
The perception will take a long time to change; it's a long-term initiative that will take 10 to 15 years to address," says Valentina Isakina, the SOA'S staff actuary.
The IRS also argued that the assumptions could not have represented the actuary's best estimate of anticipated experience because, by using almost identical assumptions for all the plans, the actuary did not adequately take into account differences among the individual partners and the investment strategies of the individual plans.
An actuary called to the scene too late, however, may bear the bad news that the intended spinoff runs afoul of professional judgment, actuarial standards and legal compliance.
If the auditor finds the actuary's qualifications unsuitable, a review of the actuary's work by another actuary may be necessary.
The trustees and the actuary will make new forecasts in their next annual report, which under federal law must be submitted to Congress by April 1.
Lockton, the world's largest privately held insurance broker, has added two medical directors, a senior actuary and appointed an experienced benefits executive to chief operating officer.
He has also served as Secretary of the SOA Financial Reporting Section Council, as a member of the Centers for Actuarial Excellence (CAE) Grants Committee, and as Chair of the Valuation Actuary Symposium.
12) Included in unpublished remarks by Ira Cohen, Chief Actuary of the IRS, during the 1986 Enrolled Actuaries Meeting, Washington, D.