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 ?
For example, an actuary is not expected to discuss a violation with another actuary if doing so would be prohibited by law or the actuary is acting, as here, in an adversarial environment.
In all countries in which life insurance is used in their actuary system, there are conditions for giving advice.
With knowledge of the upcoming closeout negotiation, the actuary may have discounted the $20 million reserve estimate to encourage consideration of the time value of money.
Qualifications: Eligible candidates must meet education requirements, be a member of an approved actuary society, and have at least three years of full-time actuarial work.
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.
Auditing standards do not require an actuary to be on the engagement team, but because of the complexity of Statement no.
Most recently, he served as Senior Vice President and Chief Actuary at Excellus Blue Cross Blue Shield in Rochester, N.
The blog, pioneered and run by Claude Penland, a property/casualty actuary with actuarial recruitment organization D.
11) In a 1986 presentation to enrolled actuaries, IRS Chief Actuary Ira Cohen noted that the majority of plans examined by the Service used investment returns that fell within just such a 4% corridor.
Physicians and Actuary Join Team to Expand Offerings in Growing Business