actuary

(redirected from Actuarial analysis)
Also found in: Dictionary, Thesaurus, Medical, Financial.
Related to Actuarial analysis: Actuarial Risk

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 ?
B) Difference histogram calculated with the actuarial analysis method.
While determining the cost of ERIs structured as lump-sum payments is straightforward, ERI subsidies that change the pension benefit formula are more complex, will likely result in years of additional payments from the plan sponsor to the retirement plan, and will consequently require actuarial analysis to provide a robust cost estimate.
They will provide actuarial analysis and data management as consultants to providers.
The baby boomers will start retiring in 2010, and Social Security's "intermediate" actuarial analysis projects that from 1995 to 2030, when the last boomers retire, the population aged 65 and over will nearly double, from 34.3 million to 68.4 million.
I would prefer social security reforms that maintain the link between dedicated taxes and benefits and maintain the value of long-range actuarial analysis. This discipline is essential if we are to limit the impending explosion of entitlement spending.
In addition, the actuarial analysis concluded that the proposed changes will contribute to a total program cost, past and future, that will exceed $50B.
The actuarial analysis uses the general methodology and many of the assumptions employed by HCFA and SSA actuaries.
HCFA's Office of Financial and Actuarial Analysis projects total Medicare Part B lab outlays of $1.8 billion in 1985 and $2.1 billion in 1986.
Under Missouri law, insurers may set their rates based on the NCCI's recommendations, the department's recommendations, or their own actuarial analysis. Insurers are not required to change their rates in 2019, regardless of the recommendations made.
workers when it comes to their health care costs, according to a new actuarial analysis by Aon plc, the leading global professional services firm providing a broad range of risk, retirement and health solutions.
"While these requests remain subject to actuarial analysis and examination, they show that insurers are better serving Arkansas policyholders thanks to a deeper understanding of the state's health insurance market."
The 2014 Long Term Care General Liability and Professional Liability Actuarial Analysis provides estimates of loss rates, or the cost of liability to the beds that care providers operate.