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 ?
It also allows time for a more extensive actuarial analysis that identifies cost drivers.
Fiscal 1985 and 1986 projections are based in part on data from the February 1984 HCFA "Report of Laboratory Task Force' and on projections from HCFA's Office of Financial and Actuarial Analysis.
2, calls for officials to commission a "policy analysis" and an actuarial analysis of the idea of crreating a "limited, mandatory, public long-term care insurance program for the state's working population.
Many domiciles require an actuarial analysis as part of the incorporation packet.
That is a conclusion of an actuarial analysis by consulting and research firm Milliman Inc.
The provision would prohibit charging extra for insureds who intend to travel to certain destinations unless the rate is not excessive and is based on a good-faith actuarial analysis.
The department statement notes that the filing still awaits approval, "[h]owever, based on information gathered by the department so far, it appears that MedPro has the financial and actuarial analysis to support [its] request"
As a result of these unprocessed claims and additional actuarial analysis, American Investors was determined to be insolvent $10.
Achieving (within a range) estimates of service utilization for a particular physician or practice site based on an actuarial analysis of the physician's patient mix using the variables of sex, age, and severity of illness.
WASHINGTON -- Fasano Associates has just released the latest independent actuarial analysis of its Actual to Expected (A to E) performance, including an Actual to Expected Ratio of 99% for the 2005 through 2010 time period, based on the actual life expectancy estimates given to its clients.
The consultant has reviewed the actuarial analysis conducted by the HKMC for designing the Scheme, including the methodology, models and the various assumptions, and considers that the analysis is overall in order.