actuary

(redirected from actuarially)
Also found in: Dictionary, Thesaurus, Medical, Financial.

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 ?
Proposition 2: With a binding liquidity constraint and no risk of insurer default, an agent faced with actuarially fair insurance will choose less than full coverage, [k.
illustrate how actuarially fair reformation would work in practice.
We analytically and numerically derive, using option-pricing techniques, the actuarially fair premium for the five most common deductible insurance policies.
We revisit this point in Section 5, when we investigate whether actuarially fair deposit insurance can prevent systemic risk.
This section requires premiums for the new optional coverage to be risk-based and actuarially sound, so that the program would be required to collect enough premiums to pay claims.
Annual OPEB cost for most employers will be based on actuarially determined amounts that, if paid on an ongoing basis, generally would provide sufficient resources to pay benefits as they come due.
The premiums charged by captives are not market driven (some policyholders suspect that the insurance industry is overcharging current premiums to cover prior years' shortfalls; to recover those losses as quickly as possible), but rather are actuarially driven by analysis of the captive participants' financial situations.
This scheme should be abolished and replaced by a system of flexible retirement where benefits would be actuarially adjusted.
The death benefits offered by many lodges, meanwhile, were financed on the same pay-as-you-go basis as Social Security, rather than on some reserve system, and until circumstances forced a change, many were actuarially unsound.
5 times as much wealth to achieve a given lifetime utility level without access to an actuarially fair nominal annuity market as someone with such a market.
Low-risk individuals will not obtain their most preferred actuarially fair policy in a separating equilibrium.