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 ?
The author is a health actuary, which means most of the risk models she works with focus on the short term for annual rating.
(5) Kelly, Kleffner, and Li examine the Canadian PC insurer sample from 1995 to 2008 to examine whether the status of the appointed actuary impacts loss reserve accuracy.
Over the years, Foster & Foster Actuaries and Consultants has taken over "a number" of funds across the state that Sharpe worked on, actuary Jason Franken said.
The duty to disclose the mistake may be reinforced by Precept 8 of the actuaries' code, which indicates that an actuary should take reasonable steps to ensure that actuarial services are not used to mislead other parties.
The company, part of the London-based Aon Hewitt, said that it also carried out actuary studies for the social security systems of Saudi Arabia, Bahrain and Egypt in the past.
One was the actuary of a life insurance company, parent company of the HMO, and the other a former consultant of the Social Security System.
The actuary activities conclude recognizing the possibilities of insurance risks, use of statistical models, and use of calculated cash flow.
In some cases a true market valuation provided by an independent actuary can be as much as 50% higher than the cash equivalent transfer value provided by the pension scheme.
He became an Enrolled Actuary, a Member of the American Academy of Actuaries and the Conference of Consulting Actuaries in Public Practice and a Fellow of the Canadian Institute of Actuaries.
Company risk managers, controllers, chief financial officers and others who work directly with an actuary generally obtain a reasonable level of value from the actuarial analysis.
He has over twenty years of experience as a casualty actuary and as a web strategist for actuarial recruitment organizations.
Khan said "The rigorous series of examinations required to qualify as an actuary makes them fit to take any challenges in risk management space even outside traditional areas of actuarial practices and they can play a greater role in areas such as finance, investment, social sector planning, government health planning etc".