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.
Our hope is that through this challenging and interactive competition, participants will gain a solid understanding of the critical contributions actuaries make and the impact the profession has on the business world, as well as the steps required to become an actuary, said Richard Lambert, senior vice president and chief actuary at Prudential.
In addition, there are so many differences in the way of cooperating of actuaries with each other and accessing to related data and studies to actuary science.
And absent an understanding of these extra uses, the actuary may not devote sufficient attention to the aspects of the report that will support them.
Description: A candidate for membership as a Fellow must be substantially engaged in a consulting actuarial practice, employed as an actuary of a governmental unit or in work as an Enrolled Actuary or at an insurance company or in teaching actuarial science, and must satisfy any one of three independent criteria.
The task force's job was to get the topic high up on the radar screen and to serve as a launch pad for what now has become the risk management section," says Hubert Mueller, an actuary with Towers Perrin.
Vinson & Elkins chose #1 above, and the actuary used a 1958 life insurance mortality table to compute the insurance premiums, but used a 1971 annuity table, which estimated longer lives than the 1958 table, to calculate pension costs.
However, because the regulations under IRC 414(1) permit the actuary to step into an annuity carrier's shoes and to estimate what its cost might be, neither the plan sponsor nor the annuity carrier has to undergo this shopping expedition.
Foster, chief actuary for the Federal Health Care Financing Administration, which runs Medicare for 37 million people who are elderly or disabled.
Underlying the court's analysis was a belief that an actuary must use assumptions that insure that the promised benefits will be available when the participant is scheduled to retire.
So, an appropriate understanding and timely and detailed discussions and close coordination between the auditor, the actuary and the client are often critical in formulating a Statement no.
BOSTON -- Jacobson Executive Search has placed Clifford "Cliff" Lange as the Chief Financial Officer and Chief Actuary at Boston Mutual Life Insurance Company of Canton, Mass.