actuary

noun

ac·tu·ary | \ ˈak-chə-ˌwer-ē

, -shə-, -ˌwe-rē-\

plural actuaries

Definition of actuary

1 obsolete : clerk, registrar

2 : a person who calculates insurance and annuity premiums, reserves, and dividends

Examples of actuary in a Sentence

Recent Examples on the Web

The actuary completed the analysis several weeks after Bevin released his plan. — Tom Loftus, The Courier-Journal, "Kentucky Supreme Court rules against Matt Bevin in pension open records case," 5 June 2019 While Social Security reserves are still projected to run dry in 2034, actuaries have extended the doomsday clock for the disability fund by 20 years to 2052. — The Editorial Board, WSJ, "The Falling Disability Rolls," 28 Apr. 2019 Young and other Vanguard researchers partnered with actuaries at Mercer Health and Benefits consulting firm to create a proprietary model based on what retired people actually spend on health care. — Liz Weston | Nerdwallet.com, oregonlive.com, "Here’s what health care really will cost you in retirement," 8 June 2019 But after his cornflakes, Mitch encounters Ida (Mary Williamson), a local actuary, a lifelong citizen of a place where every available man has known you since first grade. — Chris Jones, chicagotribune.com, "'Life on Paper' by Jackalope Theatre builds a very human story from the numbers," 5 June 2019 If stats are your things, actuaries crunch numbers to assess risks for businesses like insurance companies. — Marisa Lascala, Good Housekeeping, "Going Back to School Is Worth It for These Interesting Careers," 30 May 2019 The number of Medicare beneficiaries is expected to surge to 87 million in 2040, from 60 million this year, according to Medicare actuaries. — Robert Pear, New York Times, "Medicare’s Trust Fund Is Set to Run Out in 8 Years. Social Security, 16.," 5 June 2018 Each group crafts its own, often with the help of pet actuaries. — Jo Craven Mcginty, WSJ, "As Veterinary Bills Add Up, More Pet Owners Opt for Insurance," 24 Aug. 2018 The fact sheet says that for the first time in a decade, this budget would fully fund the number of dollars requested by the actuary of the Teachers' Retirement System. — Tom Loftus, The Courier-Journal, "Gov. Matt Bevin's Kentucky budget proposal includes surprise on teacher pensions," 17 Jan. 2018

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'actuary.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

Keep scrolling for more

Learn More about actuary

Dictionary Entries near actuary

Statistics for actuary

Last Updated

13 Jul 2019

Look-up Popularity

Time Traveler for actuary

The first known use of actuary was in 1570

See more words from the same year

Keep scrolling for more

More Definitions for actuary

actuary

noun

Financial Definition of actuary

What It Is

An actuary is a person who evaluates the likelihood of certain events and creates plans to deal with those events.

How It Works

Actuaries must understand business, have good analytical skills, and be aware of how human behavior affects risk. In the insurance business, for example, actuaries use an issuer's costs to calculate premiums for policyholders. They also make estimates of damage after big events, such as hurricanes or earthquakes. Additionally, they may use medical records, geological information, or other data to predict things such as how long a customer will live or where the next big earthquake will occur. Comfort with statistics is key.

Actuarial work typically requires a bachelor's degree, and actuaries must also pass a series of exams to earn a professional designation through the Casualty Actuarial Society or the Society of Actuaries. It can take six to 10 years to pass all the tests. In 2010, the median pay for actuaries was $87,650 per year.

Why It Matters

Because actuaries manage risk, many work in the insurance industry, but many also work in private industry, as consultants, at accounting firms, in banks and in other organizations.

Source: Investing Answers

actuary

noun