Recent Examples of actuary from the Web
The Social Security actuary estimates that in 2010, undocumented workers paid $12 billion into the system.
But board members and the board’s actuary, Gene Kalwarski, said 6.5 percent matched better with actual investment projections by the board’s consultant.
Stephen Alexander, an actuary for the association, testified that rates should be reduced by an average 15.4 percent.
In 2010, an outside actuary working for California regulators found a critical error in Anthem’s proposal to raise rates by up to 39 percent.
In 2014, Medicare actuaries pegged the one-year leap in prescription drug costs for the program at 12.6%, almost all of which was due to Sovaldi.
Harvey could lead to further price rises, said James Lynch, chief actuary at the insurance institute.
States need more flexibility in defining the essential health benefits that must be covered by all plans and should be given more latitude in designing plans, said Tammy Tomczyk, a health insurance consultant and actuary.
Greene said the idea for the product came from an actuary at Cuna Mutual who was concerned about income volatility and lack of savings.
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.
Origin and Etymology of actuary
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.
ACTUARY Defined for English Language Learners
Seen and Heard
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