Recent Examples of actuary from the Web
An actuary is a professional who applies mathematics and statistical methods to assess risk.
Even greater benefits, which the actuary ignored, would come from allowing renewal guarantees.
But the chief actuary, Paul Spitalnic, estimates that 1.4 million people could sign up for the short-term policies in the first year, with enrollment reaching 1.9 million by 2022.
The actuaries' study basically adds to a large and robust body of evidence showing a gulf in longevity between rich and poor.
What the actuaries found is that lifetime earnings are a powerful predictor of mortality.
Many of the assumptions actuaries used proved to be erroneous.
The Choose Medicare Act envisions that individuals and companies would cover their costs for buying into Medicare, meaning actuaries would need to determine what those premiums would look like.
Many retirees did much better, and the system's actuaries were slow to recognize the mushrooming liabilities and set employer contributions at a level high enough to cover them.
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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
Definition of actuary for English Language Learners
: a person whose job is to tell insurance companies how much they should charge people for insurance based on risks
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