Recent Examples of actuary from the Web
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.
Rather than increasing slightly, as the actuaries had predicted, the city's pension costs spiked after the 2001 changes.
Federal actuaries predict that Medicaid’s annual cost, which was $595 billion in 2017, will exceed $1 trillion in 2026.
The $380 million raised by the tax could cut that increase in half, according to actuaries.
All of this means Hancock itself has to get tech savvy and change its own culture, hiring more developers and engineers, not just actuaries and accountants.
Unskilled workers such as day-care employees and stock clerks have a higher risk, according to some actuaries.
And, the city agreed to pay the full annual cost as recommended by fund actuaries.
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
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
Seen and Heard
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