Recent Examples of actuary from the Web
The report, prepared mostly by nonpolitical actuaries and economists, predicts a 2.4 percent increase in Social Security benefits next year, to keep up with the cost of living.
Just last week, Medicare's own chief actuary, Paul Spitalnic, estimated that expanding short-term insurance would suck as many as 800,000 consumers out of the ACA market, driving premiums higher by 3% in the first year and up to 6% a year by 2022.
In pharmacy benefit managers, actuaries make the decisions based on how big the financial rebate from the drug company to the PBM is.
The letter came from Mary Parsons, the widow of David Parsons, an Atlanta actuary who purchased it from a rare book dealer in New York in 2004, unaware it had been stolen from the Vatican.
The Columbus letter was traced to Robert Parsons, an Atlanta actuary, who had bought it from a rare book dealer in New York in 2004.
The bride's father is the chief actuary and chief operating officer of the Brandywine Group of Insurance and Reinsurance Companies in Philadelphia.
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.
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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