Recent Examples of actuary from the Web
The county's annual contribution for its existing pension liabilities will increase from nearly $65.8 million this year to $72.2 million in 2018, according to the report of county actuaries at Wednesday's Pension Board meeting.
James Lynch, chief actuary with the trade group Insurance Information Institute, accuses the ProPublica authors of flawed methodology.
KRS’ own actuary did a similar analysis for the years 2008-14.
Actuaries expect premiums to rise without the mandate.
It’s called underwriting, and the actuaries are well aware of the labor and parts expense differences on every model of vehicle sold in America.
That is what the actuaries seem to be incorporating into their rates.
The CMS actuary and CBO have disagreed in the past on the budgetary effects of legislation …
The city had put away several hundred million dollars for future pension obligations, and — unlike many state and local governments — still maintains a massive pension reserve that actuaries say is more than big enough.
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.
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
Legal Definition of actuary
: a person who calculates insurance and annuity premiums, reserves, and dividends
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