The first known use of actuary was in 1570

by Michaella

---

Posted on 30-12-2020 11:55 AM

---

---

Of or pertaining to an actuary or to actuaries, or to the business of an actuary: as, actuarial calculations; an actuarial society.

Of or relating to the work of an actuary classified under: relational adjectives (pertainyms) pertainym: actuary (someone versed in the collection and interpretation of numerical data (especially someone who uses statistics to calculate insurance premiums)) derivation: actuary (someone versed in the collection and interpretation of numerical data (especially someone who uses statistics to calculate insurance premiums)).

Top-ranked. Actuary has consistently been rated one of the top jobs in the united states. Head start. Actuaries earn great starting salaries that can double within the first five years. Job security. Actuaries enjoy certainty in uncertain times. We’re always in demand as the world confronts risk. Impressive impact. Actuaries participate in high-level business decision-making and solve real problems in every industry.

One year of professional actuarial experience equivalent to at least the gs-12 level and associateship in the society of actuaries or the casualty actuarial society or being an enrolled actuary.

An actuary is a professional who assesses and manages risks that businesses may encounter, like typically financial investments and insurance policies. Using numbers and statistics, actuaries can determine the likelihood of future events and help businesses predict and plan for potentially adverse events.

An actuary is a person conversant in the profession of mitigating and managing the risks associated with financial investments and other ventures that are potentially risky. Actuaries have excellent knowledge and skills in mathematics, statistics and business management. The aid managers in making strategic decisions that help in the growth of a business and in providing value to customers. One of the most critical jobs in an organization is risk management because it allows managers to act on the available information to minimize the impacts of problems that may occur. It is also used to assess the risk of a possible investment opportunity to determine if it might yield negative results for the company. The figure of the actuary has been growing over the years since it is the one that is responsible for determining the success probabilities of the decisions made in the organization.

Actuaries are experts in:

Originally, an actuary’s job was very clear and narrow – run statistics for insurance companies and analyze the data to determine probabilities. That would mean things like the likelihood of having to pay out life insurance, or of a natural disaster causing a large number of homeowner’s claim. But in the era of big data , actuarial analysts are more important than ever and have moved into all kind of fields – not just insurance, but banking, finance, big data technology, public health, and many other sectors. Actuaries are the experts in mathematics, statistics, probability, and risk, and in the 21st century, they’re as in-demand, if not more in-demand than programmers or tech analysts.

Actuaries are experts in managing risk. If you have asked – is actuarial science a good career and match for your financial and math abilities? – then it is important to understand that actuaries career is primarily focused on measuring a future that is filled with uncertainty and risk. Many professionals with careers as an actuary –.

Share actuaries put a price tag on risk. They are the leading professionals in finding ways to manage risk, and are experts in: evaluating the likelihood of future events; reducing the impact of undesirable events; and designing creative ways to reduce the likelihood of undesirable events. Actuaries apply their mathematical expertise, statistical knowledge, economic and financial analyses, and problem-solving skills to a wide range of business problems. They help companies evaluate the long-term financial implications of their decisions; they develop new ways to manage risk; and they estimate the costs of uncertain future events ranging from tornadoes and hurricanes to changes in life expectancy.

What is an Actuary?

French equivalent: rapport d'actuaire definition: the report prepared by the actuary following the actuarial valuation that describes the financial position of the pension fund. Source publication: oecd working party on private pensions, 2005, �'private pensions: oecd classification and glossary, 2005 edition�, oecd, paris. Cross references:.

By brea | sep 23, 2018 | getting started if you’re wondering what an actuary does, you’ve come to the right place. I’ve worked as an actuary for the past 4 years so, what does an actuary do? an 55 uses large amounts of data along with their expertise in statistics and finance to determine how much money should be set aside now in order to pay for costly events that may randomly occur in the future.

2017 in focus seminar: the actuary of tomorrow | october 2-3, 2017 | chicago, il oct 2nd – 3rd, 2017.

Using either traditional deterministic or other methods, an actuary’s model is used to find the actuarial rate, or the expected future loss resulting from a particular risk. This rate is used to determine a company’s reserves that cover future claims as well as claims that have been incurred but not reported. This information also is used as a guideline for underwriters when pricing policies, especially for new or highly competitive markets. Actuarial adjustments to reserves and premiums ensure that an insurance company has enough capital to remain solvent.

The primary objective of people that major in actuarial science is to become an actuary. An actuary is someone that typically works in an insurance company, and is a specialist in quantifying risk. Actuaries use mathematical and statistical concepts in order to determine the likelihood of a certain events occurring in the future (and when they’ll occur), as well as the expected financial impact of those events.

What kind of training is required to become an actuary? to become an actuary, you must have at least a bachelor’s degree. Many colleges and universities offer actuarial sciences programs that blend business, mathematics, and statistics coursework. You do not have to major in actuarial sciences to become an actuary, but you should choose courses that will build a strong foundation in calculus, statistics, probability, economics, finance, management, and computer science. College is a great time to pursue internships that will give you the opportunity to apply this broad base of knowledge in an actuarial position. Your internship may lead to a job offer after graduation, but at the very least, you will make professional contacts in the field.

Actuary a Top Job

Certification and licensing for actuary careers depends on your employer’s standards and requirements. As a general rule, students will complete examinations as part of their education to finish a master’s degree. The exams show that students understand the concepts and topics discussed in course materials. Students may be required to obtain certifications based on the needs of employers. For example, actuaries who work in the finance industry may need to obtain specific finance-related certifications and licenses as part of their jobs.

Actuarial Definitions (Property and Casualty)

Actuarial fellow is responsible for applying mathematical analyses and financial principles to amend insurance problems. Applies probability and statistics to determine rates for retirement, accident, mortality, disability and other insurance rates. Being an actuarial fellow determines premiums, designs insurance plans, creates probability charts and may aid in the calculation of necessary funds to ensure future payments of benefits. Typically works in either property and casualty, life and health insurance, or defined benefit plans. Additionally, actuarial fellow typically requires a bachelor's degree in statistics, mathematics, economics, or related. Typically reports to a manager. Actuarial fellow's years of experience requirement may be unspecified. Certification and/or licensing in the position's specialty is the main requirement. (copyright 2020 salary. Com) view full job description.

To become an actuary, you do have to become certified. The good news is, after earning your degree you can actually work as an actuary while preparing to pass your exam. There are two professional societies—the casualty actuarial society (cas) and the society of actuaries (soa) that offer certifications. The cas certifies actuaries who want to work in the property and casualty field, which includes car, homeowners, medical malpractice, or employment compensation insurance. The soa certifies actuaries who want to work in life or health insurance, retirement benefits, investments, or finances.

Actuaries model and measure the financial risk of future events for agencies and corporations that provide insurance, often using software like excel and sql. Actuaries are the business professionals most essential to the insurance industry. Their duties include maintaining daily correspondence with clients, programming or implementing risk management software, and strategizing events that bring financial risk to companies and their products. Actuaries price insurance policies and advise corporations on how to meet regulatory standards and balance capital. They lead busy professional lives, and on a daily basis they may review, prepare, and present reports to clients and executives whose financial well-being depends on the results of actuarial science. Four actuary specializations are property-casualty, life, health, and pension.

Two professional societies—the casualty actuarial society (cas) and the society of actuaries (soa)—sponsor programs leading to full professional status. The cas and soa offer two levels of certification: associate and fellow. The cas certifies actuaries who work in the property and casualty field, which includes automobile, homeowners, medical malpractice, and workers’ compensation insurance.

There are several different kinds of actuaries, ones specializing in life insurance, health insurance, pensions, and property-casualty insurance. They really are almost completely different disciplines. Some commonalities, especially regarding early basic knowledge (a few of the early exams are offered jointly by the various actuarial societies), but i'd say they're as different from one another as different branches of physics or engineering are from one another.

To be a full-fledged actuary, you need to pass 10 actuarial exams—and it’s a lengthy process. Many aspiring actuaries start exams while still in college, and you only need to take 1–3 exams before being hired for an entry-level role. Then, you can prepare for and take future exams while employed. First, you’ll take preliminary exams for associateship; then, you’ll take the remaining exams for fellowship. Each exam takes 3–5 hours, and the entire process takes 7–10 years from start to finish. There are two governing bodies for the exams: the casualty actuarial society for aspiring property insurance and casualty insurance (p&c) actuaries, and the society of actuaries for life or health actuaries. You don’t need to decide your track until after the third exam. You also need to complete certain online courses and attend conferences to become a qualified actuary.

Definitions for actuarially ac·tu·ar·i·al·ly

‘taking pensions early will have an impact on the amount of pension payable, which will be actuarially reduced. ’more example sentences ‘young people are actuarially cheaper to insure than older people. ’‘there is something depressing about a lifestyle casualty, someone whose boozing and smoking bring about the actuarially predictable consequences. ’‘he remembers, in his first run for office, being promised more votes from the area than was actuarily possible. ’.

What is an actuary?

Pension plans are popular employment benefits offered in many lines of work as an incentive for lifetime service. Employees who qualify retire secure in the knowledge that their pension plan will continue sending them a paycheck, or at least a portion of their paycheck, until they die. Some pension plans also offer medical care subsidies. Most governments offer pensions to civil servants, and a host of private companies around the world have followed suit. Pensions can be tremendously expensive to maintain, however, and founding entities usually require the services of a pension actuary to set up and administer the plans.

A health care actuary is a professional who uses their math and statistical skills to perform various health care data analyses. They provide information to health care leaders who use it to reduce the risks associated with health care access, quality, delivery and financing. Health care actuaries are usually asked to perform research regarding proposed new financing or delivery options, such as new mental health services or risk-sharing arrangements.

An actuary is essentially an analyst for risk management, doing the math to figure out how risky something might be and determining how best to minimize it in the future. Actuaries are most often needed in the insurance industry where there is a lot of financial risk involved in health insurance, life insurance and home insurance. Here, actuaries use data and a number of factors to determine just how risky an insurance policy is to give to someone.

We wanted to make it easy for our readers to compare the salary of an actuary to all the other careers out there. So we created salary rank. We compare the salary of all careers then we give them a rank of a, b, c or d depending on where their average salary sits in comparison to other careers.

While we can all imagine the day to day life of a doctor or a teacher, when pushed most people would struggle to name anything that is a part of the normal schedule of an actuary. We’re here to demystify the world of actuarial science to give you a heads up on how to talk to your child about a career in this profession.

Generally speaking, an actuary uses mathematical methods to evaluate all possible outcomes of a financial system. The system’s complexity and method of operation is strongly considered in these calculations, as are individual variables like mortality, property loss, and consumer choices. In a sense, the actuary is the ultimate accountant , creating a sprawling balance sheet of loss and rewards on large-scale projects. As such, the actuary’s main goal is to reduce loss — both financial and emotional — to its minimal level, and thus the prominence of insurance-related expenditures in the occupation. Actuaries also serve as business managers, expert witnesses, and investment advisers: all roles which a chief actuary may undertake.

Could you be an actuary?

We will guide you through every step of your journey, from picking the right subjects at school, right up to starting your ifoa exams. If you are a teacher, careers adviser or parent we have a number of specialist resources available to help you support students interested in becoming an actuary.

As an actuary, you'll analyze insurance data related to disability, sickness, injury, mortality, property damage and corporate risk to determine what is the likelihood of occurrence of a particular event, and to help put in place policies to lessen the cost of the event or risk. You'll also use similar data to determine the risk in insuring someone. You use these statistics and your expertise in business, finance and statistics to assist in drawing up pension plans and insurance policies that will continue to be financially sound while in effect.

Advising on company pensions is a time-honoured role for an actuary. There is a growing demand for specialist advice as the pensions sector develops and becomes more complex. Pensions actuaries now advise trustees, companies and scheme members on pension arrangements, including defined benefit, risk-sharing and defined contribution schemes. They work with other specialists such as pensions lawyers and administrators to help keep schemes running well, and meeting the needs of employers and pension plan members.

Being an actuary typically requires minimum of bachelor’s degree. Direct route to major in actuarial science consists of course in math, statistics, and industry related experience, however, other quantitative courses may also produce candidates for actuarial science. These majors typically include computer science, economics, mathematics, physics and statistics, humanities, english among others.

In general, if you have a defined benefit plan or cash balance plan , you will need an actuary. Being a defined benefit plan, or pension, actuary is a specialty that requires significant education, skill and continuing education. What is an actuary and what does a defined benefit plan actuary do? we will address these and other questions in this post.

What exactly does "actuarial services" mean? an actuary is a business professional, similar to an accountant or an attorney. But unlike those professionals, the actuary's job is to place dollar values on future contingent life events, such as death, disability, longevity, or retirement. Actuaries study probability and statistics, and obtain education and licensing credentials from several sources, including the federal government.

What does an actuary do?

What is an actuary? what does an actuary do? - youtube.

An actuary works with businesses to reduce the amount of risk they take. As an actuary, your goal is to evaluate future risk, reduce the likelihood of catastrophic events, and decrease the impact when these events occur. This is seen most often in the insurance industry, but banks and other companies use your services too.

1. What is an enrolled actuary? an enrolled actuary is any individual who has satisfied the qualifications set forth in the regulations of the joint board for the enrollment of actuaries and who has been approved by the joint board to perform actuarial services under the employee retirement income security act (erisa) of 1974.

The broadest definition of an actuary is someone who analyzes the financial consequences of risk. A pension actuary has the task of calculating and budgeting for funding and spending pensions for retired workers. Actuaries must have excellent math, finance and budgeting skills. In addition, they must have a fair understanding of the tax code, politics and macroeconomics.

Valuation actuaries work on estimating the future liabilities associated with past risk transfers. How much does the company need to set aside to pay for all the claims it says it will? in the above example of a health insurance policy sold, how much money should be set aside to pay for future claims? the difference from a pricing role is that as a valuation actuary, you are working on estimating liabilities for a company given that the risk transfer has already occurred (there are some prospective projects but we’ll mainly discuss the typical actuarial job here).

What actually is an actuary - youtube.

Where do actuaries work?

Relating to actuaries or their work of compiling and analyzing statistics to calculate insurance risks and premiums. ‘an actuarial consulting firm’ ‘faulty actuarial assumptions’ ‘social security reform has been a tough slog for the business lobby, normally more at home discussing golf outings than actuarial tables. ’‘the group's leadership continues to deny the hard realities about which trustworthy actuarial studies warn us. ’.

Actuaries are professionals who work in the financial sector. They complete risk and cost analysis and determine where financial uncertainties lie using the skills of a statistician, economist , and probabilities forecaster. Actuarial consultants use these skills to dispense financial advice to their clients, manage risk, and help clients choose the proper insurance, pension, and investment plans to meet their specific goals.

Actuaries work on teams with other professionals such as managers and financial analysts. This career field uses large amounts of data along with knowledge of statistics and finance to design insurance policies or calculate the amount of money a company needs to invest now in order to pay for future losses.

Actuaries evaluate risk and opportunity – applying mathematical, statistical, economic and financial analyses to a wide range of business problems. Insurance, superannuation, wealth management, investments, health financing and banking, are the more readily recognised fields in which actuaries work, but they also work in new, high-growth fields, such as data analytics, energy resources and the environment. Many actuaries also hold executive positions in the operational management of financial institutions.

We asked actuaries to describe a typical day on the job. Here is what they had to say: karen detoro, senior manager, deloitte consulting llpa, and fellow of the society of actuaries: i work as an actuarial consultant, so my days vary greatly. In the past several months, i’ve traveled to new jersey, indianapolis, las vegas and london, and i have trips coming up to hartford and new york. On those days, i’m typically working for a specific client at their office or visiting some of my colleagues in other deloitte offices.

Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk that an event will occur, and they help businesses and clients develop policies that minimize the cost of that risk. Actuaries’ work is essential to the insurance industry.

Most people have no idea what an funny actuary coffee mug personalized gift for him actuary gifts for actuary does. Outside the worlds of business and finance, the profession is shrouded in mystery. Where there is a perception of the actuarial profession, it is of groups of bespectacled men huddled over calculators, mumbling about death rates and future economic activity. Basically, actuaries analyse past events and present risks to predict the long-term financial implications of various business decisions. As a simple example, an actuary might investigate trends in inflation, economic activity, incidence of disease and death rates to work out how much a life insurance company needs to charge in premiums to be able to meet the future costs of its policyholders.

---