Business Glossary

practitioner involved in mathematical computations and analyses of insurance probability estimates.

mathematician employed by an insurance company to calculate premiums, reserves, dividends, and insurance, pension, and annuity rates, using risk factors obtained from experience tables. These tables are based on both the company's history of insurance claims and other industry and general statistical data.

one who calculates insurance and property costs, especially the cost of life insurance risks and insurance premiums. To become a fellow of the society of actuaries requires passing a set of highly rigorous examinations.

mathematician in the insurance field. Actuaries conduct various statistical studies; construct morbidity and mortality tables ; calculate premiums, reserves, and dividends for participating policies; develop products; construct annual reports in compliance with numerous regulatory requirements; and in many companies oversee the general financial function. The successful actuary has a strong general business background as well as mathematical ability. Professional actuarial associations provide actuarial qualification examinations