Actuarial Science. Project

Topics: Actuary, Actuarial science, Insurance Pages: 3 (893 words) Published: May 16, 2013
For my quarterly project I will be going over what an actuary does on the job, how that translate to our life, and how it became the study it is today. An actuary, or statistician is a person who computes insurance and pension rates and premiums on the basis of the experience of people sharing similar age and health characteristics. Actuaries must have analytical, statistical, and probability skills. Actuaries help business make sound financial decisions to protect it from loss.

Actuaries are statisticians who provide expert data analysis of risk assessment and risk management for the financial services sector. Actuaries specialize within the insurance industry. They also prepare and evaluate data for banks, retirement and pension fund administrators, or they can be self-employed as consultants. Such as advising and determining the best choices for investments and other financial decisions. Actuaries are able to calculate these tables by using past information and projections of mortality rates indicate that the life expectancy of an individual. Mortality tables are usually used as the bases for calculating estimated insurance premiums or monthly retirement annuities. When used by expert witnesses, actuarial tables are acceptable evidence to show life expectancy. Juries may award damages(money) to plaintiffs (person who is suing the defendant) for compromised life expectancy resulting from the alleged crime of the defendant.

An actuarial valuation is a type of appraisal (official valuation) which requires making economic and demographic (structure of population) assumptions in order to estimate future liabilities (being responsible for). The assumptions are usually based on a mix of statistical tables and experienced judgment. Because assumptions are often derived (obtained) from long-term data. Unusual short-term circumstances or unanticipated trends can occasionally cause problems. A common example where an actuary directly...
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