What
is an Actuary?
An actuary is a professional person
concerned with the financial evaluation of risk. The actuary's job
is to design and administer insurance programmes, pensions,
government welfare plans and other similar financial
programmes.
An actuary is mainly concerned that these programmes
operate on a sound financial basis and to do this they use various
areas of mathematics (e.g. probability theory, statistics, theory
of interest), as well as other general principles of economics and
finance.
Definition of an
Actuary
An actuary can be defined as; "a specialist in
the mathematics of risk, especially as it relates to insurance
calculations such as premiums, reserves, dividends and insurance
annuity rates". Most work for insurance companies to evaluate
applications based on risk.
About the Actuary
Profession
The profession is over 150 years old and
dates back to the emergence of scientific principles in the pricing
of life insurance contracts an
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