actuarial Definition
relating to the work of an actuary, especially in calculating insurance risks and premiums.
Using actuarial: Examples
Take a moment to familiarize yourself with how "actuarial" can be used in various situations through the following examples!
Example
He works in the actuarial department of an insurance company.
Example
The actuarial tables show the probability of death at different ages.
Example
Actuarial science involves using mathematical models to assess risk.
Phrases with actuarial
Example
The company hired an actuary to perform an actuarial valuation of their pension plan.
the estimates and assumptions used by actuaries to calculate insurance premiums or pension plan liabilities
Example
The actuarial assumptions used by the insurance company were too optimistic, leading to underfunding of the policy.
the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries
Example
She studied actuarial science in college and now works for an investment bank.
Origins of actuarial
from Latin 'actuarius', meaning 'copyist, registrar'
Summary: actuarial in Brief
'Actuarial' [ˌæktʃuˈeəriəl] is an adjective that describes something related to the work of an actuary, who calculates insurance risks and premiums. Actuarial science involves using mathematical models to assess risk. Phrases like 'actuarial valuation' and 'actuarial assumptions' are used in the insurance industry to describe specific calculations and estimates made by actuaries.
