actuaries Definition
professionals who use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs.
Using actuaries: Examples
Take a moment to familiarize yourself with how "actuaries" can be used in various situations through the following examples!
Example
Actuaries assess the financial risks of insurance policies.
Example
The company hired an actuary to help manage their pension program.
Example
Actuaries use complex mathematical models to predict future events.
Phrases with actuaries
a professional designation for actuaries who have demonstrated expertise in the field through rigorous education and testing
Example
She became a Fellow of the Society of Actuaries after passing a series of difficult exams.
the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries
Example
He studied actuarial science in college and now works as an actuary for an insurance company.
the average length of time a person is expected to live, often used by actuaries to calculate insurance premiums and pension benefits
Example
The company's actuaries calculated that the average life expectancy of their policyholders was increasing.
Origins of actuaries
from Latin 'actuarius', meaning 'keeper of accounts'
Summary: actuaries in Brief
'Actuaries' [ˈæk.tʃu.er.i] are professionals who use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. They assess the financial risks of insurance policies and use complex mathematical models to predict future events. Phrases like 'fellow of the Society of Actuaries' and 'actuarial science' denote professional designations and the discipline that applies mathematical and statistical methods to assess risk in various industries.
