Professional person who applies probability and other statistical theories to insurance. His work covers rates, reserves, dividends and other valuation while also conducting statistical studies, making reports and advising on solvency. PA95 obliges the trustees of occupational pension schemes to appoint an actuary to advise on funding aspects and ensure that the scheme meets the minimum funding requirement.
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Technical expert of life insurance who can apply the theory of probability to calculate policy reserves and mortality, morbidity, dividends, premium, and lapse rates. An actuary prepares statistical studies and reports.
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INDIA: As per the Actuaries Act, 2006 and the Institute of Actuaries of India : “Actuary” means a person skilled in determining the present effects of future contingent events or in finance modeling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits recommending rates relating to insurance business, annuities, insurance and pension rates on the basis of empirically based tables and includes a statistician engaged in such technology, taxation, employees’ benefits and such other risk management and investments and who is a fellow member of the Institute. Traditional responsibilities of Actuaries in life and general insurance business include designing and pricing of policies, monitoring the adequacy of the funds to provide the promised benefits, recommending fair rate of bonus where applicable, valuation of the insurance business, ensuring solvency margin and other insurance risks like legal liability, loss of profit, etc. They also define the risk factors, advise on the premia to be charged and re-insurance to be purchased, calculate reserve for outstanding claims and carry out financial modeling. An Actuary works as consultant either individually or in partnership with other Actuaries in multi-disciplines life insurance, information technology, taxation, employees benefit, risk management, investment, etc. Evidently, the scope of the functions and duties of an Actuary has increased considerably under the changed conditions.
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An actuary specializes in the mathematics of risk. When working for an insurance company, the actuary analyzes, evaluates, and manages statistical information related to the insurance company’s reserves, premium rates, loss probability, annuity rates, dividends, and the administration of pension funds.
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A professional person who is qualified to calculate risks and probabilities relating to insurance and pensions.These are normally people who can work out the cost of insurance from first principles rather than using software.
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a person qualified to apply the mathematical doctrines of probability and compound interest to the statistics on which life insurance and pension business etc. are based; in the UK an actuary will normally have qualified as a member of the Institute of Actuaries or Faculty of Actuaries in Scotland.
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A person professionally trained in the technical aspects of insurance and related fields, particularly in the mathematics of insurance such as the calculation of rating, premium, reserve, and other values. IRDA defined that “Actuary” means an actuary possessing such qualifications as may be prescribed. Has to be a Fellow Member of the Institute of Actuaries of India, specialization paper and expertise must be in the respective domain, age must be less than 65 years, has to be full time employee of the insurer, total experience +/- 10 years post qualification +/- 2 years domain experience, ordinary citizen of India and hold COP of Institute of Actuaries of India. Insurer desirous of appointing an Actuary seeks approval of India and On acceptance by IRDA, AA appointment is confirmed by Insurer.
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Technical expert of life insurance who can apply the theory of probability to calculate policy reserves and mortality, morbidity, dividends, premium, and lapse rates. An actuary prepares statistical studies and reports.