Actuarial
Actuarial
Actuarial (/æk.tʃuˈeə.ri.əl/) is a term related to the field of actuarial science, which involves the use of mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions. The term "actuarial" is derived from the Latin word "actuarius", meaning a clerk or accountant.
Definition
An actuarial is a professional who deals with the financial impact of risk and uncertainty. Actuaries use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs.
Related Terms
- Actuary: A business professional who deals with the financial impact of risk and uncertainty.
- Actuarial Science: The discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions.
- Actuarial Risk: The risk that the assumptions that actuaries implement into a model will not be realized.
- Actuarial Table: A table or spreadsheet that shows the probability of a person dying before their next birthday, based on age.
- Actuarial Analysis: The examination of risk by a professional trained in actuarial science.
- Actuarial Assumptions: Assumptions made about rates of investment earnings, mortality, turnover, disability, retirement, and other relevant factors used in calculating pension costs.
See Also
External links
- Medical encyclopedia article on Actuarial
- Wikipedia's article - Actuarial
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