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Definition of «actuarial»

The term "actuarial" refers to the profession or science that deals with the assessment and management of financial risk, particularly in insurance and pensions. Actuaries use mathematical methods and statistical analysis to calculate the probability of future events occurring, such as death, illness, or loss of property, and then develop strategies for minimizing potential losses. They are often employed by insurance companies, pension funds, and other organizations that need to manage financial risk effectively.

Usage examples

  1. Actuarial calculations are necessary to determine insurance premiums based on risk assessments.
  2. Actuarial tables help project life expectancies and mortality rates, which play a crucial role in setting pension funds.
  3. Actuarial science involves analyzing statistical data to evaluate the financial consequences of risk and uncertainty.
  4. Actuarial models use historical data and mathematical techniques to estimate future cash flows and financial obligations.
  5. Actuarial exams test the knowledge and skills required for professionals working in the field of actuarial science.
  6. Actuarial reports provide detailed analysis and recommendations for mitigating risks in various industries.
  7. Actuarial analysis helps insurance companies determine the appropriate level of reserves needed to cover potential losses.
  8. Actuarial professionals use their expertise to advise businesses on comprehensive risk management strategies.
  9. Actuarial practices are essential for companies involved in pensions, reinsurance, and other financial sectors.
  10. Actuarial science plays a vital role in assessing the financial solvency of insurance companies and their ability to meet policyholders' claims.

Phrases with «actuarial»

Sentences with «actuarial»

  • «Given the use of actuarial tables in determining the loan amount, it's going to be a smaller draw as a result,» she says. (rismedia.com)
  • Eidson earned a Bachelor of Mathematics from Washington University in St. Louis and a Master of Actuarial Science from Ball State University. (cunamutual.com)
  • The determination of whether a plan fits into the bronze level of coverage is based on actuarial value, explained here in more detail. (verywell.com)
  • (see all sentences)

See also

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