actuary


actuary
A professional trained in the application of statistics and probability theory to issues relating to general insurance and life assurance. Some are employed by insurance companies to calculate probable lengths of life and advise insurers on the amounts that should be put aside to pay claims and the amount of premium to be charged for each type of risk. They advise on the pricing of insurance contracts and also on the administration of pension funds. The work of the actuary is separate from that of the accountant, although there are certain areas in which they are required to collaborate, particularly in accounting for pension costs (now governed by Financial Reporting Standard 17 and International Accounting Standard 19).

Accounting dictionary. 2014.

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  • Actuary — Damage from Hurricane Katrina. Actuaries need to estimate long term averages of such damage in order to accurately price property insurance and set appropriate reserves. Occupation Names Actuary …   Wikipedia

  • actuary — ac·tu·ary / ak chə ˌwer ē, shə / n pl ar·ies: a person who calculates insurance and annuity premiums, reserves, and dividends Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. actuary …   Law dictionary

  • Actuary — Ac tu*a*ry, n.; pl. {Actuaries}. [L. actuarius copyist, clerk, fr. actus, p. p. of agere to do, act.] 1. (Law) A registrar or clerk; used originally in courts of civil law jurisdiction, but in Europe used for a clerk or registrar generally. [1913 …   The Collaborative International Dictionary of English

  • actuary — (n.) 1550s, registrar, clerk, from L. actuarius copyist, account keeper, from actus public business (see ACT (Cf. act) (n.)). Modern insurance office meaning first recorded 1849 …   Etymology dictionary

  • actuary — ► NOUN (pl. actuaries) ▪ a person who compiles and analyses statistics in order to calculate insurance risks and premiums. DERIVATIVES actuarial adjective. ORIGIN Latin actuarius bookkeeper …   English terms dictionary

  • actuary — [ak′cho͞o er΄ē] n. pl. actuaries [L actuarius, clerk < actus: see ACT1] a person whose work is to calculate statistically risks, premiums, life expectancies, etc. for insurance …   English World dictionary

  • actuary — a mathematician whose work is mainly concerned with insurance and finance. Glossary of Business Terms * * * actuary ac‧tu‧a‧ry [ˈæktʆuəri ǁ tʆueri] noun actuaries PLURALFORM [countable] INSURANCE JOBS someone whose job is to calculate risks, in… …   Financial and business terms

  • actuary — UK [ˈæktʃuərɪ] / US [ˈæktʃuˌerɪ] noun [countable] Word forms actuary : singular actuary plural actuaries business someone whose job is to calculate the cost of insurance by examining how often deaths, accidents etc happen …   English dictionary

  • actuary — actuarial /ak chooh air ee euhl/, actuarian, adj. actuarially, adv. /ak chooh er ee/, n., pl. actuaries. 1. Insurance. a person who computes premium rates, dividends, risks, etc., according to probabilities based on statistical records. 2.… …   Universalium

  • Actuary — Ac|tu|a|ry [ ɛktjuəri] der; s, s <aus gleichbed. engl. actuary>: 1. Gerichtsschreiber. 2. Statistiker; vgl. ↑Aktuar …   Das große Fremdwörterbuch

  • actuary — [[t]æ̱ktʃuəri, AM tʃueri[/t]] actuaries N COUNT An actuary is a person who is employed by insurance companies to calculate how much they should charge their clients for insurance …   English dictionary