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Actuaries do not always attempt to predict aggregate future events. Often, their work may relate to determining the cost of financial liabilities that have already occurred, called retrospective reinsurance, [25] or the development or re-pricing of new products. [26] Actuaries also design and maintain products and systems.
present value adjustment using actuarial rate, prices index,... base insurance premium correction, underwriting policy evolution, clauses application 'as if' data, calcul of the 'as if' historical reinsurance indemnity, Reinsurance pure premium rate computing, add charges, taxes and reduction of treaty
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries and professions. Actuaries are professionals trained in this discipline.
Actuarial credibility describes an approach used by actuaries to improve statistical estimates. Although the approach can be formulated in either a frequentist or Bayesian statistical setting, the latter is often preferred because of the ease of recognizing more than one source of randomness through both "sampling" and "prior" information.
Often, limited data is available to determine appropriate charges for high limits of insurance. In order to price policies with high limits of insurance adequately, actuaries may first determine a "basic limit" premium and then apply increased limits factors. The basic limit is a lower limit of liability under which there is a more credible ...
Rate making, or insurance pricing, is the determination of rates charged by insurance companies. The benefit of rate making is to ensure insurance companies are setting fair and adequate premiums given the competitive nature.
In insurance, an actuarial reserve is a reserve set aside for future insurance liabilities. It is generally equal to the actuarial present value of the future cash flows of a contingent event. In the insurance context an actuarial reserve is the present value of the future cash flows of an insurance policy and the total liability of the insurer ...
Actuarial science – discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. What type of thing is ...