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An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. [1]
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries ...
Suppose each person in a sample of 100,000 people were asked how much he or she would be willing to pay for a reduction in their individual risk of dying by 1 in ...
With determining life expectancy, age is the most important factor, other significant factors are sex of the individual and smoking. Thus, an actuary can reasonably estimate the average age of death for a group of 25-year-old males, who don't smoke. [2]
It found that the average health insurance cost for employer-sponsored premiums in 2023 was “$8,435 for single coverage and $23,968 for family coverage.” However, this figure increases to ...
The actuarial present value (APV) is the expected value of the present value of a contingent cash flow stream (i.e. a series of payments which may or may not be made). Actuarial present values are typically calculated for the benefit-payment or series of payments associated with life insurance and life annuities .
The Institute and Faculty of Actuaries came into being on 1 August 2010 as a result of the merger of the Institute of Actuaries (established in 1848) and the Faculty of Actuaries in Scotland (established in 1856) after voting members of both bodies voted to merge their respective organisations in a ballot held on 25 May 2010.
According to the longevity Illustrator, there's a 50% chance that one member of our average health couple will make it to age 92. So if you're married, you should definitely assume a longer life ...