Definition of "Actuary"
Mathematician in the insurance field. Actuaries conduct various statistical studies; construct morbidity and mortality tables; calculate premiums, reserves, and dividends for participating policies; develop products; construct annual reports in compliance with numerous regulatory requirements; and in many companies oversee the general financial function. The successful actuary has a strong general business background as well as mathematical ability. Professional actuarial associations provide actuarial qualification examinations.
Popular Insurance Terms
Property insurance premium rate that is applicable to a single, particular piece of property. ...
State operated insurance company used in workers compensation insurance in some states where the risks are so great that the commercial insurance companies cannot operate at affordable ...
Legislation passed in 1988 by the U.S. Congress to facilitate movement of checks through the collection system. As the result of this Act, the Federal Reserve has established rules for the ...
Same as term Agreed Amount Clause: in property insurance, a stipulated agreement between the insurance company and the insured that the amount of insurance coverage under the policy is ...
A procedure in which the employer has absolute liability for the injuries incurred by the employee and the employee does not have the right to sue the employer for those injuries suffered. ...
Method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the claim above that limit up to a specific ...
Frequency of premium payment; for example annually, semiannually, quarterly, or monthly. ...
Same as term Application: written statements on a form by a prospective insured about himself, including assets and other personal information. These statements and additional information, ...
Date at which insurance protection begins. ...
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