Article 344, Day 59, Actuary December 14th, 2012 by Chris Pottorff | Category: Basics Actuary is an individual, who happens to be a qualified, professional statistician employed by an insurance agency. Duties of an Actuary include assessing risk factors, like finding out morbidity and mortality, calculation of appropriate insurance premiums, keeping an eye on the risks. The Actuarys job is to evaluate application and medical records of the insured individual to project how long he/she will live. Actuaries are intensively educated professionals who use their knowledge and expertise in many different fields to predict future events based on past occurrences. A statistician calculates probable life spans because based on his study and calculations, the insurance premiums to be charged for various risks are accurately determined. Actuaries are professionals who analyze the impact of risk in financial terms by taking a peep into the future and analysing various existing conditions that can have an impact on the case. These professionals could be skilled economists, financial analysts, mathematicians, statisticians and so on, generally working in insurance or related companies, whose jobs involve working on employee benefits such as the medical insurance, pension plans, Medicare, social welfare programs etc. These days they are also employed as investment consultants and work with government bodies. The core job and responsibility of Actuaries comprises computing premiums that has to be paid against insurance premiums and reserves. Reserves are similar to liabilities which indicate how much amount should be set aside now which can provide for future payouts. If we take a look at a balance sheet of an insurance company, we will know that the liability side of balance sheet comprises mainly of reserves. You can find all relevant FAQ in regards to the above article here https://facebook/OnlineFXAcademy kiryaforex.blogspot/ fxkeys/actuary/
Posted on: Mon, 27 Oct 2014 17:15:30 +0000
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