Actuary is insurance company official, responsible for estimating future claims and disbursement and for calculating necessary fund and premium levels.

Actuary is a person employed by an insurance company or other organisation to calculate the risk involved in an insurance, and therefore the premiums payable by persons taking out insurance.

Actuary is a person who analyzes the likelihood of loss and average amount of damage involved in pure risks and applying the law of averages computes the premium that the insurance company should charge to assume the risk.

Actuary is an insurance employee who predicts the likelihood of future events, based on their occurrence in the past.

Webster Dictionary Meaning

1. Actuary
- A registrar or clerk; -- used originally in courts of civil law jurisdiction, but in Europe used for a clerk or registrar generally.
- The computing official of an insurance company; one whose profession it is to calculate for insurance companies the risks and premiums for life, fire, and other insurances.
Share it:  Cite

More from this Section

  • Venture capital firm
    Venture capital firm is a financial intermediary that pools the resources of its partners ...
  • Acceptance Credit
    Acceptance Credit is a documentary credit, which requires, amongst the documents stipulated, ...
  • Passbook savings deposits
    Passbook savings deposits is the accounts sold to household customers in small denominations ...
  • Dividend accumulations
    Dividend accumulations are a dividend option in a participating life insurance policy ...
  • Book to market
    Book to market is the ratio of book value to market value of equity. A high ratio means ...