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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.
Computers further revolutionized the actuarial profession. From pencil-and-paper to punchcards to microcomputers, the modeling and forecasting ability of the actuary has grown vastly. [40] Another modern development is the convergence of modern finance theory with actuarial science. [41]
Most trainee actuaries study while working for an actuarial employer using resources provided by ActEd (The Actuarial Education Company, a subsidiary of BPP Actuarial Education Ltd.), which is contracted to provide actuarial tuition for students on behalf of Institute and Faculty Education Ltd (IFE), a subsidiary of the Institute and Faculty of ...
Actuarial science – discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. What type of thing is ...
Topics covered in the exams include mathematics, finance, insurance, economics, interest theory, life models, and actuarial science. [11] Non-members working in the actuarial profession and taking exams are often referred to as actuarial students or candidates.
In actuarial science, force of mortality represents the instantaneous rate of mortality at a certain age measured on an annualized basis. It is identical in concept to failure rate , also called hazard function , in reliability theory .
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.
The College of Insurance offered bachelor's and master's degrees in insurance and actuarial science. It provided professional exam preparatory seminars for insurance and actuarial science designations and held classes after business hours for working professionals in New York City. At its largest, total enrollment was approximately 400.