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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.
An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. [1] These risks can affect both sides of the balance sheet and require asset management , liability management, and valuation skills. [ 2 ]
Actuarial notation is a shorthand method to allow actuaries to record mathematical formulas that deal with interest rates and life tables. Traditional notation uses a halo system , where symbols are placed as superscript or subscript before or after the main letter.
Actuarial science – discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. What type of thing is actuarial science? [ edit ]
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 Society of Actuaries' requirements for Associateship (ASA) include passing 6 preliminary examinations (probability, financial mathematics, fundamentals of actuarial mathematics, statistics for risk modeling, predictive analytics, and one from either advanced long-term actuarial mathematics or advanced short-term actuarial mathematics ...
In actuarial mathematics, the accumulation function a(t) is a function of time t expressing the ratio of the value at time t (future value) and the initial investment (present value). [1] [2] It is used in interest theory. Thus a(0) = 1 and the value at time t is given by: = ().
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 .