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In actuarial science and demography, a life table (also called a mortality table or actuarial table) is a table which shows, for each age, the probability that a person of that age will die before their next birthday ("probability of death"). In other words, it represents the survivorship of people from a certain population. [1]
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. Example notation using the halo system can be seen below.
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 science is the discipline that applies mathematical and statistical methods to ... and social insurance, actuarial science focuses on the analysis of rates ...
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. The probability of a future ...
The full and official name of the tables is Actuarial Tables with explanatory notes for use in Personal Injury and Fatal Accident Cases, but the unofficial name became common parlance following the Civil Evidence Act 1995, where this shorthand name was used as a subheading – Sir Michael Ogden QC having been the chairman of the Working Party ...
In insurance, an actuarial reserve is a reserve set aside for future insurance liabilities. It is generally equal to the actuarial present value of the future cash flows of a contingent event. In the insurance context an actuarial reserve is the present value of the future cash flows of an insurance policy and the total liability of the insurer ...
The following outline is provided as an overview of and topical guide to actuarial science: Actuarial science – discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries.
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