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Credibility theory is a branch of actuarial mathematics concerned with determining risk premiums. [1] To achieve this, it uses mathematical models in an effort to forecast the ( expected ) number of insurance claims based on past observations.
In credibility theory, a branch of study in actuarial science, the Bühlmann model is a random effects model (or "variance components model" or hierarchical linear model) used to determine the appropriate premium for a group of insurance contracts. The model is named after Hans Bühlmann who first published a description in 1967.
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]
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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 ...
A positionality statement, also called reflexivity statement or identity statement, is a statement wherein a person (such as a researcher or teacher) reports and discusses their group identities, such as in a grant proposal or journal submission.
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.
The Actuarial Society of America was the first actuarial professional association in North America, founded in 1889 with only 38 members and headquartered in New York City. Initial members were included by invitation, but the organization soon adopted a system of examination for qualification, with the first Fellow to qualify via exams joining ...