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Actuarial: meaning, definitions and examples

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actuarial

 

[ækˈtʃʊəriəl ]

Definition

Context #1 | Adjective

related field

The term 'actuarial' pertains to the profession of actuaries, who specialize in evaluating financial risks using mathematics, statistics, and financial theory. Actuarial work is primarily related to the insurance and finance industries, where actuaries analyze data to help assess the probability of events occurring. This enables companies to make informed decisions regarding policy pricing and risk management. The work of actuaries is essential in ensuring that insurers remain solvent and able to pay out claims in the event of unforeseen incidents.

Examples of usage

  • Actuarial science is crucial in determining insurance premiums.
  • She has a degree in actuarial mathematics.
  • Actuarial reports provide insight into risk management.
  • He works as an actuarial analyst for an insurance company.

Interesting Facts

Etymology

  • The word comes from the Latin 'actuarius,' which means 'ledger clerk' or 'one who keeps accounts.'
  • It evolved in English during the mid-19th century, closely associated with the insurance business.

History

  • The profession began to formalize in the 18th century with the rise of life insurance companies.
  • The first actuarial society, the Institute of Actuaries, was established in London in 1848.

Mathematics

  • Actuaries use complex mathematics, including probability and statistics, to assess future risks and help businesses make informed decisions.
  • They apply models that predict event likelihoods based on historical data.

Insurance

  • In insurance, professionals determine premiums—you pay the company to cover potential future losses.
  • They analyze data to estimate life expectancy and the likelihood of claims.

Pop Culture

  • Actuaries are often portrayed in media as analytical and detail-oriented, sometimes lacking social skills, but they play a crucial role in finance.
  • Films and books occasionally feature characters that are actuaries, emphasizing their role in solving problems with numbers and risks.

Translations

Translations of the word "actuarial" in other languages:

🇵🇹 atuarial

🇮🇳 बीमा गणना से संबंधित

🇩🇪 aktuarisch

🇮🇩 aktuaris

🇺🇦 актуарний

🇵🇱 aktuarialny

🇯🇵 アクチュアリーの

🇫🇷 actuariel

🇪🇸 actuarial

🇹🇷 aktüeryal

🇰🇷 보험계리의

🇸🇦 اكتواري

🇨🇿 aktuarialní

🇸🇰 akturialny

🇨🇳 精算的

🇸🇮 aktuarialen

🇮🇸 actuarial

🇰🇿 актуарлық

🇬🇪 აქტუარიული

🇦🇿 aktüarial

🇲🇽 actuarial

Word Frequency Rank

At position #13,336, this word is part of sophisticated English vocabulary. It's useful for academic or professional contexts where precise language is needed.