Actuary: meaning, definitions and examples

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actuary

 

[ หˆaktสƒuหษ™ri ]

Noun
Context #1 | Noun

insurance profession

An actuary is a professional who analyzes the financial consequences of risk. They use mathematics, statistics, and financial theory to study uncertain future events, particularly those that are of concern to insurance and pension programs. Actuaries assess the likelihood of events such as death, sickness, injury, disability, and property loss, and help formulate policies that minimize the cost of those risks. Their work is essential in determining premium rates and ensuring the financial stability of insurance companies.

Synonyms

insurance analyst, risk analyst, statistician

Examples of usage

  • An actuary calculated the insurance premiums based on risk factors.
  • Many actuaries work for government agencies to analyze health care costs.
  • She decided to become an actuary after realizing her passion for statistics.

Translations

Translations of the word "actuary" in other languages:

๐Ÿ‡ต๐Ÿ‡น atuรกrio

๐Ÿ‡ฎ๐Ÿ‡ณ เคฌเฅ€เคฎเคพ เค—เคฃเค•

๐Ÿ‡ฉ๐Ÿ‡ช Aktuar

๐Ÿ‡ฎ๐Ÿ‡ฉ aktuari

๐Ÿ‡บ๐Ÿ‡ฆ ะฐะบั‚ัƒะฐั€ั–ะน

๐Ÿ‡ต๐Ÿ‡ฑ aktuarz

๐Ÿ‡ฏ๐Ÿ‡ต ใ‚ขใ‚ฏใƒใƒฅใ‚ขใƒชใƒผ

๐Ÿ‡ซ๐Ÿ‡ท actuaire

๐Ÿ‡ช๐Ÿ‡ธ actuario

๐Ÿ‡น๐Ÿ‡ท aktรผerya

๐Ÿ‡ฐ๐Ÿ‡ท ๊ณ„๋ฆฌ์‚ฌ

๐Ÿ‡ธ๐Ÿ‡ฆ ู…ุญู‚ู‚ ุงู„ุชุฃู…ูŠู†

๐Ÿ‡จ๐Ÿ‡ฟ aktuar

๐Ÿ‡ธ๐Ÿ‡ฐ aktuรกr

๐Ÿ‡จ๐Ÿ‡ณ ็ฒพ็ฎ—ๅธˆ

๐Ÿ‡ธ๐Ÿ‡ฎ aktuar

๐Ÿ‡ฎ๐Ÿ‡ธ tryggingafrรฆรฐingur

๐Ÿ‡ฐ๐Ÿ‡ฟ ะฐะบั‚ัƒะฐั€ะธะน

๐Ÿ‡ฌ๐Ÿ‡ช แƒแƒฅแƒขแƒฃแƒแƒ แƒ˜

๐Ÿ‡ฆ๐Ÿ‡ฟ aktรผar

๐Ÿ‡ฒ๐Ÿ‡ฝ actuario

Etymology

The term 'actuary' is derived from the Latin word 'actuarius', meaning 'register' or 'accountant', which indicates the role of the profession in record-keeping and calculating risks associated with insurance. The use of actuaries in the financial sector dates back to the 17th century, as a response to the increasing complexity of businesses and insurance companies starting to emerge during that period. The profession grew significantly in the 18th and 19th centuries, particularly in the UK and the United States, alongside the development of life insurance and pension plans. As the role of actuaries evolved, it became clear that advanced mathematical and statistical training was necessary, leading to the establishment of professional organizations and examinations to maintain standards in the field. Today, actuaries are integral to various sectors, including health insurance, property insurance, and even finance, using their expertise to manage risks and make decisions based on uncertain future events.

Word Frequency Rank

Positioned at #20,259, this word is part of extensive vocabulary. It's relatively rare in general usage but may be important in specific fields or formal writing.