Actuary: meaning, definitions and examples
๐
actuary
[ หaktสuหษri ]
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:
๐ต๐น atuรกrio
๐ฎ๐ณ เคฌเฅเคฎเคพ เคเคฃเค
๐ฉ๐ช Aktuar
๐ฎ๐ฉ aktuari
๐บ๐ฆ ะฐะบััะฐััะน
๐ต๐ฑ aktuarz
๐ฏ๐ต ใขใฏใใฅใขใชใผ
๐ซ๐ท actuaire
๐ช๐ธ actuario
๐น๐ท aktรผerya
๐ฐ๐ท ๊ณ๋ฆฌ์ฌ
๐ธ๐ฆ ู ุญูู ุงูุชุฃู ูู
๐จ๐ฟ aktuar
๐ธ๐ฐ aktuรกr
๐จ๐ณ ็ฒพ็ฎๅธ
๐ธ๐ฎ aktuar
๐ฎ๐ธ tryggingafrรฆรฐingur
๐ฐ๐ฟ ะฐะบััะฐัะธะน
๐ฌ๐ช แแฅแขแฃแแ แ
๐ฆ๐ฟ aktรผar
๐ฒ๐ฝ 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.
- ...
- 20256 disadvantageous
- 20257 amphetamine
- 20258 alchemy
- 20259 actuary
- 20260 inclose
- 20261 loin
- 20262 vulgarity
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