Actuarial Science
An Actuarial Science is an discipline on methods for risk assessment.
- Context:
- It can be associated with Acturial Science Degrees.
- …
- See: Statistical Methods, Actuary, Probability Theory, Computer Science, Economics, Finance, Stochastic.
References
2021
- (Wikipedia, 2021) ⇒ https://en.wikipedia.org/wiki/Actuarial_science Retrieved:2021-4-19.
- Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty.
Actuaries are professionals trained in this discipline. In many countries, actuaries must demonstrate their competence by passing a series of rigorous professional examinations.
Actuarial science includes a number of interrelated subjects, including mathematics, probability theory, statistics, finance, economics, and computer science. Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes since the 1980s due to the proliferation of high speed computers and the union of stochastic actuarial models with modern financial theory. Many universities have undergraduate and graduate degree programs in actuarial science. In 2010, a study published by job search website CareerCast ranked actuary as the #1 job in the United States. The study used five key criteria to rank jobs: environment, income, employment outlook, physical demands, and stress. A similar study by U.S. News & World Report in 2006 included actuaries among the 25 Best Professions that it expects will be in great demand in the future.
- Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty.
2009
- (Farflex Financial Dictionary, 2009) ⇒ Actuarial science. (n.d.) Farlex Financial Dictionary. (2009). Retrieved July 24 2016 from http://financial-dictionary.thefreedictionary.com/Actuarial+Science
- The statistical study of risk as it relates to insurance. A practitioner of actuarial science computes various risk factors and determines the likelihood of whether (or when) an event will occur. For example, one may look at a person's medical information, such as height, weight, and pre-existing conditions, and mathematically determine how likely it is that the person will cost the insurance company more than he/she will pay in premiums. This helps the insurance company decide whether the person will receive coverage and, if so, what the monthly premium will be. Many universities offer degrees in actuarial science, though many insurance companies hire individuals with math degrees and teach them actuarial science directly.