Actuary

Actuary is a business expert who deals with the monetary impact of uncertainty and risk. This business professional gives expert assessments of the financial security systems with the focus on their mechanisms, mathematics and complexity. An actuary mathematically asses the probability of the events and then quantify the contingent results so as to reduce the losses, both financial and emotional concerned with the doubtful undesirable events.  As several events, like death, which cannot be avoided, it is very helpful to take certain measures in order to reduce their monetary impact as they occur.

These uncertainties or risk could affect both sides of the balance sheet and need liability management, valuation skills and asset management. Business knowledge, understanding of human behavior, analytical skills and the vagaries of the information systems are needed to design and control programs which control risk.  In the year 2010, a report published by a job search site ‘CareerCast’ which ranked actuary as No.1 job in the US. The study utilized five key criteria in order to rank jobs: income, environment, physical demands and stress and employment outlook.  In, 2006 another study by the “U.S. News & World Report” incorporated actuaries among the twenty five Best Professions which it expects would be in huge demand in the future.

Actuaries' insurance disciplines might be categorized as health; life; annuities, asset management and pension; property; social welfare programs; reinsurance and general insurance. Health, life and pension actuaries deal with the morbidity, mortality risk, consumer choice about the ongoing use of drugs, medical services risk and investment risk. Products prominent in their work contains  annuities, life insurance, pensions, credit insurance and mortgage, long  and short term disability, and dental, medical,  health savings accounts and long term care insurance.

Questionnaire:

• What is Actuary?
• Explain about actuaries discipline?