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Actuarial science applies mathematical and statistical methods to finance and insurance, particularly to the assessment of risk. Actuaries are professionals who are qualified in this field. Wikibooks Wikiversity has more about this subject: School of Mathematics Wikiquote has a collection of quotations related to: Mathematics Look up Mathematics in Wiktionary, the free dictionary Wikimedia Commons has media related to: Mathematics Interactive Mathematics Miscellany and Puzzles — A collection of articles on various math topics, with interactive Java...
An example of statistics used in educational assessment. ...
Finance studies and addresses the ways in which individuals, businesses and organizations raise, allocate and use monetary resources over time, taking into account the risks entailed in their projects. ...
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. ...
Risk is the potential harm that may arise from some present process or from some future event. ...
Actuaries (from the Latin verb agere to do, drive) are business professionals who deal with the financial impact of risk. ...
Actuarial science includes a number of interrelating disciplines, in particular the mathematics of probability and statistics. The science has gone through revolutionary changes during the last 25 years due to the proliferation of computers. The word probability derives from the Latin probare (to prove, or to test). ...
An example of statistics used in educational assessment. ...
In the life insurance industry, traditional actuarial science focuses on the analysis of mortality and the production of life tables, and the application of compound interest. In actuarial science, a life table (sometimes called a mortality table) is basically a table which shows, for a person at each age, what the probability is that they die before their next birthday. ...
In finance, interest has three general definitions. ...
In the pension industry, actuarial science deals with methods of prefunding for retirement and proper measurement of liabilities that won't come due for many years. This is especially true with respect to the Old Age Survivors and Disability Insurance program in the United States and C/QPP in Canada.
In the property insurance field which protects against losses like those caused by hurricanes as well as automobile accidents, actuarial science tries to forecast losses to homes and cars.
More recently, actuarial science has come to embrace more sophisticated mathematical modelling of finance. Ideas from financial economics are also becoming increasingly influential in actuarial thinking. Financial economics is the branch of economics concerned with the workings of financial markets, such as the stock market, and the financing of companies. ...
Many universities have undergraduate and graduate degree programs in actuarial science.
See also
Actuaries (from the Latin verb agere to do, drive) are business professionals who deal with the financial impact of risk. ...
Actuarial notation is a shorthand method to allow actuaries to record mathematical formulas that deal with interest rates and life tables. ...
In Actuarial science an actuarial present value can be defined as the present value of a contingent event. ...
Catastrophe modeling (also known as cat modeling) is the process of using computer-assisted calculations to estimate the losses that could be sustained by a portfolio of properties due to a catastrophic event such as a hurricane or earthquake. ...
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