actuary
noun
, -shə-, -ˌwe-rē-\
Definition of actuary
Examples of actuary in a Sentence
Recent Examples on the Web
One data analytics position expected to be in demand in the future is an actuary, or someone who determines risk in the business world based on statistical information. — Andrew J. Campa, Burbank Leader, "Woodbury University to debut major in data analytics curriculum next year," 3 Sep. 2019 Bradford Geyer, who coordinated the efforts for The Hartford, said the paddlers included actuaries, lawyers, paralegals, cyber-security professionals and others from around the company. — Christopher Keating, courant.com, "71 teams celebrate annual Dragon Boat Festival in Hartford," 17 Aug. 2019 The insurance sector, and actuaries in particular, are all fact-based. — Matt Simon, WIRED, "The Sea Is Consuming Jakarta, and Its People Aren't Insured," 19 July 2019 The actuaries who work for Social Security have crunched the numbers, and on average, the benefit payment options are designed to be actuarily equivalent. — Charlie Farrell, The Denver Post, "Road to Retirement: When should you start taking Social Security?," 4 Aug. 2019 Finally, the actuaries miscalculated how long customers would continue to make claims. — Los Angeles Times, "Column: Insurance firms’ blunders on long-term care insurance create disaster for millions," 25 July 2019 One in two women and one in three men will live past 90, the actuaries say. — Washington Post, "Liz Weston: Don’t believe these Social Security myths," 10 June 2019 Young and other Vanguard researchers partnered with actuaries at Mercer Health and Benefits consulting firm to create a proprietary model based on what retired people actually spend on health care. — Liz Weston | Nerdwallet.com, oregonlive.com, "Here’s what health care really will cost you in retirement," 8 June 2019 In pharmacy benefit managers, actuaries make the decisions based on how big the financial rebate from the drug company to the PBM is. — Scott Knoer, STAT, "What does PBM stand for? In Ohio (and elsewhere), it’s programs bilking millions," 29 June 2018These example sentences are selected automatically from various online news sources to reflect current usage of the word 'actuary.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
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More Definitions for actuary
actuary
nounFinancial Definition of actuary
What It Is
An actuary is a person who evaluates the likelihood of certain events and creates plans to deal with those events.
How It Works
Actuaries must understand business, have good analytical skills, and be aware of how human behavior affects risk. In the insurance business, for example, actuaries use an issuer's costs to calculate premiums for policyholders. They also make estimates of damage after big events, such as hurricanes or earthquakes. Additionally, they may use medical records, geological information, or other data to predict things such as how long a customer will live or where the next big earthquake will occur. Comfort with statistics is key.
Actuarial work typically requires a bachelor's degree, and actuaries must also pass a series of exams to earn a professional designation through the Casualty Actuarial Society or the Society of Actuaries. It can take six to 10 years to pass all the tests. In 2010, the median pay for actuaries was $87,650 per year.
Why It Matters
Because actuaries manage risk, many work in the insurance industry, but many also work in private industry, as consultants, at accounting firms, in banks and in other organizations.
Source: Investing Answers
actuary
noun
English Language Learners Definition of actuary
See the full definition for actuary in the English Language Learners Dictionary
actuary
noun
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Legal Definition of actuary
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