Actuary
/AK-choo-er-ee/
A professional who analyzes financial risk using statistics.
Definition
An actuary is a professional who uses mathematics, statistics, and financial theory to assess risk and uncertainty. In insurance, actuaries help determine appropriate premiums, reserves, and policy terms by analyzing historical data and predicting future losses.
Example
Actuaries analyzed crash data to help the company determine appropriate auto insurance rates.
More General Terms Terms
The amount you pay for your insurance policy.
The amount you pay out-of-pocket before insurance kicks in.
The contract between you and your insurance company.
A request for payment under your insurance policy.
The protection provided by your insurance policy.
The maximum amount an insurer will pay for a covered loss.
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