Actuarial science

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Source: Wikipedia. Pages: 143. Chapters: Extreme value theory, Pareto distribution, Disease, Life expectancy, 100-year flood, Financial economics, Demography, Risk management, Discounting, Actuary, Value at risk, Time value of money, Workers' compensation, Regression analysis, Maximum life span, Enterprise risk management, Generalized linear model, Risk aversion, Copula, Reinsurance, Compound interest, Actuarial notation, Asset allocation, Medical underwriting, Wald's equation, Financial modeling, Life annuity, Retirement spend down, Failure rate, Stable and tempered stable distributions with volatility clustering - financial applications, Fictional actuaries, Mortality rate, Actuarial exam, RiskMetrics, Auto insurance risk selection, Model risk, Ulpian's life table, Coherent risk measure, Mathematical finance, Years of potential life lost, Ruin theory, Stochastic modelling, Insurance cycle, German Statutory Accident Insurance, Asset/liability modeling, Anders Lindstedt, Risk premium, Kaplan-Meier estimator, Lee-Carter Model, Worker's compensation, Mathematical statistics, Cresta, Catastrophe Risk Evaluating and Standardizing Target Accumulations, Actuarial present value, (a, b, 0) class of distributions, Catastrophe modeling, Gompertz-Makeham law of mortality, Actuarial reserves, International Association of Black Actuaries, Compound annual growth rate, Liability-driven investment strategy, Decrement table, Risk modeling, Economic capital, Ogden tables, Financial engineering, John Graunt, Panjer recursion, Certified Risk Manager, Age stratification, Credibility theory, List of actuarial topics, Risk adjusted return on capital, De Moivre's law, Modeling and analysis of financial markets, Force of mortality, European Embedded Value, CAS Exam 7C 2009, Cohort, General insurance, Reliability theory, Tail value at risk, Insurable risk, Credit Valuation Adjustment, Enrolled Actuary, Standardised mortality rate, Average high cost multiple, Statutory reserve, Truncated regression model, Pension regulation, Longevity risk, Actuarial credibility, Bühlmann model, Replicating portfolio, Office of the Chief Actuary, Joint Board for the Enrollment of Actuaries, Sampling risk, Lexis diagram, Area compatibility factor, ASSA AIDS model, Solvency ratio, Risk theory, Actuarial control cycle, Future interests, Esscher principle, Mortality forecasting, Annuity function, K-factor. Excerpt: An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms (Trowbridge 1989, p. 7). Actuaries mathematically evaluate the likelihood of events and quantify the contingent outcomes in order to minimize losses, both emotional and financial, associated with uncertain undesirable events. Since many events, such as death, cannot be avoided, it is helpful to take measures to minimize their financial impact when they occur. These risks can affect both sides of the balance sheet, and require asset management, liability management, and valuation skills. Analytical skills, business knowledge and understanding of human behavior and the vagaries of information systems are required to design and manage programs that control risk (BeAnActuary 2005a). In 2010, a study published by job search website CareerCast ranked actuary as the #1 job in the United States (Needleman 2010). The study used five key criteria t...