Definition

1. Adjective:
   • Relating to the work of an actuary: Pertaining to the calculations, statistics, and financial assessments performed by an actuary, especially in the fields of insurance and finance.
   • Involving the calculation of risk and probability: Concerning the mathematical and statistical methods used to evaluate the likelihood of future events and their financial implications.

Usage Examples

• Adjective:
  • The company conducted an actuarial analysis to set the new premium rates.
  • Her report included detailed actuarial tables predicting life expectancy.
  • Making sound pension decisions requires strong actuarial skills.

Advanced Usage

• "actuarial science": The discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries.
  • He decided to pursue a degree in actuarial science.
• "actuarial assumptions": The estimates about future events (like mortality rates or investment returns) that actuaries use in their financial models.
  • The pension fund's stability depends on the accuracy of its actuarial assumptions.

Variants and Related Words

• Actuary (n): A professional who performs actuarial work, analyzing financial risks using mathematics, statistics, and financial theory.
  • The actuary presented the findings of the risk assessment.
• Actuarially (adv): In a manner relating to actuarial work.
  • The premiums were calculated actuarially sound.

Synonyms

• Statistical: Relating to the use of statistics.
• Probabilistic: Involving the calculation of probabilities.

Related Phrases

• Actuarial valuation: A formal assessment of a pension plan's or insurance scheme's assets and liabilities.
  • The actuarial valuation is conducted every three years.
• Actuarial deficit/surplus: The difference between the present value of a fund's obligations and its assets, as determined by an actuary.
  • The report revealed a significant actuarial surplus.

Adjective

1. of or relating to the work of an actuary