Definition of actuary in English:

actuary

Line breaks: ac|tu¦ary
Pronunciation: /ˈaktʃʊəri
 
, -tjʊ-/

noun (plural actuaries)

  • A person who compiles and analyses statistics and uses them to calculate insurance risks and premiums.
    More example sentences
    • In determining the actuarial surplus in a pension fund, actuaries make key assumptions.
    • Each year a report is produced by the trustees of your pension scheme and every three years there is a valuation by actuaries, who analyse financial risk.
    • The assured is then paid the surrender value of the policy, which is calculated by an actuary on the basis of the amounts paid to date.

Derivatives

actuarial

Pronunciation: /-ˈɛːrɪəl/
adjective
More example sentences
  • In determining the actuarial surplus in a pension fund, actuaries make key assumptions.
  • The last actuarial valuation on its pension fund was undertaken more than two years ago.
  • The increase is largely due to actuarial estimates of the scheme's future liabilities rising substantially.

actuarially

Pronunciation: /-ˈɛːrɪəli/
(also actuarily) adverb
More example sentences
  • All pensions should be actuarially corrected.
  • The cost of buying back ‘lost’ years is actuarially calculated, and can be very expensive if the employee retires earlier than agreed.
  • Should workers decide to take early retirement, it is assumed that their benefits will be reduced in an actuarially fair manner.

Origin

mid 16th century (originally denoting a clerk or registrar of a court): from Latin actuarius 'bookkeeper', from actus (see act). The current sense dates from the mid 19th century.

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