noun (plural actuaries)
A person who compiles and analyzes statistics and uses them to calculate insurance risks and premiums.
- 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.
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