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actuary

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

Definition of actuary in English:

noun (plural actuaries)

A person who compiles and analyses statistics and uses them to calculate insurance risks and premiums.
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.

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.

Derivatives

actuarial

1
Pronunciation: /-ˈɛːrɪəl/
adjective
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

2
Pronunciation: /-ˈɛːrɪəli/
(also actuarily) adverb
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.

Definition of actuary in:

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