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actuary |
Also found in: Dictionary/thesaurus, Legal, Wikipedia, Hutchinson | 0.06 sec. |
actuaryOne who calculates insurance risks and premiums. Actuaries compute the probability of the occurrence of such events as birth, marriage, illness, accidents, and death. They also evaluate the hazards of property damage or loss and the legal liability for the safety and well-being of others. Usually employed by insurance companies, actuaries set premium rates based on statistical studies, establish underwriting procedures, and determine the amounts of money required to assure the payment of benefits. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Annual OPEB cost for
most employers will be based on actuarially determined amounts that, if
paid on an ongoing basis, generally would provide sufficient resources
to pay benefits as they come due. ,
cause employees to forfeit) pension benefit payments to employees who
work beyond normal retirement age, without actuarially increasing the
monthly benefit when the employee does retire (assuming the employee
retires before attaining age 70 1/2), as long as the employer provides
the suspension-of-benefits notice required by the DOL regulations when
the employee attains normal retirement age. Various reductions of attack probability illustrated the impact of
these estimates on the calculation of actuarially fair premiums. |
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