ACTUARY

one who calculates insurance risks and premiums. Actuaries compute the probability of the occurrence of various contingencies of human life, such as birth, marriage, sickness, unemployment, accidents, retirement, and death. They also evaluate the hazards of property damage or loss and the legal liability for the safety and well-being of others. Most actuaries are employed by insurance companies. They make statistical studies to establish basic mortality and morbidity tables, develop corresponding premium rates, establish underwriting practices and procedures, determine the amounts of money required to assure payment of benefits, analyze company earnings, and counsel with the company accounting staff in organizing records and statements. In many insurance companies the actuary is a senior officer. Some actuaries serve as consultants, and some are employed by large industrial corporations and governments to advise on insurance and pension matters.