A life insurance actuary is a mortality statistician who calculates human longevity based on medical and behavioral averages and prices those numbers to the companies profitability model. Certain diseases have a degree quantification the can be measured. And although they call their craft actuarial science, there's significant "guestamation" occurring.
Life insurance actuaries:
1. Determine risk of life insurance applicants based on statistics,
2. Help determine policy pricing and company reserves,
3. Help develop new lines of business,
4. Help develop policy contract provisions,
5. Provide explanations, advice, and testimony as needed to customers, colleagues, company executives, financial institutions, public agencies, courts, and government workers.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
An actuary is a professional who deals with risk. Using statistics they develop predictions about bad things that might happen. The larger the base of statistics, the more accurate are their predictions. Life insurance actuaries have centuries of data to tap. Their statistics are invaluable to measure the impact of certain diseases and conditions on life expectancy.
.JPG){kind=avatar}
1. Determine risk of life insurance applicants based on statistics,
2. Help determine policy pricing and company reserves,
3. Help develop new lines of business,
4. Help develop policy contract provisions,
5. Provide explanations, advice, and testimony as needed to customers, colleagues, company executives, financial institutions, public agencies, courts, and government workers.