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Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty and life expectancy. Actuaries are professionals trained in this discipline.
Typically burning cost is the estimated cost of claims in the forthcoming insurance period, calculated from previous years' experience adjusted for changes in the numbers insured, the nature of cover and medical inflation. Historical (aggregate) data extraction; Adjustments to obtain 'as if' data:
An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. [ 1] The name of the corresponding field is actuarial science which covers rigorous mathematical calculations in areas of life expectancy and life insurance. These risks can affect both sides of the balance sheet ...
Credibility theory. Credibility theory is a branch of actuarial mathematics concerned with determining risk premiums. [1] To achieve this, it uses mathematical models in an effort to forecast the ( expected) number of insurance claims based on past observations. Technically speaking, the problem is to find the best linear approximation to the ...
Chain-ladder method. The chain-ladder or development[ 1] method is a prominent [ 2][ 3] actuarial loss reserving technique. The chain-ladder method is used in both the property and casualty [ 1][ 4] and health insurance [ 5] fields. Its intent is to estimate incurred but not reported claims and project ultimate loss amounts. [ 5]
The actuarial present value (APV) is the expected value of the present value of a contingent cash flow stream (i.e. a series of payments which may or may not be made). Actuarial present values are typically calculated for the benefit-payment or series of payments associated with life insurance and life annuities .
Incurred but not reported. In insurance, incurred but not reported ( IBNR) claims is the amount owed by an insurer to all valid claimants who have had a covered loss but have not yet reported it. Since the insurer knows neither how many of these losses have occurred, nor the severity of each loss, IBNR is necessarily an estimate.
The Casualty Actuarial Society ( CAS) is a leading international professional society of actuaries, based in North America, and specializing in property and casualty insurance. [ 3] The two levels of CAS membership are Associate (ACAS) and Fellow (FCAS). Requirements for these levels of membership include a comprehensive series of exams. [ 4]
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