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Actuarial science

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Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. [1]

70 relations: Actuarial control cycle, Actuarial credentialing and exams, Actuary, Arbitrage, Arlington County, Virginia, Asset allocation, Black swan theory, Burial society, California State Library, Casualty Actuarial Society, Casualty insurance, Chicago Sun-Times, Cohort (statistics), Collective bargaining, Columbarium, Compound interest, Computer science, Data mining, Determinism, Directors and officers liability insurance, Discounted cash flow, Draper, Economics, Edmond Halley, Finance, Financial Accounting Standards Board, Financial economics, Friendly society, General insurance, Glass–Steagall Act of 1932, Greece, Halley's Comet, Institute and Faculty of Actuaries, Insurance, Interest, James Dodson (mathematician), John Graunt, Liability insurance, Life insurance, Life table, Long-term care insurance, Mathematics, Medical savings account, Mortality rate, Mutual aid (organization theory), Mutual insurance, National Association of Insurance Commissioners, Office of the Chief Actuary, Outline of actuarial science, Philosophical Transactions of the Royal Society, ..., Present value, Probability theory, Property insurance, Reinsurance, Resource-based relative value scale, Richard Crawley, Risk assessment, Roman Empire, Routledge, Ruin theory, Scenario optimization, Social Security (United States), Social Security Administration, Statistics, Stochastic, Supplemental Security Income, Surety, The Equitable Life Assurance Society, The Wall Street Journal, U.S. News & World Report. Expand index (20 more) »

Actuarial control cycle

The actuarial control cycle is a specific business activity which involves the application of actuarial science to real world business problems.

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Actuarial credentialing and exams

The actuarial credentialing and exam process usually requires passing a rigorous series of professional examinations, most often taking several years in total, before one can become recognized as a credentialed actuary.

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Actuary

An actuary is a business professional who deals with the measurement and management of risk and uncertainty.

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Arbitrage

In economics and finance, arbitrage is the practice of taking advantage of a price difference between two or more markets: striking a combination of matching deals that capitalize upon the imbalance, the profit being the difference between the market prices.

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Arlington County, Virginia

Arlington County is a county in the Commonwealth of Virginia, often referred to simply as Arlington or Arlington, Virginia.

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Asset allocation

Asset allocation is the rigorous implementation of an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investor's risk tolerance, goals and investment time frame.

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Black swan theory

The black swan theory or theory of black swan events is a metaphor that describes an event that comes as a surprise, has a major effect, and is often inappropriately rationalized after the fact with the benefit of hindsight.

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Burial society

A burial society is a form of friendly society.

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California State Library

The California State Library collects, preserves, generates and disseminates a wide array of information.

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Casualty Actuarial Society

The Casualty Actuarial Society (CAS) is a professional society of actuaries specializing in property and casualty insurance.

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Casualty insurance

Casualty insurance is a problematically defined term which broadly encompasses insurance not directly concerned with life insurance, health insurance, or property insurance.

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Chicago Sun-Times

The Chicago Sun-Times is a daily newspaper published in Chicago, Illinois, United States.

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Cohort (statistics)

In statistics, marketing and demography, a cohort is a group of subjects who share a defining characteristic (typically subjects who experienced a common event in a selected time period, such as birth or graduation).

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Collective bargaining

Collective bargaining is a process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights for workers.

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Columbarium

A columbarium (pl. columbaria) is a place for the respectful and usually public storage of cinerary urns (i.e., urns holding a deceased's cremated remains).

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Compound interest

Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest.

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Computer science

Computer science deals with the theoretical foundations of information and computation, together with practical techniques for the implementation and application of these foundations.

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Data mining

Data mining is the process of discovering patterns in large data sets involving methods at the intersection of machine learning, statistics, and database systems.

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Determinism

Determinism is the philosophical theory that all events, including moral choices, are completely determined by previously existing causes.

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Directors and officers liability insurance

Directors and officers liability Insurance (often called "D&O") is liability insurance payable to the directors and officers of a company, or to the organization(s) itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers.

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Discounted cash flow

In finance, discounted cash flow (DCF) analysis is a method of valuing a project, company, or asset using the concepts of the time value of money.

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Draper

Draper was originally a term for a retailer or wholesaler of cloth that was mainly for clothing.

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Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services.

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Edmond Halley

Edmond (or Edmund) Halley, FRS (–) was an English astronomer, geophysicist, mathematician, meteorologist, and physicist.

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Finance

Finance is a field that is concerned with the allocation (investment) of assets and liabilities (known as elements of the balance statement) over space and time, often under conditions of risk or uncertainty.

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Financial Accounting Standards Board

The Financial Accounting Standards Board (FASB) is a private, non-profit organization standard setting body whose primary purpose is to establish and improve generally accepted accounting principles (GAAP) within the United States in the public's interest.

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Financial economics

Financial economics is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on both sides of a trade".

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Friendly society

A friendly society (sometimes called a mutual society, benevolent society, fraternal organization or ROSCA) is a mutual association for the purposes of insurance, pensions, savings or cooperative banking.

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General insurance

General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event.

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Glass–Steagall Act of 1932

The first "Glass–Steagall Act" was a law passed by the United States Congress on February 27, 1932, prior to the inclusion of more comprehensive measures in the Banking Act of 1933, which is now more commonly known as the Glass-Steagall Act.

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Greece

No description.

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Halley's Comet

Halley's Comet or Comet Halley, officially designated 1P/Halley, is a short-period comet visible from Earth every 74–79 years.

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Institute and Faculty of Actuaries

The Institute and Faculty of Actuaries is the professional body which represents and regulates actuaries in the United Kingdom.

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Insurance

Insurance is a means of protection from financial loss.

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Interest

Interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (i.e., the amount borrowed), at a particular rate.

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James Dodson (mathematician)

James Dodson FRS (c.1705–1757) was a British mathematician, actuary and innovator in the insurance industry.

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John Graunt

John Graunt (24 April 1620 – 18 April 1674) was one of the first demographers, though by profession he was a haberdasher.

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Liability insurance

Liability insurance is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims.

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Life insurance

Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).

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Life table

In actuarial science and demography, a life table (also called a mortality table or actuarial table) is a table which shows, for each age, what the probability is that a person of that age will die before his or her next birthday ("probability of death").

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Long-term care insurance

Long-term care insurance (LTC or LTCI) is an insurance product, sold in the United States, United Kingdom and Canada, that helps pay for the costs associated with long-term care.

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Mathematics

Mathematics (from Greek μάθημα máthēma, "knowledge, study, learning") is the study of such topics as quantity, structure, space, and change.

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Medical savings account

A medical savings account (MSA) is an account into which tax-deferred amounts from income can be deposited.

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Mortality rate

Mortality rate, or death rate, is a measure of the number of deaths (in general, or due to a specific cause) in a particular population, scaled to the size of that population, per unit of time.

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Mutual aid (organization theory)

In organization theory, mutual aid is a voluntary reciprocal exchange of resources and services for mutual benefit.

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Mutual insurance

A mutual insurance company is an insurance company owned entirely by its policyholders.

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National Association of Insurance Commissioners

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories.

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Office of the Chief Actuary

The Office of the Chief Actuary is a government agency that has responsibility for actuarial estimates regarding social welfare programs.

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Outline of actuarial science

The following outline is provided as an overview of and topical guide to actuarial science: Actuarial science – discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries.

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Philosophical Transactions of the Royal Society

Philosophical Transactions, titled Philosophical Transactions of the Royal Society (often abbreviated as Phil. Trans.) from 1776, is a scientific journal published by the Royal Society.

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Present value

In economics and finance, present value (PV), also known as present discounted value, is the value of an expected income stream determined as of the date of valuation.

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Probability theory

Probability theory is the branch of mathematics concerned with probability.

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Property insurance

Property insurance provides protection against most risks to property, such as fire, theft and some weather damage.

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Reinsurance

Reinsurance is insurance that is purchased by an insurance company.

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Resource-based relative value scale

Resource-based relative value scale (RBRVS) is a schema used to determine how much money medical providers should be paid.

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Richard Crawley

Richard Crawley (1840–1893) was a Welsh writer, an academic best known for his translation of Thucydides's History of the Peloponnesian War.

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Risk assessment

Risk assessment is the determination of quantitative or qualitative estimate of risk related to a well-defined situation and a recognized threat (also called hazard).

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Roman Empire

The Roman Empire (Imperium Rōmānum,; Koine and Medieval Greek: Βασιλεία τῶν Ῥωμαίων, tr.) was the post-Roman Republic period of the ancient Roman civilization, characterized by government headed by emperors and large territorial holdings around the Mediterranean Sea in Europe, Africa and Asia.

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Routledge

Routledge is a British multinational publisher.

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Ruin theory

In actuarial science and applied probability ruin theory (sometimes risk theory collective risk theory) uses mathematical models to describe an insurer's vulnerability to insolvency/ruin.

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Scenario optimization

The scenario approach or scenario optimization approach is a technique for obtaining solutions to robust optimization and chance-constrained optimization problems based on a sample of the constraints.

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Social Security (United States)

In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration.

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Social Security Administration

The United States Social Security Administration (SSA) is an independent agency of the U.S. federal government that administers Social Security, a social insurance program consisting of retirement, disability, and survivors' benefits.

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Statistics

Statistics is a branch of mathematics dealing with the collection, analysis, interpretation, presentation, and organization of data.

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Stochastic

The word stochastic is an adjective in English that describes something that was randomly determined.

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Supplemental Security Income

Supplemental Security Income (SSI) is a United States government means-tested welfare program that provides cash assistance and health care coverage (i.e., Medicaid) to people with low-income and limited assets who are either aged 65 or older, blind, or disabled (children included).

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Surety

In finance, a surety, surety bond or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults.

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The Equitable Life Assurance Society

The Equitable Life Assurance Society (Equitable Life), founded in 1762, is a life insurance company in the United Kingdom.

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The Wall Street Journal

The Wall Street Journal is a U.S. business-focused, English-language international daily newspaper based in New York City.

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U.S. News & World Report

U.S. News & World Report is an American media company that publishes news, opinion, consumer advice, rankings, and analysis.

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References

[1] https://en.wikipedia.org/wiki/Actuarial_science

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