Meaning
An Actuary is a trained professional who uses mathematics, statistics, and financial models to estimate future risks.
Definition
Actuaries calculate the probability of events like illness, accidents, or death to help insurance companies set premiums and manage long-term financial plans.
Role
They analyze data, assess uncertainty, and ensure that companies have enough funds to meet future claims.
Importance
- Helps price insurance products correctly
- Ensures financial stability
- Supports long-term planning
Author
