Actuaries in Insurance

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What are Actuaries in Insurance?

Most actuaries work at the insurance companies. Where risk management capabilities are particularly applicable. The Insurance companies want to take the policies that offer little risk and the most traditional actuarial practices revolve around the analyzing various factors related to life expectancy, constructing mortality tables, that provide a measure of predictability, and making recommendations to brokers in individual cases.

While actuarial science is frequently applied to mortality analysis for life insurance, many of the same procedures are also used for property, liability and other kinds of insurance. The impact of actuary recommendations on life insurance premiums can encourage behaviors, that would result in lower premiums, like quitting smoking.

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