actuary defined in 1939 yearactuary - Actuary;
actuary - Word of Roman origin, now mainly used to describe those who work out calculations for insurance companies and similar bodies. The large insurance companies usually have special staffs of actuaries, and they are also employed by Government departments, local authorities, transport undertakings, and building societies. In Rome the actuarius was a man who wrote down the acta of the senate, and the word was first - used in England for a registrar or official of that kind. In 1819 the Friendly Societies Act mentioned an actuary, and with that the present position of the profession may be said to begin. Broadly, the function of the modern actuary is the application to practical problems of the theory of probability. The actuary employed by an insurance company deals with the calculation of premiums payable under new life assurance contracts and the valuation of liabilities under existing contracts, which involves long-term forecasts of the rate of mortality. By training and experience the actuary must be well versed in statistical and financial problems. See Insurance.
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