Traditional responsibilities of Actuaries in life and general insurance business include designing and pricing of policies, monitoring the adequacy of the funds to provide the promised benefits, recommending fair rate of bonus where applicable, valuation of the insurance business, ensuring solvency margin and other insurance risks like legal liability, loss of profit, etc. They also define the risk factors, advise on the premia to be charged and re-insurance to be purchased, calculate reserve for outstanding claims and carry out financial modelling. An Actuary works as consultant either individually or in partnership with other Actuaries in multi-disciplines like insurance, information technology, taxation, employees benefit, risk management, investment, etc. Evidently, the scope of the functions and duties of an Actuary has increased considerably under the changed conditions. If you like this article then please like us on Facebook so that you can get our updates in future ……….and subscribe to our mailing list ” freely “

Eligibility for Become an Actuary 

What does an actuary do ?

Actuaries are experts in assessing the financial impact of future uncertain events on present situations. They perform following actions to assess this impact · Analyzing the past · Modelling the future · Assessing the risks involved, and · Communicating what the results mean in financial terms.

Role in industry :

They apply their skills in risk management and product design , in the areas of insurance, pensions, investment and more recently in wider fields such as project management, banking and health care. Within these industries, actuaries perform a wide variety of roles such as design and pricing of product, financial management and corporate planning. Actuaries are invariably involved in the overall management of insurance companies and pension, gratuity and other employee benefit funds schemes; they have statutory roles in insurance and employee benefit valuations to some extent in social insurance schemes sponsored by government.

Career opportunities for actuaries :

Actuaries are appointed in various designations in following industries

Insurance companiespension, gratuity and other employee benefit funds schemesBanking.

Examinations :

Actuarial Exams are divided into 2 types namely three hour Written examination and Practical examinations.

Actuary Syllabus

Written examination come in 4 stages :

CORE PRINCIPLES

CORE PRACTICES

SPECIALIST PRINCIPLES

SPECIALIST ADVANCED

Note: Those who have purchased ActEd material in year 2010 or earlier could download the upgrades from ActEd website at  http://www.ActEd.co.uk Recommended Articles

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