Actuarial Science

As simple as that they are the financial astrologers. An Actuary job revolves around designing insurance & pension plans and determining insurance premium rates and contract provisions for each type of policy offered. To facilitate this, they compiles data relating to rates of mortality, sickness, injury, retirement and property loss from accident, theft, fire or any other hazard. On the basis of data thus collected, the actuary analyzes insurances claims from Corporation or Company. He also takes initiatives with regard to new and attractive policies to ensure consistent and higher business returns. Thus the key areas for an actuary

• Scheming an insurance product and setting its price

• Selecting the right people for insurance products.

• Curtailing the amount of losses for the company by reinsuring the company's insurance policies with another insurer (called re-insurers).

• Capitalizing on the profits for the company and thus protect the customers amounts kept with the insurance company for a larger duration.

• To determine the adequacy of the reserves.

• To certify the solvency of the Insurance Company

CERTIFICATES IN ACTUARIAL SCIENCE

• A student member becomes eligible to get the Certificate in Actuarial Techniques (CAT) on passing all the CT Series subjects which involves Mathematical, statistical, economic and financial techniques, which are applicable internationally

• Associate ship - A student can become an associate member of the society on passing CA series which involves question of general actuarial interest and aims to test communication skills of the students with regard to application of actuarial technique.

• Fellowship - A student on passing all the subjects in ST Series and SA Series and on satisfying the other criteria specified for the purpose becomes eligible to be admitted as fellow member of the Society. In ST and SA Series focus is on the following subjects respectively,

• Investment, Life-Insurance, General Insurance and Pensions and other Employee benefits -The practical application of the Principles covered in the corresponding ST Series subjects and earlier subjects.

CAREER IN ACTURIAL SCIENCE

The work of an actuary involves a lot of number crunching and the nature of work is quite tedious, nevertheless it offers rewards in terms of intellectual challenge, status, job satisfaction and earnings. As their judgment is the basis of decision making for many business activities, their career paths often lead to upper management and executive positions. They work in many areas that directly benefit the public, including life and non-life insurance, pension funds, savings, capital projects, investment, healthcare and risk management. Such work offers management opportunities, often at boardroom level, with actuaries having a commercial as well as technical role.

CAREER AREAS: Insurance, pensions and benefits, investment and asset management, banking, healthcare. An Actuary works in LIC, GIC, ESIC, Banks, Stock Exchanges and other financial institutions controlled by Govt. & Private bodies. Some of the different Titles of an Actuary

• Actuarial Analyst

• Actuarial Consultant

• Actuarial Director

• Actuarial Manager

• Associate Actuary

• Pricing Actuary

FAMOUS PERSONALITIES

Dr.Irwin. T. Vanderhoof

Dr.Irwin T. Vanderhoof's contributions to the actuarial profession were many and varied. He served on many industry committees over the years, including the Committee on Valuation and Related Areas (COVARA), which instituted the use of the C-1 through C-4 notation for the various risks. Dr. Vanderhoof chaired the subcommittee that studied asset defaults and he was also involved with the Education and Exams committee structure, serving on the committee that created the syllabus for the core exam 220. He was one of the original organizers of the Reinsurance Section, and served on the Education and Research Section Council from 1996 through 1998, serving as chair during 1998. Among the professional research conferences that Dr. Vanderhoof helped to arrange were two relating to the relationship between actuarial science and accounting in 1995 and 1999. He arranged for both conferences to be held at the Salomon Center of the Stern School of Business at New York University and used his connections to obtain sponsorships from major accounting firms. As a result, the conference attendance was a mix of actuaries, accountants, and other professionals. Dr. Vanderhoof was always ready to help out and was often recruited as a speaker at SOA-sponsored meetings. He was able to balance his dedication to the actuarial profession with his love and devotion to his family.

Robert E. Ankers

Robert E. Ankers born in Virginia April 21, 1882, graduated from the University of Richmond with the class of 1905 and had attended many class reunions. He had retired from Southland Life Insurance Company in 1957 after 36 years service, having joined Continental Life Insurance Company of Virginia June 1, 1921, which was purchased by Southland Life in the latter part of 1950.He became an Associate of the Casualty Actuarial Society on November 15, 1918, and was also a Contributing Member of the American Institute of Actuaries. While with Continental Life he was Secretary-Treasurer and Actuary, and he continued under Southland Life as consultant in actuarial, underwriting, special settlement options and settlement of death claims. Prior to entering the life insurance profession he had been examiner for the Department of Insurance of Virginia. Robert E. Ankers died March 1, 1964, at Clearwater, Florida while on a visit from his native state of Virginia. His death was sudden and unexpected.

HOROSCOPE - CAREER FOR ZODIAC SIGNS

Now just have a glance at these SUNSIGNS which would best suit this career

Taurus

Gemini

Leo

Virgo

Sagittarius

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