actuary n : someone versed in the collection and interpretation of numerical data (especially someone who uses statistics to calculate insurance premiums) [syn: statistician]

Actuary \Ac"tu*a*ry\, n.; pl. Actuaries. [L. actuarius copyist, clerk, fr. actus, p. p. of agere to do, act.]
1. (Law) A registrar or clerk; -- used originally in courts of civil law jurisdiction, but in Europe used for a clerk or registrar generally.
2. The computing official of an insurance company; one whose profession it is to calculate for insurance companies the risks and premiums for life, fire, and other insurances.

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An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms (Trowbridge 1989, p. 7).

Actuaries mathematically evaluate the likelihood of events and quantify the contingent outcomes in order to minimize losses, both emotional and financial, associated with uncertain undesirable events. Since many events, such as death, cannot be avoided, it is helpful to take measures to minimize their financial impact when they occur. These risks can affect both sides of the balance sheet, and require asset management, liability management, and valuation skills. Analytical skills, business knowledge and understanding of human behavior and the vagaries of information systems are required to design and manage programs that control risk (BeAnActuary 2005a).

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