Actuarial Societies
The actuarial society that focuses on life insurance, health insurance, retirement benefits, and finance
What is the Society of Actuaries (SOA)?
A theorem says that the sampling distribution of the mean will always be normally distributed, as long as the sample size is large enough
What is the Central Limit Theorem?
The monetary charge for the privilege of borrowing money, typically expressed as an annual percentage rate
What is interest?
The rate of change of a function with respect to a variable
What is a derivative?
A written contract ratifying the legality of an insurance agreement
What is a policy?
The actuarial society that focuses on property and casualty insurance, such as auto, homeowners, and commercial liability insurance
What is the Casualty Actuarial Society (CAS)?
A statistical term that describes when two or more things cannot occur at the same time
What is mutually exclusive?
The current value of a future sum of money or stream of cash flows
What is present value?
The numerical value equal to the area under the graph of a function for some interval
What is an integral?
The amount of money you pay before your insurance company starts paying for covered expenses
What is a deductible?
The two preliminary exams that count for both the SOA and the CAS exam tracks
What are Exam Probability (P) and Exam Financial Mathematics (FM)?
A statistical term that describes when the occurrence of one event does not affect the chances of the occurrence of the other event
What is independence?
The value of a current asset at a future date based on an assumed growth rate
What is future value?
The derivative of e^x
What is e^x?
A formal request for reimbursement from an insurance company for a covered loss
What is a claim?
An actuary who has passed a set of initial professional exams and meets basic requirements to practice
What is an Associate Actuary?
A probability distribution where the data can only take on a finite, countable number of distinct values
What is a discrete distribution?
A contract providing income for a specified period of time, or duration of life for a person or persons
What is an annuity?
A sequence where each term is found by multiplying the previous term by a fixed number
What is a geometric series?
Money charged for the insurance coverage reflecting expectation of loss
What is a premium?
An actuary who has passed all of the professional exams and meets the higher level requirements to practice
What is a Fellow Actuary?
A probability distribution where a random variable can take on any value
What is a continuous distribution?
A continuous stream of identical cash flows with no end, such as payments from an annuity
What is a perpetuity?
An extremely powerful theorem that establishes the relationship between differentiation and integration
What is the Fundamental Theorem of Calculus?
A business professional who analyzes probabilities of risk and risk management including calculation of premiums, dividends and other applicable insurance industry standards
What is an actuary?