Career Facts
Actuaries made a median salary of $______ in 2024 (must be within $5,000 of the correct answer).
What is 125,770?
A 16 year old would most likely be charged more for car insurance than a 30 year old because the teen is ____ likely to get into a car accident.
What is more?
The title of an actuary who determines insurance product features and prices
What is a pricing actuary?
Actuaries in this subfield often work with medical claims
What is health insurance?
The amount of money an individual or business pays to an insurance company regularly (monthly, quarterly, or annually) to keep an insurance policy active and in force
What is a premium?
True or False: Consulting actuaries tend to experience smaller workloads than insurance actuaries.
What is False?
An important thing to understand is that actuaries exist because ___________ exists.
What is uncertainty?
Part of this type of actuary's job is to estimate future liabilities to ensure the insurance company has enough assets to pay for them.
What is a reserving actuary?
This actuarial subfield focuses on pricing and reserving for auto, homeowners, and liability insurance
What is property and casualty?
Protects companies from unexpected financial losses, including property damage, legal liability, worker injuries, and lawsuits. An example would be workers' compensation insurance.
What is commercial insurance?
Actuaries rank #_ on the Bureau of Labor Statistics list of fastest-growing occupations in the United States.
What is 8?
Traditional actuarial work can be divided into two main categories: ____ and property and casualty (P&C).
What is life?
An actuarial __________ advises clients on actuarial financial risks, such as employee benefits and insurance.
What is consultant?
The title of an actuary who primarily analyzes mortality
What is a life actuary?
A formal request for payment or compensation from an insurer for a loss, damage, or injury
What is a claim?
Actuaries primarily work in the insurance industry, but can also be found at _________ firms.
What is brokerage/consulting?
Not only do actuaries have to estimate the financial impact of ______ events, but they also have to estimate how the financial impact from ____ events will develop over time.
What is future and past?
Reserving actuaries help prevent insurance companies from going ________ trying to pay out claims.
What is bankrupt?
The title of an actuary who deals with employer-sponsored retirement plans and funding requirements
What is a pension actuary?
The funds set aside by insurers for future payments of incurred claims that have not been settled
What are claim reserves?
An actuarial recruiting firm that conducts surveys of the actuarial industry to provide accurate and timely salary data to the general public (name one)
What is D.W. Simpson or Ezra Penland?
Putting a number to the cost of the damages incurred by a car accident is a _____ process.
What is quick?
True or False: The reinsurance sector has its own pricing and reserving actuaries.
What is True?
Often called "insurance for insurance companies", it's where a primary insurer transfers portions of its risk portfolio to another party
What is reinsurance?
The process of tracking how insurance claim costs change (usually increase) from the time they are first reported until they are fully settled
What is loss development?