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An actuary is a business professional with respect to the invention insurance, pension and financial programs of the other . Through the application of probability , statistics, risk theory and principles of finance, an actuary to calculate future risk associated with the program of insurance, annuities and pensions.
To achieve this , an actuary must originally collects and analyzes data to develop mathematical models . Models the probability of illness , death , accidents and so on, and the probability tables are constructed of unemployment and so on . After all probability and cost are calculated , an actuary could set the premium price that will meet the needs of the anticipated payment of insurance benefits .
A actuary once called financial architects and social mathematicians due to its unique combination of analytical and business skills in solving financial problems and increasing social . An actuarial calculation and planning is the backbone of the insurance and financial securities . Actuarial work involves a lot of math , an actuary must constantly keep abreast of current issues and trends of business, social sciences, law and economics.