BANKING AFFAIRS

Detailed explanation-1: -Definition: A person with expertise in the fields of economics, statistics and mathematics, who helps in risk assessment and estimation of premiums etc for an insurance business, is called an actuary.

Detailed explanation-2: -Actuarial service is a way of determining, assessing, and planning the financial impact of risk by companies. In the insurance and finance industries, actuaries use mathematical and statistical methods to evaluate the risk levels.

Detailed explanation-3: -Insurance mathematics studies the ways to manage risks to property or individuals. Insurance mathematics is used to better define and manage these risks. Life insurance protects individuals and other insurance protects property and businesses, reducing the financial impact of unforeseen events.

Detailed explanation-4: -Actuarial Science & risk Management mainly concerns with assessing risks and ensuring the financial stability of insurance or financial institutions. Graduates in Actuarial & risk management learn how to predict potential outcomes and take preventative steps using mathematical, statistical, and probability concepts.

Detailed explanation-5: -An actuary is a business professional with advanced statistical skills who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science.