BUISENESS MANAGEMENT
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An actuary is expected to
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Make an exact forecast of the future liabilities of policies
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Make a reasonable forecast of the future liabilities of policies
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Calculate the premium required to cover a risk on a long-term basis
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Find the probability of an insured event to happen in non-life policies
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All the above statements are incorrect
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Explanation:
Detailed explanation-1: -Actuaries predict insurance company costs, then help them set premiums and design policies based on those numbers. Actuaries can specialize in a particular kind of insurance, such as life insurance, health insurance, car insurance or liability insurance.
Detailed explanation-2: -Actuaries are specially trained professionals who analyze potential risk and probability. They use mathematics and statistics to come up with risk probability tables based on the industry. For example, an actuary who works in car insurance could determine how likely it is that a person would get into a major accident.
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