Definition: The word 'actuarial' refers to a branch of mathematics that deals with the estimation and analysis of financial results, often used in areas such as insurance claims, investment returns, and risk management. The field of actuarial science aims to predict how an individual or organization will perform under various financial conditions. This involves using statistical models and techniques to analyze large data sets related to mortality rates, inflation rates, economic growth, and other factors that affect financial performance. One common application of actuarial analysis is in insurance claims, where actuaries use statistical methods to calculate the likelihood of claims based on historical data and market conditions. They also work with financial institutions to evaluate investment returns and risk management strategies for their clients. In addition, actuarial science has applications in a wide range of fields, including finance, economics, business, and social sciences, making it an important tool for researchers and practitioners alike.

actuarial

Definition: The English translation "actuary" sounds like a funny name but in actuality it comes from a Latin origin, meaning "statistical." It's used to describe someone who studies the distribution of life events such as birth rates, death rates, unemployment, and inflation rate. The job involves working with statistical methods to understand how people react to changing economic conditions, and making predictions about future outcomes based on that understanding.

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