Introduction :
This career is not common but lucrative and fulfilling. Actuaries design and price insurance policies, monitor adequacy of funds for paying promised benefits, recommend appropriate rate of bonus, evaluate the insurance business, ensure solvency margin and legal liability, loss of profit, etc. They use scientific data to calculate risks and fix premiums.
Class of Specialization: Commercial/Business Studies
Relevant Core Subjects: Mathematics, English Language, Accounting, Commerce, Economics
Personality Traits/Skills:
Actuaries are firm, slow and steady, calculative, studious intellectuals that are engulfed in their analysis, findings and calculators.
Job profile/Duties:
Actuaries compile and collate statistical data on birth, death, marriage, parenthood, employment, etc., and collect relevant information required for making an analysis. They determine the type of insurance policies a company can sell and the rates at which predicted losses can be covered. They design, test and advise for investments, plans and business strategies for optimizing profits and minimizing cost. They assess the probability and estimate the economic value of an event such as death, sickness, disability, retirement, accident or natural disaster.
Where to work:
Companies, Hospital, Government offices, insurance firms, Risk Management firm, banks and financial institutions.
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