Actuary - Definition - Law Dictionary Home Dictionary Definition actuary

Definition :

Actuary, a registrar of a public body. Also a clerk who registers the acts and constitutions of the Lower House of Convocation; or a registrar in a Court Christian. Especially a person skilled in calculating the value of life interests, annuities, and insurances. The (English) Local Government and other Officers' Superannuation Act, 1922 (12 & 13 Geo. 5, c. 59), defines actuary as meaning a fellow of the Institute of Actuaries or the Faculty of Actuaries in Scotland. The Institute of Actuaries was formed in 1848 and incorporated by royal charter on July 29, 1884.

An actuary possessing such qualifications as may be by regulations made by authority. [Insurance Act (4 of 1938), s. 2(a)]

Means a person skilled in determining the present effects of future contingent events or in finance modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits, recommending rates relating to insurance business, annuities, insurance and pension rates on the basis of empirically based tables and includes a statistician engaged in such technology, taxation, employee's benefits and such other risk management and investments and who is a fellow member of institute, and the expression 'actual science' shall be construed accordingly. [The Actuaries Act, 2006, s. 2(a)]

Means a statistician who determines the present effect of future contingent events esp. one who calculates insurance and pension rates on the basis of empirically based tables, Black Law Dictionary, 7th Edn., p. 37.