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Welcome May 26, 2007

Posted by Peter in Uncategorized.
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When I mention to people that I study actuarial science, I almost invariably hear them ask: “What’s that?”

Indeed, what is actuarial science, and who are these mysterious people called “actuaries?”

The short answer is that actuarial science is the study of the financial impact of risk. Actuaries are those individuals who model and assess risk. But this explanation isn’t particularly illuminating or descriptive.

Where would we use actuarial science? The most common employer of actuaries is the insurance industry. Now, before you cringe or point fingers at us for being the ones responsible for those exorbitant insurance premiums you’re paying, I hope that you’ll bear with me. After all, one of the reasons for why I’ve decided to create this blog is to shed some light on what actuaries do, why society needs insurance, and most importantly, how one uses mathematical and statistical principles to model risk. It is my modest hope that this blog will become a resource for students, while illustrating to the general public the necessity and complexity of actuarial models. Thank you for visiting!