actuaryArticle Free Pass actuary, one who calculates insurance
risks and premiums. Actuaries compute the probability of the
occurrence of various contingencies of human life, such as
birth, marriage, sickness, unemployment, accidents, retirement,
and death. They also evaluate the hazards of property damage or
loss and the legal liability for the safety and well-being of
others. Most actuaries are employed by insurance companies. They
make statistical studies to establish basic mortality and
morbidity tables, develop corresponding premium rates, establish
underwriting practices and procedures, determine the amounts of
money required to assure payment of benefits, analyze company
earnings, and counsel with the company accounting staff in
organizing records and statements. In many insurance companies
the actuary is a senior officer. Some actuaries serve as
consultants, and some are employed by large industrial
corporations and governments to advise on insurance and pension
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