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The Insurance Times

Q. 1. What is actuarial science?

Ans. Actuarial Science is a blend of academic rigor and
business practice. An actuary must tackle all the problems
confronting him. He should base all his conclusions based
on solid theoretical basis, complemented with statistical
data. It is the practical application of finance and
statistics, restricted by practice, insurance marketplace,
accounting systems, available data, by management
needs.

A skilled actuary applies his intellectual and analytical
skills to insurance, financial, and business problems.
Actuarial Science borrows its procedures from a variety
of other sources, viz, economics, finance, statistics and
financial engineering. The theoretical procedures are
modified, blended, transformed, and merged with
underwriting, accounting and marketing to validate an
actuarial process.

2) What are the distinguishing attributes of
actuarial science?

Ans. There are several distinguishing attributes of

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