Page 6 - ic92 actuarial

The Insurance Times

1. The actuary must justify conclusions with statistical data,
never content to rely on intuitions alone.

2. Actuarial solutions must be implemented, or they are
not solutions at all.

3. Credibility theory illustrates the actuarial perspective.

4. Credibility theory is the adaptation of theoretical
statistics to a variety of daily business problems.

5. Credibility theory was one of the most first fruits of
actuarial research, and it remains one of the most
productive fields of actuarial work.

6. Actuarial science is the practical application of finance
and statistics.

7. The practicing actuary is not esteemed solely for
intellectual skills. The practicing actuary is esteemed
for the ability to apply those skills to insurance, financial,
and business problems.

8. Actuarial science has borrowed its procedures from
a variety of other sources: from economics, from
finance, from statistics, and from financial
engineering.

9. The ultimate judge is the marketplace, whether the

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