Is there anybody hear about something called ACTURIAL SCEINCES?

Question

is that street name, book, newspaper, CD, or what?? :D

Answer 1

It's called Actuarial Sciences, and it's a course of studies, or an occupation. Insurance companies rely on actuarial tables. They determine statistics and probabilities. If you want to be an actuary, you'd better love to work with numbers.

Here's an excerpt from this link:

http://www.beanactuary.org/about/whatis.cfm

The future is full of uncertainty. Some of the events that can happen are undesirable. "Risk" is the possibility that an undesirable event will occur. Actuaries are experts in
evaluating the likelihood of future events, designing creative ways to reduce the likelihood of undesirable events, decreasing the impact of undesirable events that do occur.

Answer 2

Actuarial science applies mathematical and statistical methods to finance and insurance, particularly to risk assessment. Actuaries are professionals who are qualified in this field through examinations and experience.

Actuarial science includes a number of interrelating disciplines, including probability and statistics, finance, and economics. Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes during the last 30 years due to the proliferation of high speed computers and the synergy of stochastic actuarial models with modern financial theory (Frees 1990).

Many universities have undergraduate and graduate degree programs in actuarial science. In 2002, a Wall Street Journal survey on the best jobs in the United States listed “actuary” as the second best job, while in previous editions of the list, actuaries had been the top rated job (Lee 2002).

Answer 3

Actuarial Science is, in broad terms, the calculation of the probability of an event happening in the future using existing data. Actuaries are employed usually by insurance companies to predict (for instance) the remaining lifespan of a person of a given age so that life insurance premiums can be set. Another bizarre instance was to calculate the probable number of simultaneous flushes of lavatories in a football stadium so that the correct size of sewer pipe could be specified.