An Actuary applies and integrates the concepts of Statistics, Mathematics, Economics and Probability. It is a discipline of study that employs statistical and mathematical techniques to assess financial risks in the insurance and finance industries. The field of actuarial science uses these subjects to define, analyze, and resolve the financial ramifications of uncertain future occurrences.
The analysis of mortality, creation of life tables, as well as the application of compound interest make up the mainstay of traditional actuarial science. Insurance firms, for instance, are able to discover more about the chance or timing of paying out a life insurance policy by researching the death rates of people who are a given age..
