Jessica Lauren Moon February 26, 2014 Stats II Paper #1 Actuary Uncertainty is an aspect of life that cannot be ignored, and with that uncertainty comes a level of risk. Risk can result in a horribly undesired event or it could produce unimaginable success. Which will happen is a question that can be analyzed and answered to the best of their knowledge by actuaries. They “are the analytical backbone of our society's financial security programs… and the brains behind the financial safeguards in our personal lives” (Beanactuary), so that individuals can live without worrying too much about what the future may hold. An actuary is a business professional who analyzes the financial consequences of risk.
What Is an Actuary for? An actuary is essentially a kind of business professional. They specialize in analyzing the risk and consequences associated with each decision. To do this job well, individuals must understand financial theories, math and statistics. These analytic tools help the actuary to predict how likely a certain event is to happen.
I have over thirty plus years in lecturing experience. My current employer’s continuing professional development policy states that all full-time lecturers with Masters level qualifications must start Doctoral level studies within six (6) years of their commencing employment with the College. I am in my third year as a full-time lecturer with COSTAATT. The short-term view is to satisfy current job requirements. The long-term view is to lead the organization within the next seven (7) ye... ... middle of paper ... ... customers informed about developments that may impact our relationships and collaboratively develop solutions to overcome foreseeable problems and difficulties.
Accounting is a great career that needs a good amount of education, a license, and has a vast amount of possibilities and temptations. An accountant’s education depends on which state he or she is trying to become an Certified Public Accountant in. In the State of New York, he or she needs one hundred fifty credit hours completed which comes out to be fives years of education (“Initial License,” 2011). The first four years you will be acquiring a Bachelor of Science In Accounting. At the University of Albany, this will teach you all about financial accounting, managerial accounting, marketing, taxation, and accounting information systems (“Bachelor of Science.” 2014).
In this case of a contract the company takes a risk that may lead to great losses. For this reason, the insurance company requires to make great risk analysis of the same contract to minimize the risk it undertakes in the contract. It also requires analyzing investments in the industry and thus taking the best investment that maximizes the returns of the premium paid by the insurance holder. For the insurance to conduct the above analysis, it requires to conduct a lot of mathematical and statistical computation in relation to financial risk analysis and investment analysis, thus links the insurer with the actuarial science profession. Actuarial science is a field that studies that deals with mathematics and statistics associated with financial risk particularly in the pension firms and insurance firms.
A Systematic Investment Plan (SIP) that works on the concept of Rupee Cost Averaging (RCA) might help mitigate the risk. Credit Risk The debt servicing ability of a company through its cash flows determines the Credit Risk faced by you. This credit risk is measured by independent rating agencies like CRISIL who rate companies and their paper. A ‘AAA’ rating is considered the safest whereas a ‘D’ rating is considered poor credit quality. A well – diversified portfolio might help mitigate this risk.
Insurance claims are reviewed by the company for their validity and then paid out to the insured or requesting party (on behalf of the insured) once approved. Who can claim an insurance policy? The starting point is the common law doctrine of privity of contract. This doctrine confines the rights and duties under a contract to the person who originally made it. If this doctrine were strictly applied it would mean that the only person who could claim on an insurance policy would be the policyholder, that is, the person who entered into the contract with insurer.
Maritime Law The value of many shipments depends upon fluctuations in the currency rates, freight, handling charges, and other expenses. By means of insurance protection will be provided to goods from any uncontrollable variables. A contract of Marine Insurance is defined by section 7 of the Marine Insurance Act of 1909 as: "A contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure." The purpose of marine insurance is to provide protection against financial loss for an amount, which is as close as possible to the actual loss recognized. Marine insurance is a contract by which one party for a specified consideration promises to pay another party a sum of money on the loss of goods that are subject to marine transport.
Entering college as an athlete can be a challenge from the beginning. Before you enter college you must successfully have met all the requirements from high school to be eligible to play at the collegiate level. All of the core classes in high school must be completed. According to The College Board website the core classes consist of the basic subjects: Math, English, Science, and Social Studies. There are three years of math required, six semesters of science, two semesters or U.S. History, one semester of U.S. government, one semester in economics one semester in world history or geography as well.
A contract of insurance is a contract whereby one party, called the insurer, agrees in return for a payment called the premium to pay a sum of money to another, called the insured, on the occurrence of a certain event, or to indemnify the insured against the loss caused by the risk which is insured against. Policies of insurance are of two broad types: life assurance, which insures against an event that must happen, namely, death; and liability insurance, which insures against events that may happen. A contract of insurance may be in any form, such as by deed, in writing, or verbal. In practice such a contract is embodied in a written document called a policy, which expressly states all the terms of the contract. Three elements are essential to an insurance contract: (a) consideration must pass to the Insurer.