Actuarial science

The insurance mathematics is a branch of mathematics. As its founder is considered Johan de Witt. It mainly deals with the mathematical modeling and statistical estimation of insured risks (in particular damage to persons or property ), the calculation of the required price for the acquisition of such risks ( premium calculation ), the calculation of technical provisions or the required capital adequacy, controlling included. reporting, risk management and balance sheet management. The actuarial belongs to applied mathematics and is a major area of ​​application of probability theory and statistics dar. To illustrate the financial risks usually also contained in insurance contracts and financial methods are used. It can be divided as follows:

Branches of insurance mathematics

  • Life Insurance Mathematics,
  • Health insurance mathematics,
  • Pension Actuarial Science,
  • Non-life insurance mathematics,

The mathematics of building societies is traditionally attributed to the actuarial, since here also collectives are considered, albeit with purely financial methods. This tradition is also influenced by that earlier was responsible for the insurance supervisory authority responsible for building societies.

Due to the broader orientation of actuarial mathematics to all types of risks and the financial mathematics can be seen as geared to financial risks special case of insurance mathematics.

The job title of an expert actuarial science is an actuary. You can call yourself as an actuary, especially if they have extensive knowledge of the insurance industry and outside of the pure actuarial and have proven this in accordance with the requirements of a national actuarial association. The National Association of Actuaries in Germany is the German Actuarial Association (DAV) in Cologne. Successful completion of training at the DAV, the actuary may call actuary DAV.

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