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Professional actuaries

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									Professional actuaries
Actuary
Actuary (Actuary, Latin meaning "business") is a commercial
deal with the financial risk professional. Actuaries use mathematics, economic,
financial and statistical tools to deal with the major insurance, reinsurance and
unknown uncertainties related to the incident. In addition, with employee insurance
(health insurance and pension schemes), social welfare projects (social security and
social care) about.

Large part of the actuary will be in the property insurance or life insurance company,
the scope of work includes the design of new varieties of insurance products, the
products calculated and the necessary preparations for the premium payment for
insurance companies conduct risk assessment and Zhidingtouzi policy, and regular
review and follow up.

The rest mainly in the consulting actuary (the main customers are small and the
insurance companies and banks), investment company pension, medical insurance and
investment company.

Directory
An actuary working
1.1 Classification
1.2 Traditional duties
1.3 typical career
2 certificates and examinations
3 actuarial organizations
4 Related terms
5 Other Links
6 References
7 China Institute of Actuaries website

Actuaries work

Actuaries are usually divided into two categories personal and unexpected. Life
insurance actuary to deal with the disease, health, died of natural causes related to life
insurance, annuity insurance, pension insurance, disability insurance and medical
insurance by risk. Accident insurance actuaries deal with persons and property
suffered major risk of sudden accidents. In some countries, known as general
insurance, known in the United States property / casualty insurance, and accident and
liability is the same concept. These risks include automobile insurance, personal home
insurance, commercial property insurance, employees compensation insurance, the
right to insurance, medical insurance, product liability insurance, employers liability
insurance, environmental liability insurance and other liability insurance.
Traditional duties
Personal and accident insurance from the two aspects, actuaries assume the main
responsibility is to calculate insurance premiums and reserves. Premium is the insurer
for insurance benefits, the cost of overhead and profit charged to the insured person a
fee. Reserve to possible future accidents a special reserve fund. Insurance companies,
especially accident insurance company to break even, most of the reserve against
accidents to happen.

Casualty Actuarial is the probability of the accident (frequency and damage degrees)
for quantitative analysis. In addition, the accident occurred before the important
period of time, before the events insurer will not cover any insurance. Life insurance
actuarial analysis of a major capital in the future under different periods of interest
rate changes affect the number that occur. Although the two analysis processes are not
clear, but the casualty actuarial model can be used to determine a fixed frequency and
degree of random destruction and their distribution parameters. Life insurance
actuarial interest rate changes and can borrow the cash flow to analyze.

Actuaries not only predict unknown events, generally, have occurred in computing
insurance benefits, in order to develop new insurance products.

Actuaries are considered the financial risk of outstanding experts, recently, they began
to act as investment advisers and asset managers.


Typical career
Actuaries are usually employed in the insurance, reinsurance companies, consultants
(to other companies to provide specialized advice and actuarial analysis) and
government (UK Government Actuary's Department, the U.S. social
security institutions).

Actuaries to design and maintain insurance products, reported the
company's assets and liabilities. They must be advanced to explain the
actuarial theory to the general public to listen to customers. Actuaries follow a strict
theoretical work, this theory is generally not acceptable.

Certificates and examinations
A person qualified to become a certified actuary, must be within a few years after a
series of rigorous tests. In France, most of the actuarial study completed at the
university, while in the United States in the post-graduate work completed. For
example, the United States, mainly by the actuary actuarial examinations Association
(life insurance actuary) and the Society of Actuaries accident (property / casualty
insurance actuary) hold.

Society of Actuaries provides candidates can get through six associate membership
examination, if re-examination through the other two, you can obtain membership.
Society of Actuaries accidents through seven exams require candidates to obtain
associate membership, if the re-examination by two additional, you can obtain
membership. As we all know, through these tests extremely difficult. Passing rate
below 50%, usually between 30% to 40%, and they only held once every two years.
In addition to rigorous examination requirements, candidates must possess the
necessary qualifications (Association approved) and work experience. Only one
candidate has achieved membership to Associate Member or as an
"actuarial."

Because the test subjects 1,2,4 (recently renamed P, FM and C) are two associations
have, so candidates do not take into account in the initial stages of which sit for an
association. This four tests (based subjects) from the mathematical and actuarial
science knowledge related to the composition of (probability theory, mathematical
statistics, interest theory, life table and hazard model).

Upgrade the two associations examination subjects are different, but more emphasis
on basic subjects than qualitative analysis. Upgrade test subjects, some are multiple
choice questions (multiple choice questions based on all subjects). Unexpected
escalation of the Institute of Actuaries of examination including interest rates,
insurance assessment, loss reserves and reinsurance. In addition, only then through
advanced investment analysis, risk analysis and high interest rates to obtain the rate of
program membership. Society of Actuaries exams, including the upgrade program
design, risk classification, rate analysis, evaluation, analysis and investment analysis.
In addition, only then through the application of models and choice of specific
subjects candidates to obtain the membership.


[Edit] Organization of Actuaries
Actuaries are generally one or more professional organizations, they are:

China, China Association of Actuaries
Dutch Actuarial Association
Actuarial Society of India, India
Actuarial Society of South Africa, South Africa
Actuarial Society of the United States, United States
Actuarial Association of Canada Canada
Actuarial Association of the United States, accidents
Actuarial Society of Denmark Denmark
Switzerland Swiss Actuarial Association
Germany German Actuarial Association
Actuarial Institute of Scotland
Actuarial organizations, the European Union
Hungary Hungarian Actuarial Society
Actuarial Society of England and Wales
Actuarial Society of Australia, Australia
Actuarial Society of Brazil Brazil
International Actuarial Association
International Actuarial Consultants Association
Actuarial Association of Israel
Belgium Royal Belgian Actuarial Society
Actuarial Association of the United States
Actuarial Society of Ireland, Ireland
Actuarial Association of Taiwan, ROC
Actuarial Foundation of Japan will

[Edit] Related terms
Actuarial Science
Actuarial notation

Is a scarce resource in China, an actuary, an actuary employed by the remuneration
due to the cost and international practices have become differentiated. If China is now
the most expensive actuary - Ping An Insurance Company of Steven.Mile, it is
estimated that at least he's worth 3 million yuan per year, domestic
actuaries worth only 500,000 to 600,000 yuan.

■ job description

Actuary is to use actuarial methods and technology to solve economic problems
professionals. Actuaries traditionally work in the field of commercial insurance
industry, is mainly engaged in product development, contract reserves accounting,
analysis and dynamic solvency testing Liyuan and other important work.

■ Vocational Qualification

July 16, 1999, China held its first actuary qualification examination. Test points shall
prevail Actuary and the two parts. All nine candidates have passed the course
examination, will be quasi-actuarial qualifications. Prospective candidates were
qualified actuary, the actuary through five courses to meet the actuarial professional
examinations and training requirements, the respondent qualified, to obtain the
"Certificate of Actuaries examinations."

■ Occupational Status
The development of China's actuaries
July 16, 1999, China held its first actuary qualification examination. Test points shall
prevail Actuary and the two parts. All nine candidates have passed the course
examination, will be quasi-actuarial qualifications. Prospective candidates were
qualified actuary, the actuary through five courses to meet the actuarial professional
examinations and training requirements, the respondent qualified, to obtain the
"Certificate of Actuaries examinations."

Currently, there are 40 domestic participants received standard actuarial qualifications.
It was learned that Shanghai is only 10 life insurance companies more than 30
actuarial professionals, can not meet the needs of the insurance industry. Experts
believe that the actuarial development in China is whether there is a problem to pay
the high salaries of Actuaries and fair hiring actuaries. In addition, the actuarial skills
in the use of the existing conditions of level, should pay attention to the maintenance
of professional standards.
Actuary attraction of first in the actuary had a higher social status, it is said, according
to British Standard concerned, China has only two actuaries, the Institute of Actuaries
list by the United States, China does not yet exist a qualified actuary. In fact, some
Chinese have different actuaries, but the overall level of need to be strengthened. It is
predicted that China's next five-year actuarial talent needed 5,000.
Actuarial profession in China to open universities: Shandong Finance Institute,
Nankai University, Fudan University, Renmin University of China, Hunan College of
Finance and the Central University of Finance, Shanghai University of Finance, China
University of Technology, Southwest University of Finance and Economics, Wuhan
University, etc.


■ China Society of Actuaries Web site
http://www.e-caa.org.cn/


■ Actuarial Examinations in China
Examination of Actuaries of China started in 1999. December 2000, the China
Insurance Regulatory Commission, the society organized the first Chinese actuarial
examinations in the qualifying examination of six quasi-actuarial course examinations,
a total of 474 people to attend. China Insurance Regulatory Commission plans from
2000 -2 005 years, the first part of the examination held in quasi-actuaries, until
conditions are ripe, part of the examination will be held actuaries. China actuary
system is the construction process, the examination system has yet to be improved.
Currently, actuaries exam in Beijing, Tianjin, Shanghai, Wuhan, Guangzhou has test
centers. Who have a university degree or above or equivalent individuals, including
college students are invited to participate in China's actuaries qualifying
examination. However, those who belong to one of the following circumstances, shall
not be eligible to participate in the Chinese actuarial examinations: ① had received
criminal punishment; ② for breaching financial regulations and have received
administrative punishment; ③ stateless; ④ CIRC identified as not eligible to
participate in China's actuarial qualification test conditions and other
circumstances.
Follow the international practice, China actuaries qualifying examination is divided
into two levels: first level subject actuary exam content must master the actuarial
actuarial theory and skills, and based on actuarial practice; the second level for the
actuarial qualification tests, content-based actuarial practice, involving financial
accounting system, the social security system, insurance regulations. Only one C-level
study and examination in order to obtain actuarial certificates.
Associate Actuary compulsory parts of the test a total of nine courses, including
Mathematics Ⅰ , Mathematics Ⅱ , compound interest mathematics, Actuarial
mathematics, risk theory, the basis of life tables, life insurance actuarial practice,
non-life actuarial practice, the comprehensive economic base. All nine candidates
have passed the course examination, will be quasi-actuarial qualifications. Actuaries
parts of the test plan to 10 courses, including compulsory insurance finance, insurance
laws, asset liability management and other three; elective for social security,
individual life and annuity actuarial practice, the senior non-life actuarial practice,
group insurance, accident injury and health insurance, Investment, Pension Scheme 7.
Prospective candidates were qualified actuary, the actuary through five courses to
meet the actuarial professional examinations and training requirements, the
respondent qualified, to obtain the "Certificate of Actuaries of
China."

								
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