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Importance of risk analysis
Importance of risk analysis
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Being an Actuary and Actuarial Science
In 2013 careercast.com ranked being an Actuary as the number 1 job in America. Careercast.com used a number of different factors to determine the rankings, such as pay, work environment, job satisfaction, and future job growth. Actuarial Science is the root of being an Actuary but the question being asked by nearly everybody in society is what is an Actuary and what is Actuarial Science?
Actuarial Science is the assessment of risk through mathematics and statistics with an Actuary being the business professional that calculates and understates the impact of risk. By understanding the very nature of risk, Actuaries play a key role in the psychological, physical, and financial stability of society. The way by understanding risk is through a number of interrelated subjects including economics, financial economics, statistics, mathematics, and probability. “With the knowledge of those interrelated subjects actuaries are then experts in predicting the probability of an event happening in the future, designing ways to decrease the probability of undesirable events, and reducing the impact of an undesirable event if it were to occur.”
Actuarial Science is applied to a broad range of fields or industries. The most common field of Actuarial science is insurance. That makes senses since insurance is an arrangement in which a company or the government provides compensation for undesirable event in ones life. Basically insurance is protecting against uncertainty or risk in everyday life. There are two main actuary groups when it comes to insurance, the Society of Actuaries and Casualty Actuaries Society.
The Society of Actuaries (SOA) is involved in life insurance, health insurance, and pension. The SO...
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...ome a Fellow of either society. A Fellow is the highest destination of each Society. To become a fellow of the CAS is to take an additional three exams to what the candidate or member has already taken. The three exams are Exam 7-Estimation of Policy Liabilities, Insurance Company Valuation, and Enterprise Risk Management, Exam 8-Advance Ratemaking, Exam 9-Financial Risk and Rate of Return. To become a Fellow of the SOA is a much more in depth process. There are six different tracks to becoming a Fellow, with each track having a minimum of three exams, three modules, and each track attending the Fellowship Admissions Seminar. The six different tracks are Corporate Finance and Enterprise Risk Management Track, Quantitative Finance and Investment Track, Individual Life and Annuities Track, Retirement Benefits Track, Group Health Track, and General Insurance Track.
You have received a variety of key features documents to help you decide which pension product to have. If you have any queries regarding the key features documents, or anything about this suitability report then please do not hesitate to contact us. This document should be kept with your client agreement, and these documents were given to you at your last meeting.
Business Insurance News, Analysis & Articles. Web. The Web. The Web.
A number of key concerns about the financial health and management of SCI present themselves in the data outlined above. Though the main concerns tie to a unique requirement of the funeral service industry, mainly the purchase and holding of long term assets such as land and buildings. This may explain the poor numbers relating to the lack of liquidity (Current/Quick Ratios), as well as the low return on invested capital.
The years after the civil war left one half of America, the north, satisfied and the other half, the south, mostly dissatisfied. Therefore the last third of the nineteenth century, 1865-1900, was a time period in which America was mending, repairing, improving, reshaping, and reconstructing its society, economy, culture, and policies. Basically it was changing everything it stood for. This continual change can be seen in the following events that took place during this time. These events are both causes and effects of why America is what it is today. These are some examples: the reconstruction of the south, the great movement towards the west, the agricultural revolution, the rise of industrialism, the completion of the transcontinental railroad, and America's growth to gaining world power. All of these are reasons and events that characterize America as being an ever-changing nation.
Insurance is a subject that not everyone wants to talk about because it’s something that only gets brought up when they have an incident that happens to them or they might just not know enough about it. The insurance business is a huge business, which many people don’t realize that the top richest companies are all insurance companies. It is an interesting industry that not enough people know a whole lot about and through watching the film “Cedar Rapids”, you get some accurate depictions on the inside of the industry through an insurance agent’s and even though it’s not shown, an insurance broker’s point of view. Throughout this film there were some interesting points that many people might not be able to tell, but some are accurate in
Midterm Exam Accounting 598 Part 2 2. What is the difference between a.. A critical component of any accounting theory course is an understanding of the conceptual framework. 2a. What is the difference between a'' and''?
Rousmaniere, Peter. “Facing a tough situation.” Risk & Insurance 17.7 (June 2006): 24-25. Expanded Academic ASAP. Web. 23 March 2011.
Patel, Kavita. “Helping Consumers Understand and Use Health Insurance in 2014” Institute of Medicine. Institute of Medicine. 29 May. 2013. Web. 31 Jan. 2014. .
Saluja, U., & Idris, N. B. (2012). Information Risk Management: Qualitative or Quantitative? Cross Industry Lessons from Medical and Financial Fields. Systemics, Cybernetics and Informatics, 10(3), 54-59.
Obviously, financial establishments can endure breathtaking misfortunes notwithstanding when their risk management is top notch. They are, all things considered, in the matter of going out on a limb. At the point when risk management fails, be that as it may, it is in one of the many fundamental ways, almost every one of them exemplified in the present emergency. In some cases, the issue lies with the information or measures that risk directors depend on. At times it identifies with how they recognize and impart the risks an organization is presented to. Financial risk management is difficult to get right in the best of times.
Accounting is basically a service activity. Its purpose is to provide quantitative information that principally used by the managers, investors, tax authorities, and other decision makers to make the financial decisions within companies, organizations, and public agencies. Accounting is also widely known as the “language of business.” An accountant measures, communicates, and interprets financial activities. They prepare financial statements or reports for individuals, businesses, government agencies, or other non-profit organizations. They use the accounting systems to categorize the expenses and income to the typical groups. They also keep tract of the money received or paid out to see if the transactions are accurate and complete. Accountants are familiar with the computer operation. They use the computer...
External pressure from our Life Insurance partners wanted us to commit to using their services. Life Insurance had designed and implemented an accounting system a few years ago that provided wonderful functionality. This system is being used by most of the enterprise although there is no corporate mandate requiring administration areas to use it. While the functionality of this system is quite detailed and impressive, it fails to meet all of the needs of the annuity business customers. Because the annuity business requirements were quite extensive, the life insurance group could not commit to the necessary enhancements that would be required to their system to satisfy annuity users. Because of these business requirements, we then conducted an extensive analysis to determine what Annuities IT could do to satisfy the business requirements. The analysis revealed that we could build our own accounting system for only 25% of the cost of using the life insurance system.
J. David Cummins, A. S. (1999). Changes in the Life Insurance Industry: Efficiency, Technology and Risk Management: Efficiency, Technology, and Risk Management. Springer.
The Collier Encyclopedia’s definition for probability is the concern for events that are not certain and the reasonableness of one expectation over another. These expectations are usually based on some facts about past events or what is known as statistics. Collier describes statistics to be the science of the classification and manipulation of data in order to draw inferences. Inferences here can be read to mean expectations, leading to the conclusion that the two go hand in hand in accomplishing what mankind has tried to accomplish since the beginning of time – predicting the future. It is the notion of science that this is the most accurate way to predict events yet to occur and this has lead to it being the most widely accepted “fortune telling'; tool in the world today.
Why you should pursue the chartered accountant. (2012, February 12). RSM Betty and Dickson . Retrieved April 27, 2014, from http://www.rsmbettyanddickson.co.za/Articles/Article-Why-Pursue-Chartered-Accountancy.aspx