What Does Actuarial Mean?
Actuarial refers to anything relating to actuaries or data, statistics, and figures calculated for the purposes of assessing risk and determining premium rates. It may be used to qualify tables, reports, exams, charts, adjustments, and so on.
Insuranceopedia Explains Actuarial
Insurance companies commonly use actuaries, or people who analyze data to evaluate risk, to help them calculate important statistics. Depending on this actuarial information, insurance companies assign premium prices to each of their products. Risk must be calculated to determine the likelihood that the insurer will have to pay out a claim. Without understanding the risks properly, the insurance company may not set premiums high enough to cover potential losses. In other words, actuarial information is highly important to the success of insurance companies.