Definition of "Actuary"

Someone professionally trained in the technical aspects of insurance and related fields, particularly in the mathematics of insurance (the calculation of premiums, reserves and other values). An actuary uses complex mathematical methods, often with the aid of computers, to analyze past loss data and other statistics and develop systems for determining future premiums.

A professional trained in the technical aspects of pensions, insurance and related fields who is employed to calculate premiums, reserves, dividends, and premium rates. These calculations are based on both the company's history of claims and other industry and general statistical data.

A specialist in the mathematics of insurance who calculates rates, reserves, dividends and other statistics. (Americanism: In most other countries the individual is known as "mathematician.")