Fun Trivia : Actuaries

Structure Sub-topic of: Business World Quizzes Interesting Questions, Facts and Information There are a total of 10 general entries.

Interesting Questions, Facts, and Information

Actuaries

In what 2002 hit movie was the main character an actuary?

Actuaries


Jack Nicholson in "About Schmidt". Many actuaries were offended that an individual in the profession was portrayed as a calculating introvert. Do you know the difference between an introverted and extroverted actuary? The extrovert looks at YOUR shoes when he talks to you.



What actuary was known as the "Father of insurance" and did the RIGHT thing and compelled life insurance companies to offer cash values and hold reserves in the 1800's?

Actuaries


Elizur Wright. Wright (1804-1885) graduated from Yale and served as the Massachusetts' insurance commissioner from 1858-1866. Reserves are important liabilities to assure the solvency of Insurance Companies and the payment of guaranteed benefits. Cash values are an important and equitable benefit resulting from the prepayment of future benefits.



What is the actuarial notation designating the probability of death?

Actuaries


lower case q. The lower case d is used to represent the number of deaths in a population for a defined period of time. The lower case p is the probability of living for a period of time. The lower case q designated the probability of death. The upper case D was used as a calculation tool, but is rarely used today.



Approximately how many actuaries are there in the United States (defined as members of the Society of Actuaries)?

Actuaries


17,500. There are many actuarial organizations and the "official" number of actuaries like our work is hard to calculate. The Society of Actuaries is considered by most employers as the most important designation for qualified actuaries in the life, health, and pension fields. However many competent actuaries successfully engage in actuarial work without belonging to the Society. For example there are 3,400 members of the Casualty Actuarial Society that work in the property and casualty field.



What is the premium for an insurance policy called that funds benefits and reserves?

Actuaries


Net Premium. The premium paid by the policyowner is called the Gross Premium. After loads for expenses and profits, the residual (or net) amount is used to fund benefits.



If you tell an actuary your vital statistics and health condition, he/she can tell you when you will die within an accuracy of 5 years?

Actuaries


F. I wish this were true, we would make a lot more money. Actuaries can tell you with great accuracy when a particular number of people in a homogeneous group will die, but not individuals. You could get hit by a bus tomorrow or smoke and live to 100. I hope you enjoyed my quiz.