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Life & Health · Chapter 1 · Industry Basics

Actuary

Definition
The professional who calculates policy rates, reserves, and dividends using mortality and morbidity tables and other statistical studies.
Exam tip
Underwriter = selects and classifies risks. Actuary = does the MATH (rates/reserves/dividends). Adjuster = handles claims.
Related terms
Underwriting DepartmentPremium Factors — Mortality, Interest, ExpensesMortality Table (CSO Table)Morbidity Tables & Rates
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Verified against primary sources · 2026-08-10