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Simple English definitions for legal terms

actuarial method

Read a random definition: Internal Revenue Code (IRC)

A quick definition of actuarial method:

The actuarial method is a way to figure out how much interest you have to pay on a loan. It uses the loan's annual percentage rate to calculate the finance charge for each payment period. After you make a payment, the money is first used to pay off the interest and then the principal. Actuarial present value is the amount of money needed to buy an annuity that will pay a certain amount of money each month for the expected remaining life of the person receiving it.

A more thorough explanation:

The actuarial method is a way to calculate the amount of interest on a loan. It uses the loan's annual percentage rate to figure out the finance charge for each payment period. After each payment is made, the amount is first credited to interest and then to principal.

For example, let's say you take out a loan with an annual percentage rate of 5%. Each month, you make a payment of $100. The actuarial method would calculate the interest on the loan for that month, which would be $4.17. The remaining $95.83 would then be applied to the principal balance of the loan.

The actuarial present value is the amount of money needed to purchase an annuity that would generate a specific monthly payment for the expected remaining life span of the recipient.

For example, let's say you want to purchase an annuity that will pay you $1,000 per month for the next 20 years. The actuarial present value would be the amount of money you need to invest now to ensure that you receive those payments for the next 20 years.

These examples illustrate how the actuarial method and actuarial present value are used in finance to calculate interest and plan for future payments.

actuarially sound retirement system | actuarial surplus

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WorthlessAttractiveZombie
14:28
What are the odds that berk releases later today?
babycat
14:28
@Dkk: And here I thought you were a prophet. Smh.
14:33
@WorthlessAttractiveZombie: 4
WorthlessAttractiveZombie
14:35
@EvolBunny: I will take the odds of 4, very promising
14:38
I'm too drunk to taste this chicken
Dkk
14:38
Lol, I suck I guess. @babycat
14:40
suck what? (:
Dkk
14:42
suck at predicting
14:43
boooooo
1a2b3c4d26z
14:45
hi guys
1a2b3c4d26z
14:45
how is everyone doing this fine friday
1a2b3c4d26z
14:46
Tonight im going to go for a run and lift some weights and then eat some dinner (probably a burrito) and then I'm going to watch a scary movie with my girlfriend (probably Longlegs). I'm so excited :)
1a2b3c4d26z
14:46
What is everyone else doing tonight
1a2b3c4d26z
14:47
Besides YM of course
14:47
Yoooo I’m a lifter too
14:47
I'm all good, I'm tipsy in Zanzibar finishing an app and laughing my ass off to this:
babycat
14:48
renard what are you drinking?
BulbasaurNoLikeCardio
14:50
Feeling like sad drinking tonight, wife accidentally tossed out my truck keys and those are expensive as fuck to replace. The crappiest part is that the key chain had the "remove before flight" tab from my first aircraft's rocket pods overseas from 6 years ago. Then find out people fucked around and back dated reports at work making me look like a shit bag so I am working later tonight and missing range time which is my weekly relax/me time. Add in my sleep meds stopped working, so I am thinking vodka (so I stay skinny and hot) and pizza by the fireplace kind of friday.
1a2b3c4d26z
14:51
Renard if you're not drinking margs Im gonna throw hands
14:51
Was at a restaurant and they decided to have me try something called "Double Kick" free of charge, it's like a sugar cane liquor with pineapple flavor
1a2b3c4d26z
14:51
missing range time :(
1a2b3c4d26z
14:52
That sounds good renard but unfortunately I'll still have to throw hands
Tonight I’m Having a date with this guy who asked me out couple times
BulbasaurNoLikeCardio
14:54
What made you give in and go out after he asked a couple times?
Other failed dates
babycat
14:55
That’ll do it
Question, how many of u would sleep on first date
babycat
14:57
honestly my answer is it depends
babycat
14:57
there has to be a very specific vibe to make me want to do that. not like a regular date
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