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Simple English definitions for legal terms
American Academy of Actuaries
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A quick definition of American Academy of Actuaries:
The American Academy of Actuaries is a group of people who are really good at math and statistics. They have studied for a long time and have worked for at least three years as actuaries. The Academy helps people understand what actuaries do and talks to the government about important things. They also have meetings to keep learning and getting better at their jobs. An actuary is someone who figures out how much money insurance companies and pension plans should charge based on what might happen in the future.
A more thorough explanation:
The American Academy of Actuaries is a national organization of actuaries who have at least three years of actuarial work experience and meet specified educational requirements. The Academy was created in 1965 to promote public awareness of the actuarial profession, represent the profession before federal and state governments, and sponsor continuing-education conferences. The abbreviation for the American Academy of Actuaries is AAA.
An actuary is a statistician who determines the present effects of future contingent events. They calculate insurance and pension rates based on empirically based tables. For example, an actuary might use data on the life expectancy of people in a certain age group to determine the cost of life insurance for that group. Another example is an actuary using data on the likelihood of car accidents to determine the cost of car insurance for different drivers.
The American Academy of Actuaries ensures that its members have the necessary education and experience to make accurate predictions and calculations. This helps insurance companies and other organizations make informed decisions about risk and financial planning.