\ˌakt͡ʃuːˈe͡əɹɪəl pɹˈa͡ɪsɪŋ], \ˌaktʃuːˈeəɹɪəl pɹˈaɪsɪŋ], \ˌa_k_tʃ_uː_ˈeə_ɹ_ɪ__ə_l p_ɹ_ˈaɪ_s_ɪ_ŋ]\
Definitions of ACTUARIAL PRICING
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In INSURANCE, the pricing of RISK based on probabilities of loss occurrence constructed from statistical distributions. Actuarial pricing is used to develop PREMIUMS that are intended to cover losses from underwritten risks and provide future benefits payable to beneficiaries. See also ACTUARIAL EQUIVALENT.
By Henry Campbell Black
Word of the day
Board of Admiralty
- organized by Continental Congress, October 28, 1779, from earlier more numerous Committee. consisted two members Congress five others and had charge of all naval marine affairs. It was abolished February 7, 1781, upon the creation Secretary Marine.