Latest Actuarial Interview Questions and Answers
What is lognormal distribution in the context to insurance?
Lognormal distribution is a probability distribution that is used as a model to claim size distribution; it is positively skewed and has a range from zero to infinity.
What does a pension actuary do?
The job of pension’s actuary is to help pension’s providers to set the pension rates and craft retirement policies that minimize risk. They apply their skills to the creation and maintenance of sustainable retirement plans. Majority of the pension actuaries work in a pensions actuarial firms while others work in government bodies.
What is the role of actuarial assistant in the insurance company?
Actuarial assistant is a helping hand to actuary; it plays a valuable support role to the actuary, assisting with the calculation of premium rates, policy liabilities and developing new products.
What is the role of Actuarial Analyst in the insurance company?
Actuarial analyst’s works in the insurance industry and use statistical model to analyze the data and calculate the costs associated with certain events such as
- Product failure
- Property damage
- Injury and death
- Destruction due to natural calamities ( hurricanes, earthquakes, pandemic and terrorist attacks)
What are the responsibilities of a property or casualty actuary?
As a property or casualty actuary, responsibilities includes
- Conducting studies and analyzing of rates according to geographical area and type of insurance, such as homeowner rates or automobile rates
- Preparing materials or evidence that tells the changes in the rate for insurance is legitimate
- Developing plans for the company to enter a new line of insurance
- Conducting research on new statistical models and methods for estimating claims