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An Actuary is the person in an insurance company who calculates the premium

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โˆ™ 2010-03-30 13:50:15
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Q: What is the title of a person in an insurance company who calculates the premium?
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What is the capacity of the person in an insurance company that calculates premiums?

An actuary is a highly skilled mathematician. He/she is employed by insurance companies to calculate insurance rates. Rates are the cost of insurance per $1000 of coverage. Premiums derive from rates such that multiplying the rate times the amount of insurance (in thousands of dollars) results in the premium.An actuary calculates insurance rates. A rate is the cost per $1000 of coverage. Therefore, the premium is calculated by multiplying the amount of coverage times the rate. Accordingly, indirectly, an actuary calculates the premium.


What is the title of the person in an insurance company who calculates the amount of compensation to be paid?

A claims representative or claims adjuster fits this description.


What does the term actuaries actually mean?

The term actuaries refers to a person who calculates the insurance risks and and premiums. They have to judge the risks regarding life insurance to work out the premiums they should give to that person or company.


Can a person put another person on their insurance?

If it is Life Insurance, you can select any person you want as beneficiary. If it is Health Insurance, you can add a spouse and/or dependents. This will change your premium so you need to contact your Insurance Company for forms and approval.


What is life insurance premium financing used for?

Premium finance is a convenient way to pay for your insurance premiums. Instead of paying a large sum upfront, you can spread the payment by paying in installments. Orchard funding is an insurance premium finance company in the UK providing the best services. Contact us or visit our website for more information.


What is the term used for the insurance worker who calculates the statistics?

That person is called an actuary.


A fire insurance policy has an annual premium of 780 What is the regular refund if the policy is canceled by the insurance company after five months?

An insurance premium is the amount that the buyer pays the company monthly or annually which keeps the policy in effect. If a person paid a 780 dollar annual premium which was canceled after 5 months, they would be owed a 455 dollar refund.


What is an insurance reinstatement?

When a insured person is not able to pay his/ her premium on time then his/her policy got surrendered by the insurance company. If after some time that insured person comes to company and ask to revive the policy then this revival/ reactivation is called reinstatement of the policy.


Can an insurance company deny health benefits to a spouse if they are employed?

Typically, if a person is insured under a company's group insurance plan it is up to the company as to how much of the premium the company wants to pay toward the employee's insurance. If the employee has a spouse it is also the choice of the company as to how much, IF ANY, the company will pay toward the spouse's premium. The company is not required to pay anything toward the cost of the spouse or children. In many cases, the spouse and children. or more precisely, the employee him/herself. must pay the additional premium.


Can a Muslim person work for insurance company?

can a muslim person work for auto insurance company


Is it better to get individual insurance?

Usually one person can obtain insurance more inexpensively than a group of people can. More people requires more risk, so the insurance company will charge a higher premium.


What is a person trained in mathematics who calculates risk based on loss percentages and determines insurance rates and premiums?

An Actuary.

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