Category: Actuarial
Take a journey through the actuarial career. Find FAQ, career advice, technical tips, and learning material
Aggregating Loss Data
There are different ways to aggregate loss data. You can discover lots of interesting information about your dataset just by looking at it differently. Every claim should have information on: Accident date – The date of loss, when the accident...
Tort vs. Crime
You’ll likely hear the phrase “tort of strict liability” when reading about products liability. I just kept reading the word “tort” and all that came to mind was the Dobos torte cake above, so here’s some help to clarify the...
Claim Anatomy
Here’s a crude graphic that breaks down the basic anatomy of a claim. Actuaries typically work at the aggregate level, which means all the claims are grouped together by policy year. Incurred – This is the current, reported value of...
Letters of Credit
A Letter of Credit is a letter from a bank guaranteeing that the buyer will make a correct and timely payment to the seller. If the buyer cannot make some or all of the payment, the bank will cover the...