#Actuary August 12
We may earn money or products from the companies mentioned in this post.
After Hurricane Isaias passed thru North Carolina I got thinking about insurance companies. What can an insurance company ACTUARY teach or guide us in decision making?
The short definition of an ACTUARY is this.
It is a person who compiles and analyzes statistics and uses them to calculate insurance risks and premiums.
To be honest an ACTURAY actually does a lot more than that.
First let’s cue up a YouTube video on what other Actuaries actually say they do.
I did not realize that becoming an ACTUARY requires passing a series of exam. Completing those will earn an individual an actuarial designation through the Casualty Actuarial Society or the Society of Actuaries.
It could take from 6-10 years to pass all of the exams, but you can begin a career as an ACTUARY by passing the first two exams, and then taking subsequent exams while working as an actuarial assistant.
It seems that becoming an ACTUARY means for the most part choosing between property/casualty and life and health. It is also a profession that pays very well. Experienced actuaries have the potential to earn from $150,000 to $250,000 annually, and many actuaries earn more than that.
If you are thinking of pursuing the career of an ACTUARY here is a link that might help you.
So the big takeaway or life lesson that an ACTUARY can teach all of us is this. What they do is calculate how much money should be invested now so that there will be enough funds in the future to pay for any events taking place.
Those events can be retirement, home repairs, need for a replacement vehicle, future health issues, and education costs just to name a few from a list that is quite extensive.
We all need to calculate today what might be needed for tomorrow events. Just like an ACTUARY we need to be realistic in our planning that the unexpected will probably occur.
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