Actuaries
Analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.
- Tasks
- 15 tasks12 core, 3 supplemental
- Family
- Computer & MathematicalOne of its 38 occupations
- Code
- 15-2011.00SOC 2018: 15-2011
What the work is made of
12 core tasks and 3 supplemental, each quoted as published, with the survey it came from.
Core: central to the jobSupplemental: done by some, not all
- Task 1. Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.Core taskTask 3500Rated by 28 occupational experts, August 2023
- Task 2. Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.Core taskTask 3503Rated by 28 occupational experts, August 2023
- Task 3. Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.Core taskTask 3501Rated by 28 occupational experts, August 2023
- Task 4. Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.Core taskTask 3502Rated by 27 occupational experts, August 2023
- Task 5. Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.Core taskTask 3504Rated by 28 occupational experts, August 2023
- Task 6. Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.Core taskTask 3508Rated by 28 occupational experts, August 2023
- Task 7. Provide advice to clients on a contract basis, working as a consultant.Core taskTask 3506Rated by 28 occupational experts, August 2023
- Task 8. Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.Core taskTask 3512Rated by 28 occupational experts, August 2023
- Task 9. Negotiate terms and conditions of reinsurance with other companies.Core taskTask 20951Rated by 28 occupational experts, August 2023
- Task 10. Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.Core taskTask 3511Rated by 28 occupational experts, August 2023
- Task 11. Testify before public agencies on proposed legislation affecting businesses.Core taskTask 3505Rated by 28 occupational experts, August 2023
- Task 12. Determine policy contract provisions for each type of insurance.Core taskTask 3509Rated by 28 occupational experts, August 2023
- Task 13. Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person disabled or killed in an accident.Supplemental taskTask 3507Rated by 28 occupational experts, August 2023
- Task 14. Explain changes in contract provisions to customers.Supplemental taskTask 3513Rated by 28 occupational experts, August 2023
- Task 15. Manage credit and help price corporate security offerings.Supplemental taskTask 3510Rated by 27 occupational experts, August 2023
Where this comes from
Quoted from the U.S. Department of Labor, and credited. Nothing on this page is written by us.
How we copy and credit sources- Published byO*NET 29.0, U.S. Department of LaborEmployment and Training Administration
- ClassificationStandard Occupational Classification 2018, 15-2011
- LicenseCC BY 4.0Free to copy and reuse, with credit
- Changed by usNothing.
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