What exactly does actuarial work consist of?  I am looking for answers
that relate to the financial field, particularly investing and
insurance industries.  A good answer will discuss how calculation of
risk is done and how much a typical actuary makes on a yearly basis;
as well as their day to day job duties.  The answer will hopefully
include what is needed to become an actuary and how many levels of
actuaries there are.  If you  can find information on actuaries
working in the workers' compensation industry in California, that
would be fantastic!

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Request for Question Clarification by easterangel-ga on 20 Jan 2005 23:55 PST

Hi!

In one of your questions you ask "how calculation of risk is done?".
Usually the process of doing this scientifically is after attending
school and learning different models and calculation methods. This is
something that can be answered after going through rigorous actuary
training and study.

Would the absence of such information be ok as long as we can answer
the other questions?

Thanks!

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Clarification of Question by carlos2665-ga on 21 Jan 2005 06:45 PST

I suppose...I am pretty sure that they use calculus and statistics,
but my real question is what 'data' do they use?  Losses/claims?

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Request for Question Clarification by czh-ga on 21 Jan 2005 17:08 PST

Hello carlos2665-ga,

As a new user of Google Answers you might need additional information
to help you with getting a satisfactory answer at the price you've
set. Please see the Google Answers pricing guidelines so that you can
calibrate your expectations.

http://answers.google.com/answers/pricing.html

You've asked a multi-part, fairly complex question for $15. The
guidelines suggest that $50 is "the minimum price appropriate for
complex, multi-part questions."

Researchers are reluctant to answer multi-part questions if they don't
have all the answers. The parts of your question that deal with the
work of actuaries, their job duties and salary expectations are fairly
easy to answer. The specific information about actuaries "working in
the workers' compensation industry in California" is somewhat tougher.
The question specifying "A good answer will discuss how calculation of
risk is done" is tough because it requires the researcher to ask you
more questions about what you're really interested in and the "data"
used requires more in-depth knowledge of the profession and industry.

I'm not sure how to proceed with trying to give you the information
you need. I suggest that you either modify this question or that you
close it and post separate questions for the multiple questions you've
asked here.

I look forward to your clarification.

~ czh ~

PS: Please note that only Researchers can provide you with an official
Answer in the Answer box. Anyone can make comments in the Comments
section as reinedd-ga has done. You will only be charged if you get an
official answer. You can tell the difference between Researchers and
Commenters because only Researcher names are "clickable".

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Request for Question Clarification by czh-ga on 21 Jan 2005 18:44 PST

Hello again carlos2665-ga,

You have not responded to my clarification request but you posted a
question in the Comments section.

"will I be eligible for a refund?"

You have only been charged fifty cents so far for asking your
question. That fee is non-refundable. You will not be charged anything
further until an official Answer is posted in the Answer box.

I suggest that you review this tutorial prepared by a Google Answers
researcher to help you get familiar with how Google Answers works so
you can have a satisfying experience with this service.

http://www.christopherwu.net/google_answers/answer_guide.html
http://www.christopherwu.net/google_answers/answer_guide.html#how_clarify

I look forward to your clarification.

~ czh ~

here is two links that should explain what you want to know

http://www.actuaries.ca/publications/2003/203032e.pdf
http://www.beanactuary.org/about/whatis.cfm


Is you want a summary

Actuaries are pricing insurance or rentes 

to do so, they look at 
-previous experience (previous losses or claims)
-statistical tables (ex mortality table)
-the interest rate they expect to get in the future for the premium
they have to keep in reserve
-the company expenses
-inflation rate

I hope this isn't all I get for $15.  Anyone else care to chime in?

Hi, carlos2665-ga:

Rest assured: you have not (yet) been charged the list price you've
offered, because no one has posted an Answer to your Question.

I'm not an actuary, but I did pass several actuarial exams, and I have
worked with actuaries on a number of system development projects.

In addition to various lines of insurance, actuaries also consult on
the design and funding of pension plans.  In Canada an actuary is
required by law to certify various interest calculations in the
banking and loan industry.

I hope this (free) Comment is of some use to you.  Your Question is
very broad, and I suspect it will take a very talented Researcher to
provide a satisfactory Answer at a scale of effort commensurate with
the list price you've offered.

You might help such a Researcher by restating the Question in more
concise terms.  By my count you've rolled up nine different requests
in this post.  According to Google Answers pricing guidelines,
multiple part Questions may be appropriately priced at $50 and up.

regards, mathtalk-ga

will I be eligible for a refund?

Maybe because it?s Friday and I?m in a good mood or maybe it?s because
you seem like a young seed and it maybe not to late to bring you back
to the right direction but I?m going to try to help you again

I gave you a couple of links to help you understand the profession but
it seems that you what a really specific answer to a really unclear
question.

Even if you give $100 to a researcher he is not going to be able to read you mind.

The best way to go for you should be to call a workers' compensation
company in California and ask for the actuarial department.  Then you
ask if you could « shadow » someone for the day

If the answers the person you shadowing don?t satisfy you, you should
ask for some clarification on the specific topic you don?t understand.
 DON?T ASK FOR A REFUND FOR YOUR PARKING EXPENSES.

At the end of the day, you say THANKS.   After you could also send a
thank you letter to the person who took the time to help you.