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Actuarial department
The department in a life and health insurance company
responsible for seeing that the company's operations
are conducted on a mathematically sound basis. In
conjunction with other departments, it designs and
revises a company's life and health insurance products.
The actuarial department calculates premium and
dividend rates, determines what a company's reserve
liabilities should be, and establishes nonforfeiture,
surrender, and loan values. It also does the research
needed to predict mortality and morbidity rates,
to establish guidelines for selecting risks, and
to determine the profitability of the company's
products. |
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