IC 47A-1 – Casualty Actuarial Science Part I

Actuary and his/her responsibilities

Actuary is an expert in evaluating the likehood of future and creating ways to reduce the likelihood of undesirable events and decreasing the effect of the bad events.   It is about the managing the risk of various types. The work of actuary includes design and price insurance policies, monitor adequacy of funds for paying benefit as promised. Actuary also evaluates the insurance business, ensures legal liability etc.

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Likewise, actuary compiles and collates statistical data on birth, death and marriage etc. and collect relevant information required for coming to a conclusion. Actuary also assesses the probability and estimates the economic value of an event like sickness, disability, retirement.   He/she also determines the type of insurance policies a company can sell and the rates at which predicted losses can be covered. Other works of an actuary include to design, test and advice for investments and plans and for optimizing profits and minimizing costs. Actuary prepares documents to explain their analysis, calculations and interpretations and make presentations.

An actuary may specialize in life insurance, property and casualty insurance and he/she can work in many departments of an insurance firm like such as sales, service, group insurance and underwriting, etc.

Where to study and Exam Pattern

Actuarial Science is taught by IRDA - The Insurance Regulatory and Development Authority of India and Insurance Institute of India. The Foundation of casualty Actuarial Science, Part 1 Papers for IRDA, Insurance Institute of India consists of two sections. The first Section is of forty marks which are divided among five questions each carrying eight marks. The total number of questions asked from this section is eight. Candidate has to attempt only five.

In section B five long answers are asked among which the candidates need to attend three. The marks allotted for each question is twenty.   The total mark allotted is sixty. The Actuarial Science, Part 1 Papers consists of 100 marks and the total time is three hours to answer.

Eligibility

Post Graduate Diploma in Actuarial Science:

Minimum requirement for getting PG diploma in Actuarial Science is Graduate with Mathematics or statistics. ACET-Actuarial Common Entrance Test is conducted for getting admission.

B.Sc. in Actuarial Science

It is a three year Bachelor degree program. It is essentially designed to build in students, mathematics skill, communication, inter5personal skill. These skills are called core skills. Apart from it Risk Management and other aspects of insurance are also taught to the students.

Diploma and Certificate

 Candidate can pursue Certificate and Diploma course after completing 12th class, provided he/she must have math, chemistry and biology as main subjects.

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