Start IC47A-1 (Casualty Actuarial Sci- part 1) Mock Test
Introduction of Actuary Science
Actuaries Science is primarily related to the property and casualty insurance industry, in areas such as personal lines insurance (for example, auto, homeowners), commercial lines insurance such as medical malpractice, workers' compensation and reinsurance. Actuary is an expert who evaluates the like hood 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 is to design the price insurance policies and monitoring adequacy of funds for paying benefit as promised. Actuary science also evaluates the insurance business, ensures legal liability, etc.In the same manner, actuary compiles and collates statistical data on birth, death and marriage etc. and gather relevant information needed to draw a conclusion. Actuary also assesses the probability and estimates the economic value of an event as sickness, disability, retirement.
The Actuary also determines the type of insurance policies a company can sell and the rates at which predicted losses can be covered. An actuary play important role in designing, testing and advising for investments and plans and for optimizing profits and minimizing costs. Actuary prepares documents to explain their analysis, calculations and interpretations and frame presentations. An actuary is a specialist in life insurance, property and casualty insurance and he may get opportunities in many departments of an insurance firm such as sales, service, group insurance and underwriting, etc.
Exam Pattern of Actuarial Science
The subjects taught in Actuary science are Finance and Financial Reporting, Probability and Mathematical Statistics, General Insurance, Life and Health Contingencies, Statistical Methods and Business Economics. Actuarial Science is also 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 is divided into two parts.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.
Section B consists of five questions, of which the candidates must attend three. There are twenty marks available for each question. The total number of marks is sixty. The Actuarial Science, Part 1 Papers are of 100 marks and time is three hours to complete.
Colleges/Universities for studying Actuary Science
One can study Actuary Science from various universities and colleges. These include Christ University, Bengaluru (M.Sc Actuarial Science), Bishop Heber College, Tiruchirappalli , Institute of Endurance and Risk Management- (Post-Graduate Diploma Health Insurance) ,Babu Banarasi Das University-(B.Sc. Actuarial Mathematics Science), Mahatma Gandhi University, Kerala- (M.Sc Actuarial Science), Institute of Endurance and Risk Management -(Post-Graduate Diploma Health Insurance).
