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8.1 Assigning a Measure to Likelihood

8.1 Assigning a Measure to Likelihood
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  • Math Help

    There is a lot of information that an actuary may use to create a life insurance questionnaire or to set rates. For instance, consider the information below from the American Cancer Society.

    After reviewing the above information, you can understand why a life insurance questionnaire may ask, "Have you ever had cancer?"

  • Consumer Suggestion

    If you're interested in becoming an actuary, or someone that analyzes risk and the likelihood of future events, you can study Actuary Science during college. For more information regarding actuary science, professions, scholarships, and skills, visit BeAnActuary.org.

  • Checkpoint Solution

    Sample answer:

    As long as your answers are kept confidential, I think it is reasonable that you are asked to supply this information. The insurance comes with your employment package. So, the actuaries do not need your information to set an insurance premium. They do need it to estimate how much money to reserve for insurance benefits if an employee dies.

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    Ron Larson (author)6 years ago |
    Modern life insurance started in the 1600s in England. As you can imagine, setting the premiums involved mathematics and careful analysis of accurate data.
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