Actuarial science

High school (ages 12+)
Mathematics & Numbers

Name:

Date:

Step 1 · Read the article

Open the article and read it at the level above. Then answer the questions below in your own words.

https://smallwhale.org/articles/actuarial-science

Write what each word means, using the article.

Do not copy the article. Write two things you learned, the way you would explain them to a friend.

Answers below are taken from the article’s stored facts, so they match what the student read.

1. What is the core academic foundations?Mathematics, probability theory, statistics, finance, economics, financial accounting, and computer science
2. Why do actuaries need to know math and computers?They use math to calculate chances of events and computers to run big models, so they can give accurate advice about money and safety.
3. How do actuaries help with insurance and pensions?They look at lots of data, build models, and decide how much money insurance companies need to keep safe, and how much money should be saved for retirement.

Deterministic Models: Mathematical models that produce a single, predictable outcome for a given set of inputs.
Stochastic Actuarial Models: Advanced models that incorporate randomness and probability to simulate a range of possible future outcomes.
Risk Mitigation: The process of identifying, assessing, and controlling threats to an organization's capital and earnings.