What is Actuarial Science?

While buying an insurance policy, you might have observed that your insurance advisor / consultant refers to some table of numbers, uses an excel sheet on his computer and arrives at a premium rate for the policy plan of your interest, no matter whether it is a life insurance policy, health insurance policy, property insurance policy or a casualty insurance policy. Have you ever thought as to who decides or prepares these tables / rates for insurance premiums?

 

We are aware of the derivative products like futures and options in the security market. But how does one arrive at a fair price of these products based on the price of underlying security? Most of us are aware of retirement benefits like Gratuity and Pension. When a Company offers such benefits as a part of service contracts, it must create a fund to meet its future liability to its employees. How does the company decide on what contributions should it make to these benefit funds?

 

The science that leads to answers to all these questions is Actuarial Science. The subject of Actuarial Science has derived its roots from Mathematics, Statistics, Economics and Finance.



History of Actuarial Science



Development of Actuarial Science Principles started along with the need of maintaining population statistic and the government’s initiative in using this for planning and estimating the requirements of food grains and other essentials. Collection of ‘The History of Actuarial Science’ done for the first time by Steven Heberman and Trever A Sibbett shows that there were some significant pamplets designed around actuarial science principles as early as in 220 A.D. However major development took place mid seventeenth century onwards. Comet famed Edmond Halley was the first to construct a Life Table in late seventeenth century. While stochastic modeling is latest tool developed for actuarial science applications, financial risk management is the latest application area.

Hearty Congratulations!

We are proud to announce that our Alumnus Reet Raniwala qualified as Fellow Actuary of Institute and Faculty of Actuaries, UK in July, 2019.

We are pleased to announce that Nagindas Khandwala College, Malad, an Autonomous College under University of Mumbai has launched B. Com. (Honours) in Actuarial Studies [under University of Mumbai] from academic year 2019-20. DSACTED is the Facilitator of Khandwala College for this program.

For more details: Contact 

+919324116538 or +919820134104

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Are You looking for one of the Best Degrees that leads to better placement than what Normal B. Com., B.A.F., BBI, B.Sc. (Statistics), B. Sc. (IT), B. Sc. (Mathematics) or B.A. (Economics) can provide?

The seats are limited.

For details contact DSACTED College immediately at +919820134104 or +919324116538

We are proud to announce that our alumnus Rushabh Shah is qualified as a Fellow Actuary of India in 2018.

He also stood FIRST in the subject of SA6 in the March 2018 examination of IAI.

Congratulations to all our students for putting up an excellent performance at IAI exam. held in June, 2019  and IFoA, UK held in April, 2019 

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