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The word actuary comes from the Latin word actuarius, which referred to
shorthand writers in the days when things like typewriters and computers
hadn’t even been thought of. Today, actuaries work for insurance companies,
consulting firms, government departments, financial institutions,
and other agencies. They provide crucial predictive data upon which major
business decisions are based. True to their historical roots, actuaries
still use a rather extensive shorthand for many of the special mathematical
functions required for this work (See: [5], Pages 687–691, and [18],
Pages 123–131). The sample questions and answers for Courses 2 and 3 in
Chapter 2 illustrate some of the currently used actuarial symbols listed in
Appendix E. The symbols are an amazingly rich combination of right and
left sub- and superscripts, attached to designated upper- and lower-case
Roman and Greek letters.
Actuarial science is an exciting, always changing profession, based on
fields such as mathematics, probability and statistics, economics, finance,
law, and business. Most actuaries require knowledge and understanding of
all of these fields and more. To ensure that this is really the case, all actuaries
must pass special examinations before being recognized as members
of the profession. To perform their duties effectively, actuaries must also
keep abreast of economic and social trends, as well as being up-to-date
on legislation governing areas such as finance, business, healthcare, and
insurance.
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