Glossary

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प्राबिधिक शब्दावली

Accumulation annuity
a contract that accumulates, with interest, either a single premium or a series of premiums and which provides a maturity benefit at some point in the future or provides an option to convert to a payout annuity. [Source: IAIS Issues paper on asset-liability management, October 2006]

Accumulation risk:
the risk that arises when a large number of individual risks are correlated such that a single event will affect many or all of these risks. [Related definitions: Catastrophic risk] [Source: IAIS Issues paper on solvency, solvency assessments and actuarial issues, March 2000]

Actuary:
an actuary is a professional trained in evaluating the financial implications of contingency events. Actuaries require an understanding of the stochastic nature of insurance and other financial services, the risks inherent in assets and the use of statistical models. In the context of insurance, these skills are, for example, often used in establishing premiums, technical provisions and capital levels. [Source: IAIS Guidance paper on the use of actuaries as part of a supervisory model, October 2003]

Actuary’s report:
written information provided by the actuary on the company’s calculation of premiums and/or technical provisions etc. [Source: IAIS Guidance paper on the use of actuaries as part of a supervisory model, October 2003]