Resarch Brainstorm

There are many issues, topics, and current concerns that are related to my field. The most focus in my field of actuarial science is all about risk. Risk varies in be forms and virtually can be anything. Everything in life consists of some type of risk and therefore there's a little "actuary" in everyone. Risk by definition is the quantifiable likihood of loss or less than expected returns.

There is a lot of focus on life insurance companies, and casualty insurances as well. Insurance companies in general are very popular in the field of actuarial science, and one of the main focus in my field because they are in the greatest need for an actuaries assistance. Actuaries try to manage risk and financial loss to companies the work for. Actuaries play a major part all over the economy in banks, insurance company, retirement funding and much more.

Another main idea or focus for my field is what exactly an actuary is. Whenever the term actuary or actuarial science is used I always get the same response of what do they do, where do they work? There are so many different questions that come up about an actuary and i think the biggest issue or focus in my field is getting the awareness of this field out there. Once understanding who and actuary is and what they do will cover every other issue that may be looked at. Think of risk for example. If risk was not an issue there would be no use for actuaries.
Actuaries use their background knowledge of statistics, finance, and business to assess and manage the risk of a particular event occurring. They help create policies that minimize risk and its financial loss to companies and clients. One of the main functions of actuaries is to help businesses assess the risk of certain events occurring and formulate policies that minimize the cost of that risk; this is why actuaries are essential to the insurance industry. Actuaries assemble and analyze data to estimate the probability and likely cost of an event. Events that cause a lot of loss are things like death, sickness, injury, disability, or loss of property.
Actuaries also address financial questions, including those involving the level of pension contributions required to produce a certain retirement income level and the way in which a company should invest resources to maximize return on investments in light of potential risk. They determine the life expectancy of clients looking to purchase life insurance and help in determining the persons monthly or annual premium if the company was to cover them. Using their broad knowledge of statistics, finance, and business, actuaries help design insurance policies, pension plans, and other financial strategies in a manner which will help ensure that the plans are maintained on a sound financial basis.