actuarial science

Noun

actuarial science (uncountable)

1. (applied mathematics) The discipline within applied mathematics dealing with risk assessment and the modelling of uncertainty; the rigorous application of mathematical and statistical methods to assess risk, in industries including insurance and finance.
   • In actuarial science alone the theory^([of generalized linear models]) has been used to model problems dealing with premium rating, mortality, multiple state models and claims reserving.2007, Philip J. Boland, Statistical and Probabilistic Methods in Actuarial Science, Taylor & Francis (CRC Press: Chapman & Hall), page 221
   • The use of Bayesian concepts and techniques in actuarial science dates back to Whitney (1918) who laid the foundations for what is now called empirical Bayes credibility.2014, Luis Nieto-Barajas, Enrique de Alba, “14: Bayesian Regression Models”, in Edward W. Frees, Richard A. Derrig, Glenn Meyers, editors, Predictive Modeling Applications in Actuarial Science...

   Synonyms:

   actuarial mathemetics