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Actuarial Dictionary for Students

Actual vs Expected results.

Like scoring 80 on a test you thought you’d get 90 in. 

A math-based plan used to predict future risks and costs.


Expected value of future payments, discounted to today

The field of math and stats used to study insurance and risk.

Like being a financial detective using numbers. 

Checking future money values using math.

Like seeing if your piggy bank will last the whole year. 

A math expert who helps figure out risks and prices.

Like a weather forecaster, but for money. 

When risky people are more likely to buy insurance.

Like only accident-prone kids buying helmets. 

Pay now, get money later in regular amounts.

Like planting a money tree that gives fruit each year.

We offer a 30-day return policy for all products. Items must be in their original condition, unused, and include the receipt or proof of purchase. Refunds are processed within 5-7 business days of receiving the returned item.

Something valuable you own.

Like your phone, bike, or a gold chain.

The person who gets the insurance money.

Like naming your friend to get your saved candies.

Loan you give to someone who promises to pay back.

Like using the same Lego blocks in many ways.

Re-using data to guess better results.

Like using the same Lego blocks in many ways

The money you use to invest or start a business.

Like the coins you need to start a lemonade stand.

A rare but huge loss.

Like your school burning down—very unlikely but very costly.

A rare but huge loss.

Like your school burning down—very unlikely but very costly.

Saving money in a bank for a fixed time.

Like locking your cookies in a jar you open next year.

Asking for money from insurance after a problem.

Like showing your broken phone and asking for help.

Money paid in claims vs money collected in premiums.

Like giving ₹70 in help for every ₹100 you collected.

Estimate of how much money will be needed for claims.

Like guessing how much you’ll spend fixing toys.

Sharing claim costs between you and the insurance.

Like splitting pizza costs with a friend.