Actuarial Dictionary for Students
Actual vs Expected results.
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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.
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being a financial detective using numbers.
Checking future money values using math.
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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.
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only accident-prone kids buying helmets.
Pay now, get money later in regular amounts.
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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.
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naming your friend to get your saved candies.
Loan you give to someone who promises to pay back.
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using the same Lego blocks in many ways.
Re-using data to guess better results.
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using the same Lego blocks in many ways
The money you use to invest or start a business.
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the coins you need to start a lemonade stand.
A rare but huge loss.
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your school burning down—very unlikely but very costly.
A rare but huge loss.
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your school burning down—very unlikely but very costly.
Saving money in a bank for a fixed time.
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locking your cookies in a jar you open next year.
Asking for money from insurance after a problem.
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showing your broken phone and asking for help.
Money paid in claims vs money collected in premiums.
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giving ₹70 in help for every ₹100 you collected.
Estimate of how much money will be needed for claims.
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guessing how much you’ll spend fixing toys.
Sharing claim costs between you and the insurance.
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splitting pizza costs with a friend.