What Kind of Math Do Actuaries Do?

[@Actuaryelle]

THANK YOU FOR GIVING THIS VIDEO A THUMBS UP! THANK YOU FOR SUBSCRIBING. FEEL FREE TO ROAST ME IN THE COMMENTS BELOW ABOUT MY LACK-OF-LIFE-INSURANCE KNOWLEDGE (it's cool. I can take it) It's your support and kind words that keep me making more videos. I love the interaction that I get and I honestly appreciate it so much.

[@jayazman]

I'm not going for actuary anymore, but I still like your videos.

[@koushikpaul5957]

I'm in grade 11 and i'm thinking about going into the Actuary career, I originally thought that the work that actuaries do is really boring, but some of the stuff you talked about was super interesting! Especially the table of LX for life insurance and the rationalization behind it.

[@Actuaryelle]

I find the work incredibly interesting, but I dont do life insurance. Car insurance is the most fun 😎

[@jackmay1557]

I'm actually an actuary, I actually live in my actuary sanctuary with a statuary of actuaries.

[@avishekbiswas4121]

nEx = v^n*(nPx) is the actuarial discount factor. It's the discount factor v^n from exam FM multiplied by the probability of surviving up to x+n years given that you have already survived n years. In your case, n= 29 and x is the additional amount of years you would expect to survive. Just so you know, on the P&C side we still have to know some life insurance concepts. It's probably used on the casualty side where you would have to estimate the civil liabilities part of pricing car insurance. In exam MAS-1, which replaced Exam S, we had to be familiar with the life table and I can vividly remember them asking 2 questions about this topic out of 45 questions on my sitting.

[@rohitpatil8070]

Yeahh ur right 🤗

[@rabimunif2078]

Listen to you makes me feel like I'm being guided by the older sister I always needed but never had.... THANKS!!!

[@tasilaaproniakanswata3780]

Junior Actuarial Science major, just passed P and FM. My heart was beating with excitement throughout this video! I definitely picked the right career lol

[@Actuaryelle]

Congrats on P and FM 🥳🥳🥳

[@thattimestampguy]

0:49 “A big chunk of actuarial science is life insurance math.” 1:14 Life expectancy of average Dude is 76. 1:33 Conditional Expected Values 2:32 Conditional Probabilities 4:05 Given ____ find ____ 4:55 Smoking 🚬 leads to sooner death

[@pheasantviewaerialservices6072]

as usual you present some rather bland and complicated topics in a fun, easy to understand way! Liked and commented, I've obviously already subbed. I look forward to every video Michelle!

[@Actuaryelle]

Youre too kind 🥰

[@abantontela8445]

It's weird how i find actuarial science fascinating even though I such at math

[@aestheticrandom9206]

Same bro but I am not at al good at math

[@RumitheMathperson]

Love this!!!

[@teresaperry2885]

Yes. Every. Time. As I like to say, Yes I can tell people when they'll die, great party trick!

[@Actuaryelle]

Hahaha

[@poojachopra1615]

What books can you recommend to a beginner aspirant actuary with zero knowledge and experience ?

[@Nobody-vo5gi]

What about the jobs in Vancouver, can i find a job easily? You have any idea?

[@rohitpatil8070]

Everytime when someone will ask me that when will I die ? I just share the link of this video to them

[@Actuaryelle]

Appreciate it 😉

[@Understorm69]

she doesn't remember the actuarial life functions but the logo of her channel is itself one ! 😂

[@Actuaryelle]

Accurate

[@bhartiholkar7222]

What does Pricing Actuary Do?

[@izabelakot8066]

Great videos! I'm a bog fan! Thanks for your work :)

[@kylefan8478]

Pls help me calculate: E(Life_length|Gender = Male,Age=early 30s,Wife=BossyActuaryNotAllowingRiskyChoices)

[@jbird3233]

I don't know why I find this so fascinating

[@testtesttest1278]

hehe..love this job if I could turn back time I should have studied statistics or actuarial science

[@Ellellevlog]

You should stick to car insurance. Maybe home insurance. Your hair looks pretty though.

[@Actuaryelle]

When you're right, you're right 🤣

[@softballgirl64able]

I wonder if people ask about life insurance because there is a reference to an actuary in Gilmore Girls... and all he talks about is knowing when people will die

[@Actuaryelle]

😂😂

[@yuanzhilee6405]

I had an assignment where we had to replicate the IFOA mortality monitor. We learnt how to calculate the expected number of deaths using metrics like ASDR Is this what you use for mortality modeling?

[@Actuaryelle]

I work in car and home insurance so I don't work with mortality? But sounds like an interesting assignment!

[@yuanzhilee6405]

@@Actuaryelle ohh so you use GLMs alot?

[@ehitkarim6619]

v_E_x is the value of pure endowment of v years for a x year old, if I am not mistaken.

[@davidisaacs2437]

But....is there a similar chart that can tell me when my car will crash?

[@Actuaryelle]

No. Car insurance is priced very differently to life insurance. Everyone dies, and everyone dies only once. With car insurance, you will probably never crash your car. You may crash it 40 times. Car insurance is also usually a short term contract (ie. We price for a 1 year period) instead of life insurance , where you buy the policy until you die

[@nishakumari-eg3jt]

can u just make a video on how to start your preparation after 12th like i dont really know what to do which books to buy i dont know what i m saying i m very confused actually but this career is really attracting me like it looks like this was the job that i really wanted which i never found i love solving math probs and logical type of questions it seems it can be a perfect career for if i can get proper guidance ..... i really need help just to understand the total mechanism of the exams syllabus

[@midgitlad968]

Did it take a lot of studying to becoming an actuary?

[@Actuaryelle]

Yes!

[@douche8980]

Its mostly a lot of guess work.

[@marekurban6110]

what about the column 'x'? you skipped that one :D anyway 'E" stands for the pure endowment or actuarial discount factor (roughly speaking 'shifting life in time') I cannot even imagine, how much knowledge you have related to Property & Casualty insurance.. It's justifiable you do not remember everything ;)

[@Actuaryelle]

I have pushed this information out of my brain 😂

[@emilyyg24]

I think you said that you passed 4 actuarial exams before starting work, so does that mean you already knew for sure that you wanted to to P&C? Cuz I'm planning only on doing the first 3 exams during school. Also, I want to get accreditation for exam P from STAT 249 and STAT 250. I heard that was frowned upon in SOA but is fine for CAS, what do you think? :)

[@1RamTough]

I really want to go into car insurance or property insurance. I have little interest in life insurance or health insurance.

[@Actuaryelle]

Relatable. Sounds like you're sold on p&c 😎

[@1RamTough]

@@Actuaryelle the only problem is that I don’t know of many P&C companies in Charlotte NC, but I’m not in industry yet, so maybe there are more than I think.

[@geethapalaniappan]

I'm gonna take actuarial science. I've finished grade 12 and waiting for the clg reopen. I have got admission too in actuarial science. So I'm gonna join it. I feel some difficulties in math. Whether it is easy for me to study actuarial mathematical science🤷🏻‍♀️. What do you say? And actually what's the actuary mean. I've many doubts about it. Whether it has a scope in future? I'm hearing that it had a lot of job opportunities, is it so🤷🏻‍♀️?

[@thetheoryofinterest7051]

Watching this (particularly hearing you mention MLE) makes me curious about the Canadian system (I'm in the US). If I understand the CIA accreditation rules correctly, you must practically become a life insurance Associate (basically an Associate via SOA) and then and only then can you work on being a Fellow specializing in Casualty insurance? Also, is the UAP program as sweet as it seems or is there a catch I'm missing!? It sounds like you can do well in university courses and avoid taking some early prelim exams (which would be like a dream to probably every actuary student in our program!)

[@Actuaryelle]

Exams are common between Canada and the US. You become ASA/ACAS then FSA/FCAS. The CIA doesn't administer any exams themselves. I didn't get any exams credited. It was a very new process when I started my degree and I preferred to pass all the exams the old fashioned way. Exam MLC was the SOA exam before it changed to LTAM.

[@thetheoryofinterest7051]

@@Actuaryelle I see, so you are saying in Canada SOA/CAS criteria for being associate/fellow is what matters, and not CIA? Anyway thanks for the info! Always good to know how things work a few hours drive up north. :)

[@jehadali5764]

What is the probability that an actuary will forget LTAM after one year of passing exam, after a lot of years of passing exam?

[@Actuaryelle]

In my sample size of 1 actuary: 100%

[@jehadali5764]

Not credible data

[@akashbhowmik7993]

Heyy elle, can you please clear me on this, do people from other countries find it hard to get a acturial job on the US? Given he/she has a work experience in his/her respective country.

[@Actuaryelle]

I don't know the answer, but maybe someone else will see this comment and reply with their experience.

[@Blessed-s4b]

Can you give me an estimated annual income for actuary?

[@Actuaryelle]

www.actuarialcareers.com/salary-survey-2023/

[@Blessed-s4b]

@@Actuaryelle thank you

[@Superpaul205]

I feel like we not answering the important questions! Yea when will we die? That’s all fine and dandy. But more importantly, what does the actuarial tables say about why are you so fine?? 😍😍. 😂

[@Actuaryelle]

😂😂

[@joelwillis2043]

Day to day? Not much math.