What does an Actuary Really Do?. An Actuary’s primary job is to calculate expected Insurance Losses. Examples: What is the average Physical Damage to a Vehicle registered in Connecticut? (SEVERITY) What is the probability of having a car accident in Connecticut? (FREQUENCY).
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For Example: The Connecticut Population has been growing 1% per year on average for the last 10 years. An actuary would then project that next year it will grow another 1%.