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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Actuary


Synonyms:analyst, financial officer, number cruncher, statistician
Filed Under: financial-banking, insurance, investments
Tags: actuarial, banking, insurance, investment
 

Definition of actuary

actuary
1. An insurance professional who estimates risk and uncertainty. Actuaries assess the complexities, mathematics, and the mechanisms of financial securities.

Related Terms and Acronyms:

  • actuarial table   A table used in actuarial science that outlines the statistical probability that an individual of a specific age and sex will die within a year.
  • attained age   The current age of an insured individual.
  • comptroller   An individual who oversees and audits the financial reporting and accounting of an organization.
  • insurance score   A score used by those in the insurance industry to determine how likely a claim will need to be paid out for an individual or entity.
  • issue age   The policyholder's age when the policy was first issued, to the nearest year.
  • risk management   The methods used to identify, assess, and prioritize risk and the strategies used to manage them in the most effective and economical way possible.
  • survival analysis   A statistical analysis of how likely someone or something will survive to a set date.
  • ultimate mortality table   A mortality table that does not include information from people who have been approved for life insurance recently.
  • yearly price protection method   A calculation used to determine the annual cost of protection for insurance policies with savings components.

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An amortization is the amount of time scheduled to completely pay off a loan, and the amortization length you choose is important in shaping how much you'll end up paying for your home. While the Government of Canada's national housing agency caps the amortization period for high-ratio mortgages at 25 years, and that is the most popular amortization length in Canada, amortizations can range anywhere from 5 to 30 years for uninsured mortgages. Try our easy to use mortgage calculator to see how changing the amortization length affects your loan payments.
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