AST

What is the primary focus of actuarial science?

• Calculating taxes

• Assessing financial risks

• Designing insurance products

• Managing investments

In which century did actuarial science become a formal mathematical discipline?

• 16th century

• 19th century

• 17th century

• 18th century

Which organization promotes professional certifications for actuaries?

• American Bar Association

• American Medical Association

• Society of Actuaries

• National Education Association

What is the average salary of actuaries as of May 2022?

• $113,990

• $90,000

• $75,000

• $150,000

What is one of the main applications of actuarial science?

• Retail marketing

• Life insurance

• Real estate management

• Social media analysis

What do actuaries analyze to predict the likelihood of future events?

• Market prices

• Historical data

• Current trends

• Social behaviors

Which of the following is NOT a responsibility of actuaries in the insurance business?

• Customer service

• Product design

• Profit testing

• Valuation of liabilities

What is the purpose of profit testing in actuarial science?

• To assess the solvency of a company

• To calculate taxes owed

• To determine employee salaries

• To evaluate the profitability of products

What is the role of an appointed actuary?

• To manage customer relations

• To oversee financial health and compliance

• To design marketing strategies

• To handle customer complaints

Which method is used by actuaries to estimate outstanding liabilities?

• Market analysis

• Chain-ladder technique

• Social media trends

• Customer feedback