Actuary

Information concerning how our work-products might be of interest to an actuary is given below.

Interest in Work-Products

An Actuary might have either a general or a specific interest in Work-Products.

General Interest

An actuary has a choice continuum from (a) total indifference to (b) full adoption of the Work-Product concept by becoming a franchisee thereto. Between these extremes, the actuary might select certain Work-Products as a computational convenience in much the same way as would be a published table of numbers. The actuary might also elect to be an intermediary and merely pass along the computer-prepared Work-Product to the End User  without change or comment (with or without a price markup) or (b) use the Work-Product as the basis for the actuary’s own Report (re-labeling, i.e.)(with or without a price markup). Facts and circumstances will determine the extent that any re-labeling or price markup should be disclosed. Such disclosure should usually be made.  Further, since there is no intellectual copyright on Work-Products, the actuary may wish to create its own version thereof.  Where the actuary is an Eligible User, such actuary has data-entry privileges.  In addition, once the actuary is an Eligible User, full access to the entire font of knowledge, data and experience of Actuarial Work-Products (or any of its affiliates) is available to such Eligible User.

Special Interest

Most actuaries, however employed or engaged, will typically find most of the Work-Products to be of use or value to them. 

1, The Claim Reserve Work-Product might be used as (a) a study model testing the
effect of changing parameters, measuring the accuracy of prior computations or
reviewing the submitted data; (b) a confirming or second opinion to another claim
reserve computation, (c)  the actual claim reserve determination (thereby saving the
the actuary the time and effort of performing such arduous computation.
2. The Annual Actuarial Report provides much useful information (recommended
funding factors, COBRA premiums, risk pool divisions, ancillary Monte Carlo  
simulations, e.g.). For these reasons, the actuary is encouraged to have a close
look at such Work-Product.
3. The Monte Carlo simulation that determines the economic value of plan benefits
and managed care arrangements is most useful where any of the following needs
exist: (a) separating the risk pools for purpose of consumer driven health care
(HRA and HSA); (b) determining the IRS Form 1099 amounts where there are either
discriminatory benefits or self-employed participants (independent contractors
usually) and (c) determining the economic effect of plan changes.
4. The Monte Carlo simulation that measures expected claims fluctuations and also
the economic value of stop-loss is most useful when the actuary is consulting on
or involved with the renewal of a health care plan.
5. For those health actuaries not providing FASB 106 or GASB 43/45, the menu offers
two Work-Products of interest or value: (a) an alternative to such retired life reserves
or (b) an Annual Actuarial Report which provides the valuation actuary doing the
retired life computations with data which typically will speed the process as well as
lower the preparation costs.
6, A simple mathematical model provides both (a) the attestation of Medicare Part
D Creditable Coverage and also (b) a feasibility analysis of the subsidy v. the
Wraparound option.

Associations

An Actuary might be a member of any of the following associations:
          American Academy of Actuaries
          Conference of Consulting Actuaries
          Society of Actuaries
          Casualty Actuarial Society
          International Actuarial Association
          Insurance Accounting and Statistical Association
          American Health Insurance Plans.

Journals

An Actuary might subscribe to any of these Journals:
          Actuarial Update
          Journal of the Society of Actuaries
          North American Actuarial Journal.        

Magazines

Periodicals that accept advertising and that might be subscribed to by the Actuary include the following:
          Contingencies
          The Actuary
          Self-Insurer
          Bests Review(s)
          National Underwriter
          Business Insurance
          Risk and Insurance.