Actuarial science is a discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries. It involves the evaluation of financial risks using mathematics, statistics, and financial theory, particularly in relation to uncertain future events. Actuaries use their expertise to analyze data and develop models that help organizations make informed decisions regarding risk management and financial planning. This includes roles such as: 1. **Insurance**: Designing insurance policies, calculating premiums, and assessing the likelihood of claims.
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