Hello, my name's Jada Michel and I study Science at Ahuntsic College, since last winter. I am not certain about my future field of work but for now I hope to orientate myself in actuarial science. This glossary may be useful for the students that would like to orientate themselves in the mathematics and statistics domain in the future. By knowing the meanings of words associated to this domain, it will surely make you more eased to communicate in that job field with your clients and your workmates, in particular if you wanted to work for an English-speaking company.
actuary
noun
A person who compiles and analyzes statistics and uses them to calculate insurance risks and premiums.
Example: An actuary helps assurance companies figure out the price for insurance.
en: actuaire
claim
verb
A demand or request for something considered one's due.
Example: The clients can claim their savings.
en: réclamer
coverage
noun
The amount of protection given by an insurance policy.
Example: His insurance guarantees full coverage.
en: couverture
credibility
noun
The quality of being convincing or believable.
Example: He has earned a lot of credibility after all his hard work.
en: crédibilité
custodian
noun
A person who has responsibility for or looks after something.
Example: The custodian locks the building every night for security.
en: gardien
exposure
noun
The amount of risks an insurer is exposed to.
Example: High exposures can lead to financial losses.
en: exposition
fiduciary
noun
Someone who manages money or property for someone else.
Example: The client trusts his fiduciary.
en: fiduciaire
forecast
noun
A prediction or estimate of future events, especially coming weather or a financial trend.
Example: Economists provide a forecast for the next few months.
en: prédiction
indemnity
noun
Security or protection against a loss or other financial burden.
Example: He was happy when he found out his indemnity could cover the fees.
en: indemnité
insurance
noun
A financial arrangement that provides protection against financial loss or risk.
Example: We have medical insurance to cover the medical expenses.
en: assurance
liability
noun
The state of being responsible for something, especially by law.
Example: Such debts can lead to a serious liability.
en: responsabilité
mortality
noun
The incidence of death in a population. It is measured in various ways, often by the probability that a randomly selected individual in a population at some date and location would die in some period of time.
Example: Public health wants to reduce mortality from diseases.
en: mortalité
policy
noun
A course or principle of action adopted or proposed by a government, party, business, or individual.
Example: You must read the policy before signing the contract.
en: politique
pooling
noun
Pooling means form of group of polices with similar characteristics (e.g., group size and benefit structure) to protect insurance companies against risks.
Example: Pooling resources can lower the costs.
en: mise en commun
premium
noun
An amount to be paid for an insurance policy.
Example: She pays her car insurance premium every month.
en: prime
risk
noun
A situation involving exposure to danger.
Example: There is a risk of losing money when you invest.
en: risque
surplus
noun
An amount of something left over when requirements have been met; an excess of production or supply over demand.
Example: There is a surplus left after the transactions.
en: excédent
underwriting
noun
The process of evaluating risks to protect investors, banks, insurance agencies and other financial institutions.
Example: The underwriting department has to make the terms and conditions for the insurance policies.
en: souscription
value
noun
The regard that something is held to deserve; the importance, worth, or usefulness of something.
Example: This company lost value.
en: valeur
yield
noun
The full amount of an industrial product.
Example: The investment is expected to yield a good return.
