Section 2 of AA 2006 : Section 2: Definitions
AA 2006
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Explanation using Example
Imagine a scenario where an insurance company is looking to develop a new life insurance product. They hire an actuary, who is a fellow member of the Institute of Actuaries of India. The actuary uses their expertise in actuarial science to assess the risks involved in insuring individuals of various ages and health conditions.
The actuary performs complex calculations to determine the premiums that should be charged to polic...
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