Actuary Definition In Insurance Terms

It is called an authority in the sums of insurance that work out and calculate rates, reserves, bonus and all other data statistics. In mainly all other countries the person is known as "mathematician".
Definition of 'Government Actuary'
If we consider UK, it is a worker of the UK government who workings for the GAD (Government's Actuary Department). The GAD gives actuarial consulting services to the public sector and it is a set fee organization. It gives consulting on several actuarial and statistical subjects including:
Pension’s policy and its regulation
Healthcare sponsorship
Professional pensions
Actuarial training
Social security
Staff transfers
Insurance

 

Hilman Insurance explains the Government Actuary

By the British finance ministry the first government actuary was chosen in 1917 and was brusquely followed creating the authentic GAD (Government Actuary Department). The government first provides actual financial inference reports to parliament on the health insurance suggestion and unemployment associated legislation. The administration actuary's role prolonged significantly since World War II and nowadays it advises public region clients from the U.K. and all over the worldwide.