05/01/1977 04550

LIFE AND HEALTH INSURANCE ACTUARY 1

DEFINITION:

This is technical work in the actuarial analysis of life and health insurance rates, rating procedures, rating plans, and schedules.

An employee in this class applies basic actuarial techniques in the analysis and evaluation of rates on health and accident insurance, credit life insurance and credit health insurance to determine adequacy and equity. Employees in this class also review life insurance and annuity contracts by analyzing the cash values, premium schedules and benefit structure to determine that the contract and rates are not unjust or unfairly discriminatory and that the product is actuarial sound in order to protect the solvency of the company. The employee either independently approves or disapproves or recommends approval or disapproval of the filing to the supervisor depending upon the complexity. Work includes reviewing and analyzing reserves and underwriting procedures for policy soundness and to prevent unfair discrimination. Duties also involve analysis of insurance company annual statements for actuarial soundness of reserves and the propriety of reporting techniques. An employee in this class prepares detailed and comprehensive actuarial studies in accordance with specific assignments. Work involves providing technical assistance to Life and Health Insurance Policy Examiners and other technical staff. Work is performed independently on technical problems, by guidelines are provided by laws, regulations, and established procedures. Work is reviewed by an administrative superior through reports and conferences and soundness of judgments and recommendations.

EXAMPLES OR WORK:

Reviews and analyzes health, accident, and credit insurance reports and health maintenance organization reports to determine adequacy of rates and reserves.

Reviews and analyzes life insurance contracts to determine the soundness of the reserves and the company's underwriting policy and the equity in the cash value schedule.

Prepares detailed and comprehensive actuarial studies on insurance matters of current interest.

Reviews proposed legislation and regulations regarding life and health insurance matters form an actuarial viewpoint.

Reviews annuity contracts to prevent unfair discrimination and to evaluate the reserve procedure.

Examines life and health insurance policy forms to determine their actuarial soundness.

Prepares life and health insurance actuarial information requested by organization and individuals.

Performs studies of Separate Account policies for investment of reserve funds and administrative cost.

Performs related duties as required.

REQUIRED KNOWLEDGES, SKILLS AND ABILITIES: Knowledge of mathematics as related to actuarial work.

Knowledge of life and health insurance rate making procedures and rate regulatory statutes.

Knowledge of life insurance cash value and reserve requirements.

Knowledge of state laws and regulations governing the operation of insurance companies.

Knowledge of life and health insurance principles and practices, including principles and practices of underwriting and claims and the socio-economic influences of insurance.

Ability to analyze insurance company financial statements.

Ability to performs actuarial and statistical studies and prepare graphic form.

Ability to establish and maintain effective working relationships with associates, insurance companies, or other business representatives and the general public.

MINIMUM EXPERIENCE AND TRAINING:

Successful completion of four parts of the Society of Actuaries actuarial examination program, or three years of actuarial experience in life and/or accident and health insurance; and a bachelor's degree with major course work in mathematics or statistics;

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Any equivalent combination of experience and training.