We’re exposed to risk every day. From crossing the road to using our phones on the toilet. Every decision is a gamble and, subconsciously or consciously, we weigh up the likelihood of something going wrong. The insurance industry is built on this principle. Policies offer protection in the event the odds aren’t in your favor. The trick is, insurers need to be able to protect their customers while making sure they’re on the right side of the risks they’re writing. The field of actuarial science is devoted to this cause. Actuaries use mathematical formulas based on historical trends to model…
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