Definition
In the case of retirement plans, an estimate made for the purposes of calculating benefits. Possible variables include life expectancy, return on investments, interest rates, and compensation. By calculating the possible payout of benefits, the actuary can determine what premium to charge and what amount the insurance company should set aside as readily available cash or liquid securities.
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'actuarial assumption' appears in the definitions of these other terms on BusinessDictionary.com:
actuarial gain or loss
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