ACSC 533 Lecture Notes - Lecture 33: Life Insurance, Insurance Fraud, Arson

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The actuarial profession has interfaces everywhere, and it is only proper to train actuaries in full awareness of the importance of these interfaces. Actuarial work always occurs within a context, or environment, that is made up of a diverse and intricate array of elements. An actuary must be aware of the professional context, regulatory environment, physical environment, etc. The context differs from country to country. Within a particular country, the context differs from practice area to practice area. It changes with changes in government, legislation, technology, social attitudes, economic environment, etc. The problems that actuaries tackle are rarely one-dimensional and can be viewed from a number of perspectives. Most problems have social, cultural, psychological, historical, industrial, political, and other perspectives. The actuary who is aware of these various perspectives, and who allows for them in developing solutions to actuarial problems and in making recommendations, will give better advice. It would be difficult to list all components.

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