Yogi Berra said, “It’s tough to make predictions, especially about the future,” yet that is the essence of an actuary’s work. The bases of an actuarial analysis are the assumptions and the values selected for these assumptions. All actuaries realize that any assumption made about the future could ultimately prove to be incorrect. However, it is not possible to proceed without assumptions about the processes that drive the analysis.
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Up to Code – March/April 2020, Deborah M. Rosenberg