Frequently Asked Questions
What is an actuary?
“Actuaries are professional business people who are skilled in the application of mathematics to financial problems. Actuaries have practical business sense, the creativity to apply training and experience to new problems and provide innovative solutions, and the communication skills required to convince both colleagues and clients.” (Canadian Institute of Actuaries Web site: www.actuaries.ca)
More specifically, we use contingencies (such as the probability of mortality, disability, employment, etc.) and the theory of interest (the time value of money) to determine the lump-sum present values of past and/or future payments (for example: employment earnings, pension, life insurance payout).
Actuaries must successfully pass a rigourous set of examinations administered by the Society of Actuaries (an international body: www.soa.org) to become a Fellow of the Society of Actuaries (FSA). In Canada, actuaries who meet additional work experience and professionalism criteria can become a Fellow of the Canadian Institute of Actuaries (FCIA). To maintain the FCIA designation, an actuary must meet ongoing Continuing Professional Development requirements.
Do you only work for lawyers?
We specialize in actuarial legal evidence, which means the preparation of actuarial reports where there is a dispute that is being litigated or mediated. Most of our clients are lawyers. However, we occasionally work directly for an unrepresented litigant in a family law matter.
Some individuals aren’t involved in legal proceedings, but ask us for help in understanding their workplace pension entitlements and options because they’re contemplating retirement or are leaving their employment (voluntarily or involuntarily). Although we can’t offer legal or financial advice, we can explain your entitlement, and the pros and cons of your various options – all in an unbiased, objective manner. We can provide these services in person or by telephone.
Copyright 2012, Dilkes, Jeffery & Associates, Inc.
DILKES, JEFFERY & ASSOCIATES, INC.