Hamilton High School students in Penny Komatz’s statistics class heard from another individual who uses statistics in her profession. Jennie Docea, an actuary for Northwestern Mutual Life Insurance Company, described what an actuary does. She discussed factors company consider in determining insurance rates and the types of companies that hire actuaries.
She also provided information about how a person becomes an actuary including educational background, necessary skills, universities that offer actuarial degrees, required exams, employment opportunities in the field and salary ranges.
Students then designed a cell-phone insurance policy that considered factors such as initial costs of the phone, probability malfunctions, amount of reimbursement, profit goal, employee salaries, product development expenses and inflation rates.