Hamilton High School students in Penny Komatz’s statistics class were treated to firsthand information about a career focused on mathematics April 23 when Jenny Docea gave a guest presentation. Docea, an actuary for Northwestern Mutual Life Insurance Company, explained what an actuary does. Noting that she puts a price tag on risk, she discussed the aspects that contribute to insurance rates.
She also provided information about how a person becomes an actuary including educational background, required exams and employment opportunities in the field. She provided sample problems one might find on one of the the eight exams that are required to become a “fellow” or full actuary and had students solve them. 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.