Finance:Financial security system
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A financial security system finances unknown future obligations. Such a system involves an arrangement between a provider, who agrees to pay the future obligations, often in return for payments from a person or institution who wish to avoid undesirable economic consequences of uncertain future obligations.[1] Financial security systems include insurance products as well as retirement plans and warranties.[2]
References
- ↑ Beckley, Jeffrey A.; Scahill, Patricia L.; Varitek, Matthew C.; White, Toby A. (2012). Klugman, Stuart A.. ed. Understanding Actuarial Practice. Society of Actuaries. p. 15.
- ↑ Carpenter, Jill (2000). Introduction to Financial Security Systems. Education and Exam Committee of the Society of Actuaries.
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