Financial security system

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" (Document). Education and Exam Committee of the Society of Actuaries.

[1] 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.

[2] Carpenter, Jill (2000). "Introduction to Financial Security Systems" (Document). Education and Exam Committee of the Society of Actuaries.

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