In the insurance and finance industries, actuarial science uses mathematical and statistical techniques to evaluate potential losses. The field of actuarial science uses the tools of probability and statistics to help people understand and plan for the economic effects of future events that are still inherently unpredictable. The study of mortality, the creation of life tables, and the implementation of compound interest are at the heart of the classical actuarial practice. It is the goal of actuarial science to use probability analysis to estimate how much money will be lost or gained due to a certain event. Actuaries typically work in the insurance sector, where actuarial science is widely employed. To help an insurance business prepare for potential claims, actuaries use mathematical models to determine the likelihood of an event occurring and how much money should be set aside to cover those claims. The possibility or timing of a life insurance payout, for instance, can be better estimated by researching mortality rates of people of a given age group.

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