Summary of the Information Gathered From the Interview
The information gathered after the interview about actuaries revealed the imperative role that an actuary plays in any given organization. In this profession, an actuary should be computer proficient, and equipped with excellent communication skills. An actuary should have general knowledge in finance matters, math, calculus and statistics. For one to be an actuary, there are skills that one should have. One of them is specialized knowledge in math, calculus, statistics and probability. This is important because actuarial science has a lot of calculations that require accuracy. Math, calculus, statistics and probability are a basis of the financial analysis done. One should have keen analytical skills. This helps in achieving accuracy while analyzing documents and information gathered. It is important to also have project management and problem solving skills. Project management helps in achieving good managerial skills. As an actuary, one can handle and be in charge of several departments. One will have financial projects to handle therefore making it important for one to have excellent project management skills. Good sense of business, finance, accounting and economics would be an added advantage.
Introduction
A discourse community is the means and ways in which people communicate in an organization, a firm or even in a profession. The discourse usually has some rules and regulations that have been set by that particular body and they have to be followed while communicating. The professional bodies that I hope to join in the future are the Society of Actuaries and Casualty Actuary Society. For one to join this profession, you have to undertake a course in actuarial science and work in a firm that deals with actuary for a minimum number of years so as to acquire the experience needed. The skills that one requires to be an actuary are deep knowledge in mathematics, analytical skills, and problem solving skills, knowledge in all areas of business studies and great communication skulls as well as computer skills. The challenges that actuarial scientists face are mainly the sustainability risks. An actuarial scientist can undertake different jobs which include marketing, underwriting, finance and product scrutiny. In this profession, one must read regularly to keep in touch with the current affairs and the readings include industrial related articles and the law as it gets amended. The actuaries use the business style as their writing style of writing and what they write includes business and project proposals.
For one to be an authority in the field of actuarial science they have to have both technical skills and soft skills. One needs to have passed both the technical and professional exams. Being a member of a professional body in the field of actuarial science and related disciplines is an added advantage. One must also have integrity and be ethical in all his dealings.
Detailed Analysis of the Document Analysed
The Social Security Administration program, which was established in 1972, is a nationwide program that is administered by Social Security Income program to help the needy by providing them with a minimum level of income. The amount of money that is spent continues to increase with each passing year as the number of people placing claims is increasing. This program has been planned to be in place for 25 years. This is mainly attributed too the total growth in the US population. The population being supported by this program varies in age.
The current issue facing the SSI program is the increases in the claims. Applications for the SSI program benefits are increasing and to determine the disability claims quickly, technology and streamlined policy have been put in place. SSI program has benefits such as offering basic financial support to those in need, the old, blind, and any disabled persons. Congress designed the SSI program based on principles such as eligibility requirements and benefit standards that are nationally uniform and eligibility determinations. Due to the increase of demand for people to be assisted, they came up with some helping program. There are incentives and opportunities for those recipients able to work or to be rehabilitated that would enable them to reduce their dependency on public assistance. An efficient and economical method of providing assistance is established in this community. An inducement is used to encourage States to provide supplementation of the basic Federal benefit and protection. Alternatively, former recipients of State adult assistance programs who were converted to the SSI program can be used.
As the SSI program was being established, a survey was done to find out if the aged, the blind and disabled people would qualify for Federally-funded adults. Their assistance depended on the State in which each one of them lived. Any benefit amount that was collected varied from State to State. Some states had higher benefits than others while other states made little benefits. It is important to note that the SSI program replaced the State-run programs with a national program. These national programs had uniform standards and objectives that were uniform. They all used eligible criteria.. Examples of the standards that were considered included having a uniform limitation on amount of dollar a person could have and its value so as to qualify for the SSI assistance. Individuals and couples had an income limit that was matched with Federal benefit rates thus determining their assistance for the program. The income increased annually because of the cost of living. A minimum of 65years was used as the age requirement for assistance. A uniform definition of disability and blindness is one of the factors considered.
Authority and Responsibilities
An authority figure is someone with power; authority can be on a big scale or a small scale. For one to be an authority in the field of actuarial science they have to have both technical skills and soft skills. One needs to have passed both the technical and professional exams. Being a member of a professional body in the field of actuarial science and related disciplines is an added advantage. One must also have integrity and be ethical in all his dealings.
With power comes responsibility. A good authority figure lives up to the responsibility of their power where as a bad one abuses it or neglects the responsibilities accorded. One of the responsibilities an actuary has in his or her job is writing reports and memos. Actuaries have the duty of handling information in form of written communications. They come up with formal files and reports. These reports are submitted to regulatory bodies and sometimes are required to be long. Other times the company may ask for informal memos to be circulated. Actuaries may also be required to create documents that are technical. If one works as a consulting actuary, one has a duty of producing letters and memos. The way communication is carried out is largely determined by the kind of work that is undertaken and also the kind clients an actuary is dealing with.
Benefits
SSI has many benefits.However, these benefits are not the only form of assistance that is available to needy people, aged, blind and disabled persons. Medicaid food stamp is a program that offers temporary State assistance. It is also important in that it keeps individuals from going back into a higher level of poverty. The program SSA plays a limited and useful role. It helps the States in administration of Medicaid and Food Stamp programs. It also ensures that there are provisions in the SSI statute and that all payments are made. There are no duplicated benefits from SSI programs by the states. All the benefits had been stated clearly and there was no exceptional for any member. This program had been of great benefit to the people who were registered.
The SSI program is important in that it gives SSI Medicaid. They are qualified for this cover. Some of the criteria used by a State may either be SSI eligibility in order to determine Medicaid eligibility or they can use their own criteria. This is so long as the medical standards are met. Benefits received by a person can be revoked if SSI benefits are determined by retroactive social security benefits. It is of importance to note that if the person has not been paid during the month they are covered for, they are still eligible. There was an agreement with the Department of Agriculture and SSA. They would also make food stamp applications available to them.
Conclusion
Just like those who received assistance from the Social Security Disability Insurance (SSDI) program, this program also had its regulations. For a person to be considered disabled, one had to be checked if they were mentally or physically challenged. This challenge had to have lasted for 12 months or was to last for 12 months, and sometimes result in deaths. For a person to be considered blind, a person had to have a challenge even with the correcting lens. A uniform standard for citizenship and residency was considered in the program. In order to be eligible for SSI, an individual must be a citizen or national of the United States, an American Indian born in Canada who is admitted to the United States under section 289 of the Immigration and Nationality Act who was receiving SSI benefits on August 22, 1996, or be a qualified alien in one of the following
It is important to note that actuarial science is a field that is more practical than theoretical. It has more calculations than theory. An actuary being a business person who deals with financial risks in a company and uncertainties, he /she have an obligation of giving an assessment that is expertise on financial security system. An actuary needs to incorporate programs that are able to take care of risks. To be able to do this, an actuary needs to have skills in analysis; he should also have business acumen and also understand how humans behave. (Be an actuary, pg. 1.)
As an actuary, one should be very careful with the decisions they make and the information they give. It is wise for them to keep some information private as it is necessary. An actuary should be committed towards completing all assignments on time; keep proper records and should be a critic since in statistics every minute detail counts. It is vital that all organizations have actuaries because they come in handy and can save them a great deal at the end of the day.
Works Cited
BeAnActuary. “What is an Actuary?” 2010. Web.