Economic Loss (Economic Damages)
Actuarial Litigation Consulting provides expert assessment of the economic value of losses in such areas as:
Marital asset allocation (divorce)
An impartial, credible assessment involves asking the right questions and knowing what to do with the answers.
Professional servicesas consultant or expert witnessare provided in both state and federal trial settings. These services include:
Preliminary review and evaluation of economic loss
Consultation on pre-trial discovery
Detailed assessment of economic loss
Preparation and delivery of reports and affidavits
Expert witness testimony at deposition and arbitration, mediation, or trial
Thorough critical analysis of opposing expert reports
Preparation of counsel for cross-examination of opposition
In addition to having the ability to professionally evaluate the losses, this expert also can explain his findings to a trier of fact in simple, easy-to-understand termsa skill learned from years of working with talented life agents and other sales professionals.
Current Life and Disability Insurance Policies and Annuity Contracts
Actuarial Litigation Consulting also provides expert analysis of the features and benefits of in-force life and disability insurance policies and annuity contracts for individual clients, either directly or through their attorney. These features and benefits could include:
Premium payment options
Minimum and maximum premium limits
Life insurance benefit levels, limits, and options
Disability benefits and provisions
Dividend options and dividend theory
Policy change rights and options
Policy withdrawal and surrender options
Policy termination and reinstatement provisions
Policy loan privileges and restrictions
Interest rates for account values and policy loans
Premium and account-value allocation among investment funds
Conformity with state insurance department requirements
Frequently Asked Questions
What is an Actuary?
An actuary is a business professional who analyzes the financial effects of risk. The actuarys work requires a combination of strong analytical and problem-solving skills, business knowledge, and an understanding of human behavior to design and manage programs that involve financial risk.
Actuaries are trained and experienced at determining the premium rates for insurance plans, the funding levels for pension plans, and the reserve amounts for insurance companies to hold on their books. These amounts can range in the millions, or even billions, of dollars. This also requires choosing the appropriate interest, tax, and expense assumptions to use in these determinations.
The Fellow of the Society of Actuaries (FSA) designation recognizes an individual that has demonstrated a high level of knowledge about the business environments in which financial decisions concerning pensions, life insurance, health insurance, and investments are made, using the application of mathematical, probability, and financial skills to assess the current economic value of future monetary events that are uncertain in terms of amount and timing.
The American Academy of Actuaries serves the U.S. public on behalf of the actuarial profession. Comprising actuaries from all practice areas, the Academy is the voice of the profession on public policy and professionalism issues. To become a Member of the American Academy of Actuaries (MAAA), a prospective actuary must pass a series of exams given by the Society of Actuaries (SOA), the Casualty Actuarial Society (CAS), or the American Society of Pension Professionals and Actuaries (ASPPA). The exam process usually takes several years.
How are actuaries qualified to assess economic losses?
Economic losses in tort cases could be assessed by experts from other fields of practice, such as economics and accounting. But only actuaries are formally trained and experiencedand required to meet specific professional standards of practicein the skills needed to determine the impact of interest, survivorship, and other factors in assessing the economic value of future monetary events.
An actuary providing expert testimony performs an important service to the attorneys, the litigants, the court, and the public by clearly explaining the complex technical issues that must be considered in the resolution of many disputes.
For economic loss cases, does it matter what state my case is in?
Not usually. While applicable laws can vary from state to state and with federal cases, the assessment process is essentially the same in most cases. Most of the expert's work does not require face-to-face meetings with attorneys. So geographical location becomes an issue only when traveling long distances to provide depositions or testimony; this does not occur frequently.