Glossary
This glossary is used in conjunction with the ASOPs listed on this website.
Known
ASOPs frequently refer to circumstances, factors, practices of the principal, or other items that are known to the actuary. In many cases, the actuary must rely upon the principal and others acting on the principal’s behalf to supply relevant information. Unless an ASOP clearly indicates otherwise, “known” means that the actuary had actual knowledge of the item in question at the time the actuary rendered actuarial services. (ASOP No. 1)
This entry has multiple definitions for different ASOPs. Click here to see more.
ASOP No. 1 – Introductory Actuarial Standard of Practice
ASOPs frequently refer to circumstances, factors, practices of the principal, or other items that are known to the actuary. In many cases, the actuary must rely upon the principal and others acting on the principal’s behalf to supply relevant information. The actuary cannot reasonably be expected to act based on information that was not provided. Consequently, unless an ASOP clearly indicates otherwise, “known” means that the actuary had actual knowledge of the item in question at the time the actuary rendered actuarial services. (Introduction – Introductory Actuarial Standard of Practice