Financial security system

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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[edit]

  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". Education and Exam Committee of the Society of Actuaries.