Financial security system
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. Financial security systems include insurance products as well as retirement plans and warranties.
- 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.
- Carpenter, Jill (2000). "Introduction to Financial Security Systems". Education and Exam Committee of the Society of Actuaries.