Best actuarial practice represents the most preferable technique or approach that can be applied to a particular problem or area of our practice ö the state of the art (science). Following such practice is quite appealing, both from the standpoint of its recipient, who can be assured that there is nothing better in the marketplace of ideas or applications, and from the standpoint of a service provider, to protect against legal liability as a safe harbour and to preserve personal pride. If every actuary follow…
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