Actuarial Science
Financial mathematics, probability and risk, and insurance and pensions for university students.
About Actuarial Science on DigiTransact Mastermind
Financial mathematics, probability and risk, and insurance and pensions for university students.
Each of the 8 Actuarial Science skills carries its own SmartScore from 0 to 100, so progress is measured per topic rather than as one overall grade.
All 52 Actuarial Science questions come with the written reasoning behind the answer, so a wrong attempt still teaches the method.
Actuarial Science work is filed under University, so you only see sets that match the stage you are studying.
Education levels covered
Tertiary and college foundations - Advanced study
8 Actuarial Science skills at this level
Relevant curricula and exams
Based on the education levels this subject covers on the platform.
Curriculum notes are a general guide to where this work normally sits. Always check the syllabus your school or examination body is currently using.
Learning outcomes
After working through the Actuarial Science practice sets you should be able to:
- Interest & Time Value of Money: Simple and compound interest and present value.
- Probability Foundations: Measuring likelihood and expected values.
- Insurance Principles: How insurance transfers and pools risk.
- Probability for Actuaries: Apply probability concepts used to model uncertainty and risk.
Sample questions
Real questions taken from the Actuarial Science question bank, shown with the working learners see after answering.
The probability of an impossible event is:
- 0
- 0.5
- 1
- 100
Working: A probability of 0 means the event cannot occur; 1 means it is certain.
The regular amount paid to an insurer for cover is the
- premium
- claim
- dividend
- coupon
Working: Premiums fund the pool from which claims are paid.
The idea that money today is worth more than the same amount later is called
- the time value of money
- inflation only
- depreciation
- taxation
Working: Money now can be invested to earn returns over time.
Main topics and skills
Actuarial Science is organised into 4 topic groups covering 8 practice skills. Open any skill to read the guide and start a practice set.
Financial Mathematics
Probability & Risk
Insurance & Pensions
Risk, Probability & Actuarial Methods
Related study guides
Core Maths is compulsory and it fails more WASSCE candidates than any other paper. This guide breaks the sylla…
Planning to study or work abroad? IELTS, TOEFL and PTE Academic all prove your English — but they differ in fo…
Dreaming of a US university with a scholarship? The SAT or ACT is your gateway. This guide explains both tests…
Frequently asked questions
Who is this Actuarial Science practice for?
Right now Actuarial Science spans University. Use the level filter on this page to hide everything outside the stage you are revising for.
What topics are included in Actuarial Science?
There are 4 topic groups in Actuarial Science, including Financial Mathematics, Probability & Risk, Insurance & Pensions and Risk, Probability & Actuarial Methods. Working through a single group at a time is usually faster than jumping around.
What is in the Actuarial Science question bank?
52 Actuarial Science questions sit across 8 skills. A written explanation follows every answer, so a wrong attempt still shows you the method.
Is Actuarial Science practice useful for tertiary coursework?
Because Actuarial Science is organised by level, the sets covering tertiary coursework are easy to isolate, and they are labelled Tertiary foundation coursework.
Do I need an account to practise Actuarial Science?
Reading is open to everyone. Signing up for free adds the parts that need to be stored: your SmartScore, your completed Actuarial Science skills and your place in a set.
Related subjects
How this page was produced
This text was drafted with AI assistance from the questions and topics already stored on the platform. A subject-specialist review is scheduled but has not yet been recorded, so we do not claim it here.
- Written by
- DigiTransact Mastermind editorial team
- Human review
- Not yet. Subject-specialist review is scheduled; this page will say so once it has happened. See which content receives human review.
Spotted a mistake on this page? Report a content correction and we will check it against the source. You can also read our editorial policy and how we use AI and where it falls short.
Ready to master Actuarial Science?
Pick any of the 8 Actuarial Science skills above, answer the questions and watch your SmartScore climb.