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78-461: The company employs a non-traditional business model whereby risk and premiums are determined by engineering analysis as opposed to historically based actuarial calculations. This business approach is centered on the belief that property losses can be prevented or mitigated. FM engineering personnel regularly visit insured locations to evaluate hazards and recommend improvements to their property or work practices to reduce physical and financial risks if

156-463: A London draper named John Graunt showed that there were predictable patterns of longevity and death in a defined group, or cohort , of people, despite the uncertainty about the future longevity or mortality of any one individual. This study became the basis for the original life table . Combining this idea with that of compound interest and annuity valuation, it became possible to set up an insurance scheme to provide life insurance or pensions for

234-435: A code of ethics that covers their communications and work products. As an outgrowth of their more traditional roles, actuaries also work in the fields of risk management and enterprise risk management for both financial and non-financial corporations. Actuaries in traditional roles study and use the tools and data previously in the domain of finance. The Basel II accord for financial institutions (2004), and its analogue,

312-521: A financial liability will be worth at different points in the future. Since neither of these kinds of analysis are purely deterministic processes, stochastic models are often used to determine frequency and severity distributions and the parameters of these distributions. Forecasting interest yields and currency movements also plays a role in determining future costs, especially on the life side. Actuaries do not always attempt to predict aggregate future events. Often, their work may relate to determining

390-422: A group of people, and to calculate with some degree of accuracy each member's necessary contributions to a common fund, assuming a fixed rate of interest. The first person to correctly calculate these values was Edmond Halley . In his work, Halley demonstrated a method of using his life table to calculate the premium someone of a given age should pay to purchase a life-annuity. James Dodson 's pioneering work on

468-648: A guideline for setting the pass mark for any examination. If the CAS determines that 70% of all candidates have demonstrated sufficient grasp of the syllabus material, then those 70% should pass. Similarly, if the CAS determines that only 30% of all candidates have demonstrated sufficient grasp of the syllabus material, then only those 30% should pass." Actuaries have appeared in works of fiction including literature, theater, television, and film. At times, they have been portrayed as "math-obsessed, socially disconnected individuals with shockingly bad comb-overs", which has resulted in

546-445: A hollow cavity of the desired shape, and then allowing it to cool and solidify. The solidified part is also known as a casting, which is ejected or broken out of the mold to complete the process. Casting is most often used for making complex shapes that would be difficult or uneconomical to make by other methods. Melting is performed in a furnace . Virgin material, external scrap, internal scrap, and alloying elements are used to charge

624-432: A loss occurs. During the depression of 1835, Zachariah Allen , a prominent textile mill owner, attempted to reduce the insurance premium on his Rhode Island, USA, mill by making property improvements that he believed would minimize the damage in case of fire. At that time, insurance premium increases for losses were shared among all insureds, regardless of individual loss history. The concept of loss prevention and control

702-799: A marketplace full of increasing competition and a demand for more challenging property protection programs. The three companies were sharing the resources of an inspection group, yet were competing with one another for customers. To reduce competition and costs, in 1998 the CEOs announced their intent to merge the three companies to create FM Global. The merger was completed in 1999. FM is an international property insurance and loss prevention engineering company with US$ 5.3 billion of in-force premium (FY2016), US$ 11.9 billion in policyholders' surplus (FY2016), with clients in more than 100 countries and 5500 employees. FM awarded its largest ever membership credit in 2016 of US$ 407 million, intended to allow clients to share in

780-500: A material. Heat treatment techniques include annealing , case-hardening , precipitation strengthening , tempering , and quenching . Although the term "heat treatment" applies only to processes where the heating and cooling are done for the specific purpose of altering properties intentionally, heating and cooling often occur incidentally during other manufacturing processes such as hot forming or welding. After degating and heat treating, sand or other molding media may remain adhered to

858-578: A mixed response amongst actuaries themselves. Foundry A foundry is a factory that produces metal castings . Metals are cast into shapes by melting them into a liquid, pouring the metal into a mold, and removing the mold material after the metal has solidified as it cools. The most common metals processed are aluminum and cast iron . However, other metals, such as bronze , brass , steel , magnesium , and zinc , are also used to produce castings in foundries. In this process, parts of desired shapes and sizes can be formed. Foundries are one of

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936-430: A mold yields leftover metal — including heads, risers, and sprue (sometimes collectively called sprue) — that can exceed 50% of the metal required to pour a full mold. Since this metal must be remelted as salvage, the yield of a particular gating configuration becomes an important economic consideration when designing various gating schemes, to minimize the cost of excess sprue, and thus overall melting costs. Heat treating

1014-550: A revolutionary form of loss control entered the loss prevention scene: the fire sprinkler. While the invention was originally designed outside the realm of FM, FM's further development and promotion of the sprinkler head aided in its eventual widespread use and acceptance. FM constructed a training and meeting space in Norwood, Massachusetts that is branded as a Four Points by Sheraton hotel. The facility includes convention/meeting spaces, guest rooms that are available to be booked by

1092-424: A single piece or solid pattern. More complex designs are made in two parts, called split patterns. A split pattern has a top or upper section, called a cope, and a bottom or lower section called a drag. Both solid and split patterns can have cores inserted to complete the final part shape. Cores are used to create hollow areas in the mold that would otherwise be impossible to achieve. Where the cope and drag separates

1170-426: A steel foundry will use an EAF or induction furnace. Bronze or brass foundries use crucible furnaces or induction furnaces. Most aluminium foundries use either electric resistance or gas heated crucible furnaces or reverberatory furnaces. Degassing is a process that may be required to reduce the amount of hydrogen present in a batch of molten metal. Gases can form in metal castings in one of two ways: Hydrogen

1248-534: A university setting. In others, such as the US, most study takes place during employment through a series of examinations. In the UK, and countries based on its process, there is a hybrid university-exam structure. As these qualifying exams are extremely rigorous, support is usually available to people progressing through the exams. Often, employers provide paid on-the-job study time and paid attendance at seminars designed for

1326-401: Is a common contaminant for most cast metals. It forms as a result of material reactions or from water vapor or machine lubricants. If the hydrogen concentration in the melt is too high, the resulting casting will be porous; the hydrogen will exit the molten solution, leaving minuscule air pockets, as the metal cools and solidifies. Porosity often seriously deteriorates the mechanical properties of

1404-416: Is a group of industrial and metalworking processes used to alter the physical, and sometimes chemical, properties of a material. The most common application is metallurgical. Heat treatments are also used in the manufacture of many other materials, such as glass. Heat treatment involves the use of heating or chilling, normally to extreme temperatures, to achieve a desired result such as hardening or softening of

1482-410: Is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. These risks can affect both sides of the balance sheet and require asset management , liability management, and valuation skills. Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms. The name of

1560-463: Is called the parting line . When making a pattern it is best to taper the edges so that the pattern can be removed without breaking the mold. This is called draft . The opposite of draft is an undercut where there is part of the pattern under the mold material, making it impossible to remove the pattern without damaging the mold. The pattern is made of wax, wood, plastic, or metal. The molds are constructed by several different processes dependent upon

1638-567: Is common to paint castings to prevent corrosion and improve visual appeal. Some foundries assemble castings into complete machines or sub-assemblies. Other foundries weld multiple castings or wrought metals together to form a finished product. More and more, finishing processes are being performed by robotic machines, which eliminate the need for a human to physically grind or break parting lines, gating material, or feeders. Machines can reduce risk of injury to workers and lower costs for consumables — while also increasing productivity. They also limit

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1716-546: Is dependent on the alloy system quantities produced. For ferrous materials EAFs, cupolas, and induction furnaces are commonly used. Reverberatory and crucible furnaces are common for producing aluminium, bronze, and brass castings. Furnace design is a complex process, and the design can be optimized based on multiple factors. Furnaces in foundries can be any size, ranging from small ones used to melt precious metals to furnaces weighing several tons, designed to melt hundreds of pounds of scrap at one time. They are designed according to

1794-405: Is record of a 14th-century contract to insure a shipment of wheat. In 1350, Lenardo Cattaneo assumed "all risks from act of God, or of man, and from perils of the sea" that may occur to a shipment of wheat from Sicily to Tunis up to a maximum of 300 florins . For this he was paid a premium of 18%. During the 17th century, a more scientific basis for risk management was being developed. In 1662,

1872-454: Is the convergence of modern finance theory with actuarial science. In the early 20th century, some economists and actuaries were developing techniques that can be found in modern financial theory, but for various historical reasons, these developments did not achieve much recognition. In the late 1980s and early 1990s, there was a distinct effort for actuaries to combine financial theory and stochastic methods into their established models. In

1950-541: Is then removed from its mold. Where the mold is sand based, this can be done by shaking or tumbling. This frees the casting from the sand, which is still attached to the metal runners and gates — which are the channels through which the molten metal traveled to reach the component itself. Degating is the removal of the heads, runners, gates, and risers from the casting. Runners, gates, and risers may be removed using cutting torches , bandsaws , or ceramic cutoff blades. For some metal types, and with some gating system designs,

2028-457: The Roman empire , associations were formed to meet the expenses of burial, cremation, and monuments—precursors to burial insurance and friendly societies . A small sum was paid into a communal fund on a weekly basis, and upon the death of a member, the fund would cover the expenses of rites and burial. These societies sometimes sold shares in the building of columbāria , or burial vaults, owned by

2106-1008: The Solvency II accord for insurance companies (in force since 2016), require institutions to account for operational risk separately, and in addition to, credit , reserve , asset , and insolvency risk. Actuarial skills are well suited to this environment because of their training in analyzing various forms of risk, and judging the potential for upside gain, as well as downside loss associated with these forms of risk. Actuaries are also involved in investment advice and asset management , and can be general business managers and chief financial officers . They analyze business prospects with their financial skills in valuing or discounting risky future cash flows, and apply their pricing expertise from insurance to other lines of business. For example, insurance securitization requires both actuarial and finance skills. Actuaries also act as expert witnesses by applying their analysis in court trials to estimate

2184-508: The level premium system led to the formation of the Society for Equitable Assurances on Lives and Survivorship (now commonly known as Equitable Life ) in London in 1762. This was the first life insurance company to use premium rates that were calculated scientifically for long-term life policies, using Dodson's work. After Dodson's death in 1757, Edward Rowe Mores took over the leadership of

2262-413: The 1930s and 1940s, rigorous mathematical foundations for stochastic processes were developed. Actuaries began to forecast losses using models of random events instead of deterministic methods . Computers further revolutionized the actuarial profession. From pencil-and-paper to punchcards to microcomputers, the modeling and forecasting ability of the actuary has grown vastly. Another modern development

2340-503: The 21st century, the profession, both in practice and in the educational syllabi of many actuarial organizations, combines tables, loss models, stochastic methods, and financial theory, but is still not completely aligned with modern financial economics . As there are relatively few actuaries in the world compared to other professions, actuaries are in high demand, and are highly paid for the services they render. The actuarial profession has been consistently ranked for decades as one of

2418-531: The United States, the profession was rated as the best profession by CareerCast, which uses five key criteria to rank jobs—environment, income, employment outlook, physical demands, and stress, in 2010, 2013, and 2015. In other years, it remained in the top 20. Becoming a fully credentialed actuary requires passing a rigorous series of professional examinations, usually taking several years. In some countries, such as Denmark, most study takes place in

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2496-542: The actuarial profession has been reluctant to specify the pass marks for its examinations. To address concerns that there are pre-existing pass/fail quotas, a former chairman of the Board of Examiners of the Institute and Faculty of Actuaries stated: "Although students find it hard to believe, the Board of Examiners does not have fail quotas to achieve. Accordingly, pass rates are free to vary (and do). They are determined by

2574-572: The amount of material being removed. These steps are done prior to any final machining. After grinding, any surfaces that require tight dimensional control are machined. Many castings are machined in CNC milling centers. The reason for this is that these processes have better dimensional capability and repeatability than many casting processes. However, it is not uncommon today for castings to be used without machining. A few foundries provide other services before shipping cast products to their customers. It

2652-467: The benefits of their risk improvement efforts, totalling nearly US$ 2.1 billion in total premium reduction via membership credits since 2001. In 2014, Shivan Subramaniam resigned from his role as FM Global's CEO, but remained on the company's board of directors. His role was assigned to the company executive Thomas Lawson. In 2021, FM appointed Malcolm C. Roberts as its president, effective August 1. Roberts will also become CEO, on January 1, 2022, following

2730-436: The casting surface. Numerous materials may be used to clean cast surfaces, including steel, iron, other metal alloys, aluminium oxides, glass beads, walnut shells, baking powder, and many others. The blasting media is selected to develop the color and reflectance of the cast surface. Terms used to describe this process include cleaning, bead blasting, and sand blasting . Shot peening may be used to further work-harden and finish

2808-423: The casting. To remove any mold remnants, the surface is cleaned using a blasting process. This means a granular media will be propelled against the surface of the casting to mechanically knock away the adhering sand. The media may be blown with compressed air, or may be hurled using a shot wheel. The cleaning media strikes the casting surface at high velocity to dislodge the mold remnants (for example, sand, slag) from

2886-411: The casualty side, this analysis often involves quantifying the probability of a loss event, called the frequency, and the size of that loss event, called the severity. The amount of time that occurs before the loss event is important, as the insurer will not have to pay anything until after the event has occurred. On the life side, the analysis often involves quantifying how much a potential sum of money or

2964-456: The corresponding academic discipline is actuarial science . While the concept of insurance dates to antiquity, the concepts needed to scientifically measure and mitigate risks have their origins in the 17th century studies of probability and annuities. Actuaries of the 21st century require analytical skills, business knowledge, and an understanding of human behavior and information systems to design programs that manage risk, by determining if

3042-414: The cost of financial liabilities that have already occurred, called retrospective reinsurance , or the development or re-pricing of new products. Actuaries also design and maintain products and systems. They are involved in financial reporting of companies' assets and liabilities. They must communicate complex concepts to clients who may not share their language or depth of knowledge. Actuaries work under

3120-448: The economic value of losses such as lost profits or lost wages. The basic requirements of communal interests gave rise to risk sharing since the dawn of civilization. For example, people who lived their entire lives in a camp had the risk of fire, which would leave their band or family without shelter. After barter came into existence, more complex risks emerged and new forms of risk manifested. Merchants embarking on trade journeys bore

3198-698: The end of the year would be returned to policyholders in the form of dividends. The group agreed, and by year's end, formed the Manufacturers Mutual Fire Insurance Company, the oldest predecessor of FM. During the company's first 14 years, the mill owners and mutual policyholders of Manufacturers Mutual enjoyed an average 50% reduction in premiums compared with the premiums of other insurance companies. The fire prevention methods they developed, monitored by regular fire inspections for mill policyholders, resulted in fewer losses. Despite its initial success, one problem remained for

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3276-491: The entire casting manufacturing route. Casting process simulation was initially developed at universities starting from the early ' 70s , mainly in Europe and in the U.S. , and is regarded as the most important innovation in casting technology over the last 50 years. Since the late ' 80s , commercial programs (such as PoligonSoft, AutoCAST and Magma) are available which make it possible for foundries to gain new insight into what

3354-440: The event of the borrower's death or infirmity. Alternatively, people sometimes lived too long from a financial perspective, exhausting their savings, if any, or becoming a burden on others in the extended family or society. In the ancient world there was not always room for the sick, suffering, disabled, aged, or the poor—these were often not part of the cultural consciousness of societies. Early methods of protection, aside from

3432-518: The exams. Also, many companies that employ actuaries have automatic pay raises or promotions when exams are passed. As a result, actuarial students have strong incentives for devoting adequate study time during off-work hours. A common rule of thumb for exam students is that, for the Society of Actuaries examinations, roughly 400 hours of study time are necessary for each four-hour exam. Thus, thousands of hours of study time should be anticipated over several years, assuming no failures. Historically,

3510-433: The facility. The process includes melting the charge, refining the melt, adjusting the melt chemistry and tapping into a transport vessel. Refining is done to remove harmful gases and elements from the molten metal to avoid casting defects. Material is added during the melting process to bring the final chemistry within a specific range specified by industry and/or internal standards. Certain fluxes may be used to separate

3588-414: The formulation of corporate risk policy, and the setting up and running of corporate risk departments. Actuaries are also involved in other areas in the economic and financial field, such as analyzing securities offerings or market research . On both the life and casualty sides, the classical function of actuaries is to calculate premiums and reserves for insurance policies covering various risks. On

3666-549: The fund. Other early examples of mutual surety and assurance pacts can be traced back to various forms of fellowship within the Saxon clans of England and their Germanic forebears, and to Celtic society. Non-life insurance started as a hedge against loss of cargo during sea travel. Anecdotal reports of such guarantees occur in the writings of Demosthenes , who lived in the 4th century BCE. The earliest records of an official non-life insurance policy come from Sicily , where there

3744-401: The furnace must be designed for temperatures over 1,600 °C (2,910 °F). The fuel used to reach these high temperatures can be electricity (as employed in electric arc furnaces ) or coke . The majority of foundries specialize in a particular metal and have furnaces dedicated to these metals. For example, an iron foundry (for cast iron) may use a cupola , induction furnace, or EAF, while

3822-505: The furnace. Virgin material refers to commercially pure forms of the primary metal used to form a particular alloy . Alloying elements are either pure forms of an alloying element, like electrolytic nickel , or alloys of limited composition, such as ferroalloys or master alloys. External scrap is material from other forming processes such as punching , forging , or machining . Internal scrap consists of gates , risers , defective castings, and other extraneous metal oddments produced within

3900-584: The group that eventually became the Society for Equitable Assurances. It was he who specified that the chief official should be called an actuary . Previously, the use of the term had been restricted to an official who recorded the decisions, or acts , of ecclesiastical courts , in ancient times originally the secretary of the Roman senate , responsible for compiling the Acta Senatus . Other companies that did not originally use such mathematical and scientific methods most often failed or were forced to adopt

3978-602: The implementation of strategies proposed for mitigating potential risks, does not exceed the expected cost of those risks actualized. The steps needed to become an actuary , including education and licensing, are specific to a given country, with various additional requirements applied by regional administrative units; however, almost all processes impart universal principles of risk assessment, statistical analysis, and risk mitigation, involving rigorously structured training and examination schedules, taking many years to complete. The profession has consistently been ranked as one of

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4056-774: The insurance and reinsurance industries, either as staff employees or as consultants; to other businesses, including sponsors of pension plans; and to government agencies such as the Government Actuary's Department in the United Kingdom or the Social Security Administration in the United States of America. Actuaries assemble and analyze data to estimate the probability and likely cost of the occurrence of an event such as death, sickness, injury, disability, or loss of property. Actuaries also address financial questions, including those involving

4134-403: The largest contributors to the manufacturing recycling movement, melting and recasting millions of tons of scrap metal every year to create new durable goods. Moreover, many foundries use sand in their molding process. These foundries often use, recondition, and reuse sand, which is another form of recycling. In metalworking , casting involves pouring liquid metal into a mold , which contains

4212-1732: The level of pension contributions required to produce a certain retirement income and the way in which a company should invest resources to maximize its return on investments in light of potential risk. Using their broad knowledge, actuaries help design and price insurance policies, pension plans, and other financial strategies in a manner that will help ensure that the plans are maintained on a sound financial basis. Most traditional actuarial disciplines fall into two main categories: life and non-life. Life actuaries, which includes health and pension actuaries, primarily deal with mortality risk, morbidity risk, and investment risk. Products prominent in their work include life insurance , annuities , pensions, short and long term disability insurance , health insurance, health savings accounts , and long-term care insurance. In addition to these risks, social insurance programs are influenced by public opinion, politics, budget constraints, changing demographics , and other factors such as medical technology , inflation , and cost of living considerations. Non-life actuaries, also known as "property and casualty" (mainly US) or "general insurance" (mainly UK) actuaries, deal with both physical and legal risks that affect people or their property. Products prominent in their work include auto insurance , homeowners insurance , commercial property insurance, workers' compensation , malpractice insurance, product liability insurance , marine insurance , terrorism insurance , and other types of liability insurance . Actuaries are also called upon for their expertise in enterprise risk management . This can involve dynamic financial analysis , stress testing ,

4290-498: The metal from slag and/or dross and degassers are used to remove dissolved gas from metals that readily dissolve in gasses. During the tap, final chemistry adjustments are made. Several specialised furnaces are used to heat the metal. Furnaces are refractory-lined vessels that contain the material to be melted and provide the energy to melt it. Modern furnace types include electric arc furnaces (EAF), induction furnaces , cupolas , reverberatory , and crucible furnaces. Furnace choice

4368-430: The metal. An efficient way of removing hydrogen from the melt is to bubble a dry, insoluble gas through the melt by purging or agitation. When the bubbles go up in the melt, they catch the dissolved hydrogen and bring it to the surface. Chlorine, nitrogen, helium and argon are often used to degas non-ferrous metals. Carbon monoxide is typically used for iron and steel. There are various types of equipment that can measure

4446-420: The methods pioneered by Equitable. In the 18th and 19th centuries, computational complexity was limited to manual calculations. The calculations required to compute fair insurance premiums can be burdensome. The actuaries of that time developed methods to construct easily used tables, using arithmetical short-cuts called commutation functions , to facilitate timely, accurate, manual calculations of premiums. In

4524-529: The mid-19th century, professional bodies were founded to support and further both actuaries and actuarial science, and to protect the public interest by ensuring competency and ethical standards. Since calculations were cumbersome, actuarial shortcuts were commonplace. Non-life actuaries followed in the footsteps of their life compatriots in the early 20th century. In the United States, the 1920 revision to workers' compensation rates took over two months of around-the-clock work by day and night teams of actuaries. In

4602-420: The most desirable. In various studies in the United States, being an actuary was ranked first or second multiple times since 2010, and in the top 20 for most of the past decade. Actuaries use skills primarily in mathematics, particularly calculus -based probability and mathematical statistics , but also economics , computer science , finance, and business. For this reason, actuaries are essential to

4680-402: The most desirable. Actuaries work comparatively reasonable hours, in comfortable conditions, without the need for physical exertion that may lead to injury, are well paid, and the profession consistently has a good hiring outlook. Not only has the overall profession ranked highly, but it also is considered one of the best professions for women, and one of the best recession-proof professions. In

4758-406: The mutual insurance company owners and their policyholders. Today, all of these services remain components to FM in the form of engineering and research. The FM companies' main interests in the late 19th century and early 20th century remained focused on researching and developing products or techniques that would help mitigate property risks and advance the efforts of property conservation. In 1874,

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4836-605: The next 20 years, other mutual insurance companies were added to the group roster. Together, these companies and the ones that later evolved soon became known as the Associated Factory Mutual Fire Insurance Companies, or the Factory Mutuals, for short. Loss information helped identify specific industry hazards and was used in developing loss control recommendations for policyholders in similar industries. Such information

4914-583: The next 75 to 80 years, the need for more comprehensive policyholder coverage grew, forcing a series of consolidations among the FM companies. By 1987, 42 separate mutual insurance companies had become three: Allendale Mutual Insurance Company, Johnston , R.I., USA; Arkwright-Boston Manufacturers Mutual Insurance Company, Waltham , Mass., USA; and Protection Mutual Insurance Company, Park Ridge , Ill., USA. The three separate organizations found it difficult to deliver competitively priced, value-added engineering services in

4992-529: The normal support of the extended family, involved charity; religious organizations or neighbors would collect for the destitute and needy. By the middle of the 3rd century, charitable operations in Rome supported 1,500 suffering people. Charitable protection remains an active form of support in the modern era, but receiving charity is uncertain and often accompanied by social stigma . Elementary mutual aid agreements and pensions did arise in antiquity. Early in

5070-503: The pioneer mutual insurance company: a single mutual insurance company could not withstand the financial cost of the loss of an entire plant. More insurance capacity was needed. In 1848, Allen formed Rhode Island Mutual. In 1850, Boston Manufacturers Mutual Fire Insurance Company, the third-oldest FM Global predecessor, was created when Allen convinced a Boston merchant with significant cotton-mill ownership to form his own mutual insurance company with like-minded Boston mill owners. Throughout

5148-489: The potential for human error and increase repeatability in the quality of grinding. Casting processes simulation uses numerical methods to calculate cast component quality considering mold filling, solidification and cooling, and provides a quantitative prediction of casting mechanical properties, thermal stresses and distortion. Simulation accurately describes a cast component's quality up-front before production starts. The casting rigging can be designed with respect to

5226-400: The presence of hydrogen. Alternatively, the presence of hydrogen can be measured by determining the density of a metal sample. In cases where porosity still remains present after the degassing process, porosity sealing can be accomplished through a process called metal impregnating . In the casting process, a pattern is made in the shape of the desired part. Simple designs can be made in

5304-738: The public when not in use by FM, and an on-site restaurant, the One Bistro. The beginning of the 20th century brought significant change to the FM companies. Where once the mutual insurance companies focused primarily on the familiar business of textiles primarily within the Northeast region of the US, new companies began to form that sought business beyond the traditional geographical boundaries. These mutuals began branching out into other industries, such as shoe and rubber manufacturers, foundries and light, gas and power companies, while still maintaining their preference for low-risk properties. During

5382-548: The quality of the candidates sitting the examination and in particular how well prepared they are. Fitness to pass is the criterion, not whether you can achieve a mark in the top 40% of candidates sitting." In 2000, the Casualty Actuarial Society (CAS) decided to start releasing pass marks for the exams it offers. The CAS's policy is also not to grade to specific pass ratios; the CAS board affirmed in 2001 that "the CAS shall use no predetermined pass ratio as

5460-413: The required component properties. This has benefits beyond a reduction in pre-production sampling, as the precise layout of the complete casting system also leads to energy , material, and tooling savings. The software supports the user in component design, the determination of melting practice and casting methoding through to pattern and mold making, heat treatment , and finishing. This saves costs along

5538-640: The retirement of chairman Thomas A. Lawson as CEO. FM's 1,600 acre (648 ha) Research Campus in West Glocester , Rhode Island, USA, conducts testing in fire and explosion hazards, hazards detection. These tests range from witnessing the difference in how products burn to how construction components perform in hurricane conditions. In 2004, FM entered into a Cooperative Research and Development Agreement (CRADA) with Sandia National Laboratory (US). The CRADA will develop advanced diagnostics and modeling of catastrophic fires. Actuary An actuary

5616-422: The risk of losing goods entrusted to them, their own possessions, or even their lives. Intermediaries developed to warehouse and trade goods, which exposed them to financial risk . The primary providers in extended families or households ran the risk of premature death, disability or infirmity, which could leave their dependents to starve. Credit procurement was difficult if the creditor worried about repayment in

5694-444: The sprue, runners, and gates can be removed by breaking them away from the casting with a sledge hammer or specially designed knockout machinery. Risers must usually be removed using a cutting method (see above) but some newer methods of riser removal use knockoff machinery with special designs incorporated into the riser neck geometry that allow the riser to break off at the right place. The gating system required to produce castings in

5772-408: The surface. The final step in the process of casting usually involves grinding, sanding, or machining the component in order to achieve the desired dimensional accuracies, physical shape, and surface finish. Removing the remaining gate material, called a gate stub, is usually done using a grinder or sander . These processes are used because their material removal rates are slow enough to control

5850-482: The type of foundry, metal to be poured, quantity of parts to be produced, size of the casting, and complexity of the casting. These mold processes include: In a foundry, molten metal is poured into molds . Pouring can be accomplished with gravity, or it may be assisted with a vacuum or pressurized gas. Many modern foundries use robots or automatic pouring machines to pour molten metal. Traditionally, molds were poured by hand using ladles . The solidified metal component

5928-414: The type of metals that are to be melted. Furnaces must also be designed based on the fuel being used to produce the desired temperature. For low temperature melting point alloys, such as zinc or tin, melting furnaces may reach around 500 °C (932 °F). Electricity, propane, or natural gas are usually used to achieve these temperatures. For high melting point alloys such as steel or nickel-based alloys,

6006-627: Was shared among all the Factory Mutual (FM) insurance companies, and was utilized by the inspection teams. As the FM companies grew, the inspection workload became difficult to manage. By 1878, the FM companies formed a dedicated unit to handle the collective inspection activities for all the FM policyholders. This unique group of loss control specialists initially provided only inspection services. The group later began performing appraisals and adjustments, loss analysis and research activities associated with preventing fire and other hazards to benefit

6084-511: Was virtually unheard of at the time. To Allen, a proactive approach to preventing losses made good economic sense. After making considerable improvements to his mill, Allen requested a reduction in his premium, but was denied. He called upon other local textile mill owners who shared his loss prevention philosophy to create a mutual insurance company that would insure only factories with lower risks. This approach should result in fewer losses and smaller premium payments. Whatever premium remained at

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