Actuaries are trained in statistics, insurance, accounting, and finance. While actuaries work for many different types of entities, insurance companies, National Association of Insurance Commissioners (government) or actuarial consulting firms. Actuaries mathematically evaluate the likelihood of events and quantify the contingent outcomes in order to minimize losses, associated with uncertain undesirable events. Actuaries typically apply their knowledge to determine policy rates, capital requirements, reserves to pay claim obligations, cash flow projections, return on investment, and actuarial certification of reserves.