Group annuity actuarial and administration departments are created. Law, accountancy and actuarial firms are commonly organised as partnerships. Plans with low actuarial risk compensate plans with high actuarial risk. Another modern development is the convergence of modern financial theory with actuarial science . It also had actuarial and investment consulting practices. Historically, much of the foundation of actuarial theory predated modern financial theory. Miller suggested insurance premiums of being decided by politics rather than actuarial costs. For example, insurance securitization requires both actuarial and finance skills . Statutory reserves are a type of actuarial reserve. Many universities have undergraduate and graduate degree programs in actuarial science. The projections in the actuarial reports fluctuate over time. However, calculations remained cumbersome, and actuarial shortcuts were commonplace. Developments in actuarial science led to insurance. The faculty provides training in three specializations&colon; mathematics, mechanics and actuarial mathematics. In actuarial science, the CV is known as unitized risk.