Actuarial Table

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • mortality table
  • likeliness of death
  • risk assessment table
  • statistical probability chart
  • assessments of risk
  • chance of death
  • life-expectancy data

Definition of Actuarial Table

  1. A table that outlines the statistical probability that an individual will die within a set time period, depending on a number of factors including age, sex, and sometimes including smoking status, occupation, and socio-economic class. Actuaries and insurance professionals use an actuarial table in order to assess the risks involved in, amongst other things, insurance policies. Also known as a "life table" or a "mortality table."

Related Terms and Acronyms

  • Ultimate Mortality Table Definition,
    • A mortality table that does not include information from people who have been approved for life insurance recently.
  • Insurance Score Definition,
    • A score used by those in the insurance industry to determine how likely a claim will need to be paid out for an individual or entity.
  • Risk Class Definition,
    • A number of people who are grouped together because they pose similar levels of risk to an insurance company.
  • Actuary Definition,
    • An individual who assesses the mechanisms, mathematics and complexities of risk and uncertainty.
  • Mortality and Expense Risk Charge Definition,
    • A charge sometimes applied to reimburse an insurer for the risks in a policy.
  • Yearly Probability of Living Definition,
    • The likelihood that an individual of a certain age and gender will still be alive after a year has passed.
  • Issue Age Definition,
    • The policyholder's age when the policy was first issued, to the nearest year.
  • Yearly Probability of Dying Definition,
    • The likelihood that an individual of a certain age and gender will die within a year.
  • Policy Illustration Definition,
    • An outline of how a policy will perform under various conditions over a period of time.
  • Yearly Price Protection Method Definition,
    • A calculation used to determine the annual cost of protection for insurance policies with savings components.
  • Risk Management Definition,
    • The methods used to identify, assess, and prioritize risk and the strategies used to manage them in the most effective and economical way possible.
  • Mortality Rate Definition,
    • A measurement of how many people in a particular population set and in a particular period of time die.
  • Selection Bias Definition,
    • A statistical error made when non-random data is added into a dataset.
  • Morbidity Rate Definition,
    • A measurement of how prevalent a medical condition or disease is.
  • Survival Analysis Definition,
    • A statistical analysis of how likely someone or something will survive to a set date.
  • Attained Age Definition,
    • The current age of an insured individual.
  • Underlying Mortality Assumption Definition,
    • A measurement of death rates that is used to estimate pension obligations and insurance premiums.
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