Actuarial Table
Definition
- 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."
Synonyms
statistical probability chart, life-expectancy data, chance of death, mortality table, risk assessment table, assessments of risk, likeliness of death
Related Terms and Acronyms
- Actuary — Definition,
- An individual who assesses the mechanisms, mathematics and complexities of risk and uncertainty.
- Attained Age — Definition,
- The current age of an insured individual.
- 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.
- Issue Age — Definition,
- The policyholder's age when the policy was first issued, to the nearest year.
- Morbidity Rate — Definition,
- A measurement of how prevalent a medical condition or disease is.
- Mortality and Expense Risk Charge — Definition,
- A charge sometimes applied to reimburse an insurer for the risks in a policy.
- Mortality Rate — Definition,
- A measurement of how many people in a particular population set and in a particular period of time die.
- Policy Illustration — Definition,
- An outline of how a policy will perform under various conditions over a period of time.
- Risk Class — Definition,
- A number of people who are grouped together because they pose similar levels of risk to an insurance company.
- 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.
- Selection Bias — Definition,
- A statistical error made when non-random data is added into a dataset.
- Survival Analysis — Definition,
- A statistical analysis of how likely someone or something will survive to a set date.
- Ultimate Mortality Table — Definition,
- A mortality table that does not include information from people who have been approved for life insurance recently.
- Underlying Mortality Assumption — Definition,
- A measurement of death rates that is used to estimate pension obligations and insurance premiums.
- Yearly Price Protection Method — Definition,
- A calculation used to determine the annual cost of protection for insurance policies with savings components.
- Yearly Probability of Dying — Definition,
- The likelihood that an individual of a certain age and gender will die within a year.
- 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.
