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.