- The age of an insured person at a specific time. Commonly used in life insurance policies to determine premiums when converting from one form of insurance to another.
years old, actualized age
Related Terms and Acronyms
- Actual Age — Definition,
- The years since a structure was built. Differs from effective age.
- Actuarial Table — Definition,
- A table used in actuarial science that outlines the statistical probability that an individual of a specific age and sex will die within a year.
- Actuary — Definition,
- An individual who assesses the mechanisms, mathematics and complexities of risk and uncertainty.
- Convertible Life Insurance — Definition,
- A type of term life insurance policy that has the option to be converted into a permanent life insurance policy such as whole or universal life insurance.
- Effective Age — Definition,
- An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.
- Issue Age — Definition,
- The policyholder's age when the policy was first issued, to the nearest year.
- Life Insurance — Definition, Very Important,
➥ CanEquity offers life insurance.
- An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
- Premium — Definition,
- A payment made to an insurance company for insurance coverage.