- A rate measuring the amount of deaths in a specific population in a specific amount of time. Mortality rate is generally expressed in the amount of deaths per 1000 people per year. For example, if 8,000 people die in a population of 1,000,000 per year, then the mortality rate would be 8.0, 0.8%. The mortality rate is commonly used in actuarial science in order to determine risk.
Related Terms and Acronyms
- 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.
- 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.
- Morbidity Rate — Definition,
- A measurement of how prevalent a medical condition or disease is.
- Policy Illustration — Definition,
- An outline of how a policy will perform under various conditions over a period of time.
- Underlying Mortality Assumption — Definition,
- A measurement of death rates that is used to estimate pension obligations and insurance premiums.
- 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.