GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Actuarial Table

Synonyms:	assessments of risk, chance of death, life-expectancy data, likeliness of death, mortality table, risk assessment table, statistical probability chart
Filed Under:	financial-banking, insurance, investments
Tags:	actuarial, banking, insurance, investment

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."

actuary An individual who assesses the mechanisms, mathematics and complexities of risk and uncertainty.
attained age The current age of an insured individual.
insurance score 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 A measurement of how prevalent a medical condition or disease is.
mortality and expense risk charge A charge sometimes applied to reimburse an insurer for the risks in a policy.
mortality rate A measurement of how many people in a particular population set and in a particular period of time die.
selection bias A statistical error made when non-random data is added into a dataset.
survival analysis A statistical analysis of how likely someone or something will survive to a set date.
yearly price protection method A calculation used to determine the annual cost of protection for insurance policies with savings components.
yearly probability of dying The likelihood that an individual of a certain age and gender will die within a year.