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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
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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 |
Definition of actuarial table
- 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:
- 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.
More Related Terms and Acronyms
- issue age — Definition
- policy illustration — Definition
- risk class — Definition
- risk management — Definition
- ultimate mortality table — Definition
- underlying mortality assumption — Definition
- yearly probability of living — Definition
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