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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Attained Age


Synonyms:actualized age, years old
Filed Under: estate-management, insurance
Tags: insurance, life insurance
 

Definition of attained age

attained age
1. 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.

Related Terms and Acronyms:

  • actual age   The years since a structure was built. Differs from effective age.
  • actuarial table   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   An individual who assesses the mechanisms, mathematics and complexities of risk and uncertainty.
  • convertible life insurance   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   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   The policyholder's age when the policy was first issued, to the nearest year.
  • 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.
      ➥  CanEquity offers life insurance.
  • premium   A payment made to an insurance company for insurance coverage.

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