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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Morbidity Rate


Synonyms:disease prevalence rate, illness statistic, incidence rate
Filed Under: insurance
Tags: insurance, rates
 

Definition of morbidity rate

morbidity rate
1. A measure of the incidence rate or prevalence of a medical condition or disease. Used commonly in epidemiology and actuarial science, the morbidity rate, in addition to the mortality rate and a number of other metrics, is used by insurance companies to determine risk, and by extension premiums, for insurance policies including health, life and long-term care insurance policies.

Related Terms and Acronyms:

  • 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.
  • health insurance (HI)   Insurance that covers the costs of medical expenses for insured persons.
  • long term care insurance (LTC)   Insurance that covers health care costs for individuals with chronic or disabling conditions.
  • mortality rate   A measurement of how many people in a particular population set and in a particular period of time die.
  • policy illustration   An outline of how a policy will perform under various conditions over a period of time.
  • pre-existing condition (PRE-X)   A medical condition that's occurrence precedes the writing of an insurance policy.
  • survival analysis   A statistical analysis of how likely someone or something will survive to a set date.
  • yearly probability of dying   The likelihood that an individual of a certain age and gender will die within a year.
  • yearly probability of living   The likelihood that an individual of a certain age and gender will still be alive after a year has passed.

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