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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Mortality and Expense Risk Charge


Synonyms:expense risk charge, mortality risk charge, risk charge
Filed Under: annuities, insurance
Tags: actuarial, annuity, insurance
 

Definition of mortality and expense risk charge

mortality and expense risk charge
1. A fee applied to some insurance and annuity products to pay the insurer for risks assumed by the contract.

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.
  • exposure   How much liability an insurer takes on when they write an insurance policy.
  • loss control   The combined efforts undertaken by both the insurer and the insured to lower the risk, frequency and extent of potential losses.
  • peril   Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
  • premium   A payment made to an insurance company for insurance coverage.
  • risk class   A number of people who are grouped together because they pose similar levels of risk to an insurance company.
  • risk management   The methods used to identify, assess, and prioritize risk and the strategies used to manage them in the most effective and economical way possible.
  • underwriting risk   The total amount of risk an entity takes on from underwriting something.

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