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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Mortality Rate


Synonyms:life-expectancy data
Filed Under: insurance
Tags: actuarial, insurance, rates
 

Definition of mortality rate

mortality rate
1. A rate measuring the amount of deaths in a specific population in a specific amount of time. Mortality rate is generally expressed in the amount of deaths per 1000 people per year. For example, if 8,000 people die in a population of 1,000,000 per year, then the mortality rate would be 8.0, 0.8%. The mortality rate is commonly used in actuarial science in order to determine risk.

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.
  • 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.
  • policy illustration   An outline of how a policy will perform under various conditions over a period of time.
  • underlying mortality assumption   A measurement of death rates that is used to estimate pension obligations and insurance premiums.
  • 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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