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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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50% - Moderately

Survival Analysis


Synonyms:duration analysis, duration modelling, life-expectancy data, reliability analysis, reliability theory
Filed Under: annuities, estate-management, financial-banking, insurance, investments
Tags: annuity, banking, insurance, investment, life insurance
 

Definition of survival analysis

survival analysis
1. A branch of statistics used in engineering, economics, and sociology that deals with death or failure in mechanical systems. Survival analysis, also known as "reliability theory" and "reliability analysis" in engineering, and as "duration modelling" in economics, is used to determine questions of how likely someone or something will survive to a certain time. A life insurance company may use survival analysis to determine insurance premiums, whereas a manufacturer may use reliability analysis to determine how long a product may last and by extension how long to offer warranty services.

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.
  • actuary   An individual who assesses the mechanisms, mathematics and complexities of risk and uncertainty.
  • 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.
  • selection bias   A statistical error made when non-random data is added into a dataset.
  • self-selection bias   A selection bias that occurs when individuals join a sample group voluntarily.
  • useful life   The number of years depreciable business property is expected to be productive and in use.
  • wear and tear exclusion   A provision that absolves an insurer from paying for damages resulting from an asset's normal wear and tear.
  • 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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