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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Yearly Probability of Dying


Synonyms:chances of dying, life-expectancy data, possibility of death, statistical data
Filed Under: insurance
Tags: insurance
 

Definition of yearly probability of dying

yearly probability of dying
1. The statistical probability that a person of a given age and gender will die within a year. Used in actuarial science, the yearly probability of science is determined by consulting a mortality table. For example, a 60 year old male has a 1.1% probability of dying within a year, whereas a 75 year old man has a 4.0% probability of dying.

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.
  • issue age   The policyholder's age when the policy was first issued, to the nearest year.
  • morbidity rate   A measurement of how prevalent a medical condition or disease is.
  • mortality rate   A measurement of how many people in a particular population set and in a particular period of time die.
  • selection bias   A statistical error made when non-random data is added into a dataset.
  • survival analysis   A statistical analysis of how likely someone or something will survive to a set date.
  • ultimate mortality table   A mortality table that does not include information from people who have been approved for life insurance recently.
  • yearly price protection method   A calculation used to determine the annual cost of protection for insurance policies with savings components.
  • 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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