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Canadian Financial, Real Estate and Mortgage Glossary

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Actuarial Table


Synonyms:assessments of risk, chance of death, life-expectancy data, likeliness of death, mortality table, risk assessment table, statistical probability chart
Filed Under: financial-banking, insurance, investments
Tags: actuarial, banking, insurance, investment
 

Definition of actuarial table

actuarial table
1. A table that outlines the statistical probability that an individual will die within a set time period, depending on a number of factors including age, sex, and sometimes including smoking status, occupation, and socio-economic class. Actuaries and insurance professionals use an actuarial table in order to assess the risks involved in, amongst other things, insurance policies. Also known as a "life table" or a "mortality table."

Related Terms and Acronyms:

  • actuary   An individual who assesses the mechanisms, mathematics and complexities of risk and uncertainty.
  • attained age   The current age of an insured individual.
  • 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.
  • mortality and expense risk charge   A charge sometimes applied to reimburse an insurer for the risks in a policy.
  • 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.
  • yearly price protection method   A calculation used to determine the annual cost of protection for insurance policies with savings components.
  • yearly probability of dying   The likelihood that an individual of a certain age and gender will die within a year.

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