Yearly Probability of Dying
Definition
- 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.
Synonyms
statistical data, possibility of death, chances of dying, life-expectancy data
Related Terms and Acronyms
- Actuarial Table — Definition,
- 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 — Definition,
- 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 — Definition,
- The policyholder's age when the policy was first issued, to the nearest year.
- Morbidity Rate — Definition,
- A measurement of how prevalent a medical condition or disease is.
- Mortality Rate — Definition,
- A measurement of how many people in a particular population set and in a particular period of time die.
- Selection Bias — Definition,
- A statistical error made when non-random data is added into a dataset.
- Survival Analysis — Definition,
- A statistical analysis of how likely someone or something will survive to a set date.
- Ultimate Mortality Table — Definition,
- A mortality table that does not include information from people who have been approved for life insurance recently.
- Underlying Mortality Assumption — Definition,
- A measurement of death rates that is used to estimate pension obligations and insurance premiums.
- Yearly Price Protection Method — Definition,
- A calculation used to determine the annual cost of protection for insurance policies with savings components.
- Yearly Probability of Living — Definition,
- The likelihood that an individual of a certain age and gender will still be alive after a year has passed.
