actuarial table
Definition
Noun: A statistical table used in actuarial science, typically showing the probability of specific events (like death or survival) occurring at various ages or over time, based on historical data. It is a fundamental tool for calculating insurance premiums, pensions, and other financial risks.
Usage
An actuarial table is used by actuaries, insurance companies, and financial planners to assess risk and make financial projections. - The insurance company used an actuarial table to determine the premium for the life insurance policy. - Pension fund managers rely on actuarial tables to estimate future liabilities.
Advanced Usage
- "to base calculations on an actuarial table": To use the data within such a table as the foundation for financial or risk assessments.
- The new annuity rates were based on the latest actuarial table.
Variants and Related Words
- Actuary (n): A professional who compiles and analyzes statistics to calculate insurance risks and premiums.
- Actuarial (adj): Relating to the work of an actuary or to statistical calculations of risk.
- Actuarial science is a complex field.
Synonyms
- Mortality table: A specific type of actuarial table showing death rates.
- Life table: Another term for a mortality table.
- Statistical table: A broader term for any table presenting statistical data.
Related Phrases
- "to consult the actuarial tables": To look up information in these tables.
- Before setting the premium, the actuary must consult the actuarial tables.
Noun
-
a table of statistical data
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