experience table
Definition
Noun: An "experience table" is a statistical table used in insurance and actuarial science that shows the average life expectancy or mortality rates based on empirical data collected from insurance companies.
Usage Examples
- (A table showing mortality rates based on historical data.)
- (A statistical tool for risk assessment.)
Advanced Usage
- "Experience table" is often synonymous with "mortality table" or "life table," but it specifically refers to data derived from an insurer's own policyholder experience rather than broader population data.
- The company updated its experience table to reflect improved life expectancy among its customers. (A table based on the insurer's specific data.)
Variants and Related Words
- Experience (n): knowledge or skill gained through direct observation or practice.
- Her experience in the insurance industry helped her understand the table. (Practical familiarity.)
- Table (n): a set of data arranged in rows and columns.
- The table listed ages and corresponding survival rates. (A data arrangement.)
Synonyms
- Mortality table: a table showing death rates at each age.
- Life table: a table showing life expectancy and survival probabilities.
- Actuarial table: a broader term for any statistical table used in insurance.
Related Idioms
- Table of experience: an older term for a similar concept.
- The actuary consulted the table of experience for the latest figures. (A reference table of historical data.)
Phrasal Verbs
- Table something: to present or record data in a table format.
- The researchers tabled their findings in an experience table. (They organized data into a table.)
Additional Notes
- Experience tables are essential for setting insurance premiums, reserves, and underwriting decisions. They differ from "standard mortality tables" used for general populations, as they reflect the specific risks of a particular insured group.