mortality table
Noun: A statistical chart used by actuaries that shows the expected rate of death, or probability of dying, for a defined population at each age. It is a fundamental tool for calculating life expectancy and assessing risk in insurance and pension planning.
A mortality table provides a numerical snapshot of mortality trends. It is used primarily by insurance companies, pension funds, and government agencies to estimate risk, set premiums, and plan for future liabilities. - Primary Context: Insurance, actuarial science, demography, pension planning.
- The insurance company used the latest mortality table to calculate premiums for its new life insurance product.
- Actuaries updated the pension fund's model by incorporating data from a more recent mortality table.
- When planning public health policy, demographers study national mortality tables to identify trends.
- Select vs. Ultimate Mortality Tables: A "select" table shows mortality rates for recently insured individuals (who are often healthier), while an "ultimate" table shows rates for the general population after a certain period.
- Cohort Mortality Table: A table that tracks the death rates for a specific group of people (a cohort) born in the same time period throughout their entire lives.
- Life Table: A broader demographic term often used synonymously with mortality table, detailing life expectancy and survival rates.
- Actuarial Table: A general term for any table used in actuarial science, which includes mortality tables as well as tables for other risks like morbidity (sickness).
- Life table
- Actuarial life table
Mortality tables are not static; they are periodically revised to reflect changes in healthcare, lifestyle, and other factors affecting lifespan. They are critical for ensuring the financial stability of insurance and pension systems.
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an actuarial table indicating life expectancy and probability of death as a function or age and sex and occupation etc
