Definitions from the Web
Mortality Table
Description:
A mortality table is a statistical tool used in actuarial science to estimate the average life expectancy and probability of death of individuals within a specific population or demographic group. These tables are widely used by insurance companies, pension funds, and government agencies to calculate premiums, benefits, and future liabilities accurately.
Sample Sentences:
- The insurance company utilized the mortality table to determine the appropriate premium rates for its policyholders.
- Actuaries rely on mortality tables when projecting the financial obligations and expected payouts of pension plans.
- Understanding the data provided in a mortality table is essential for accurate life insurance underwriting.
- Mortality tables help researchers analyze trends and patterns in life expectancy across different populations.
- Based on the mortality table, the government adjusted the retirement age and pension benefits to reflect increasing life expectancies.
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