Life Expectancy
Probability of one's living to a specific age according to a particular mortality table. Life expectancy is the beginning point in calculating the pure cost of life insurance and annuities and is reflected in what is known as the basic premium. The probability of living longer has continued to increase in the U.S., and thus the pure cost of insurance continues to decrease. This is reflected in a declining premium rate. Increasing life expectancy is critical to the cash value projection in current assumptions life insurance products, such as universal life insurance and variable life insurance.
Popular Insurance Terms
Act that mandates that employers who have at least 26 employees must provide a terminating employee and family members, if residents of employee's household, with health insurance coverage ...
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Membership organization primarily of medium and small life and health insurance companies. It represents the views and interests of smaller companies in various political forums. ...
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Coverage for malpractice suits resulting from professional acts and/or omissions of morticians. ...
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