Select Mortality Table
Mortality table that includes data only on people who have recently purchased life insurance. Experience shows that such people have a lower mortality rate in the years immediately following their purchase of insurance than those who have been insured for some time, probably because they have recently passed medical and other tests, and because they are younger. For example, a select mortality table would show the number of deaths per 1000 of individuals age 30 who have been insured for one year. An ULTIMATE MORTALITY TABLE shows the rate of the group, exclusive of the initial period after the purchase of insurance. An aggregate mortality table includes all data.
Popular Insurance Terms
Automatic right of an insured to renew a policy until a given date or age except under stated conditions. It is extremely important for the purchaser to review the conditions for renewal in ...
Measure of the sensitivity of the insurance company's liability for the resultant higher expense rates than charged for in the premium. ...
First historical mortality table used for the calculation of premium rates for group annuities. This table was subsequently replaced by the group annuity table, 1971. ...
Conditions found in employee benefit plans such as pensions, under which minimum requirements, such as 20 years of service, must be met by an employee to qualify for benefits. ...
Maritime acts resulting in a liability circumstance falling under common law and statutory law. ...
Fund established to pay specified losses, usually the low severity property losses. This type of account is an excellent device in conjunction with a self-insurance plan, in which the fund ...
Condition that results from injury or disease that is not job related. Workers compensation applies to employees disabled by on-the-job injuries or disease. In addition, five states require ...
Provision found in a life insurance policy that provides that certain benefits will be paid in the event the insured becomes totally and permanently disabled from an accident incurred or ...
Limit allowed by law on employee salary reduction plans. Many pension plans, as well as the popular 401 (k) plan, allow employees to set aside pre-tax dollars in a company-sponsored ...
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