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
Policy used to provide the funds for buy and sell agreements under which an income payment or a series of income payments is paid to the buyer of the disabled partner's interest contained ...
Number of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who incurred an illness, sickness, and disease at each age. ...
Approved or accepted policy for a particular type of risk. The only type of risk covered by a standard form mandated by law is the fire policy. In 1886, New York adopted a standard fire ...
Same as term Assignment Clause: feature in a life insurance policy allowing a policyowner to freely assign (give, sell) a policy to another or institution. For example, in order to secure a ...
Found under the "Exceptions and Exclusions Section for All Medical Benefits" in many health insurance policies that exclude: complications arising from elective, nontherapeutic voluntary ...
Specified amount received by an insured at the end of an endowment period (usually the face amount of the endowment policy), or by the owner of an ordinary life policy (usually the ...
Employee of the insurance company who has the authority to appoint brokers on behalf of the insurance company. This supervisor has the objective and responsibility to sell the insurance ...
Payment of an employee's employee benefit insurance plan benefits to the employee's individual retirement account ( IRA) or to another plan maintained by the employer. ...
Same as term Bail Bond: monetary guarantee that an individual released from jail will be present in court at the appointed time. If the individual is not present in court at that time, the ...
Have a question or comment?
We're here to help.