Special Mortality Table
One used to determine the life expectancy of annuitants. Annuity buyers are not representative of the population as a whole, or of life insurance buyers. Because annuities pay an income for life, only those in good health, and who expect to live a long time, will spend their money for an annuity contract. Recognizing this, life insurers, who sell annuity contracts, use special mortality tables, which chiefly consider age and sex, to predict their deaths. For example, if a 50-year-old applicant purchases an IMMEDIATE ANNUITY for life with $100,000, the income would be less than that for a 70-year-old. Likewise, because women have longer life expectancies, their monthly income payments would be lower than men of the same age.
Popular Insurance Terms
Plan that provides protection in the event of legal actions resulting from charges of harassment, discrimination, wrongful termination of employment, defamation, and invasion of privacy. ...
Program through which employees purchase individual life insurance and disability income insurance by having the employer reduce their income by the required insurance premium. Since the ...
Difference between the rent paid by a lessee as fixed by a lease prior to destruction of property and the rent received by the lessor after that property has been restored. ...
Protection under an insurance policy. In property insurance, coverage lists perils insured against, properties covered, locations covered, individuals insured, and the limits of ...
Insurance company whose domicile is in a state other than the one in which the company is writing business. ...
Process of calculating a premium so that it is adequate-sufficient to pay losses according to expected frequency and severity, thereby safeguarding against the insurance company becoming ...
Coverage for goods during shipment on a common carrier. ...
Authority derived from an agent's contract with an insurance company. ...
Record a debit (or other) agent makes for premiums collected, time period for which the policy is paid, and the week of collection or date the premium was paid. In essence, the debit agent, ...
Have a question or comment?
We're here to help.