Ultimate Mortality Table
Definition of "Ultimate mortality table"
Presentation of data that excludes the first 5 to 10 years of experience of those who purchase life insurance. A mortality table shows the number of deaths per 1000 of a group of people. Experience shows that people have a lower mortality rate in the first years after they have purchased insurance, probably because they have recently passed a medical and other tests. A select mortality table includes data only on people who have recently purchased insurance. An aggregate mortality table includes all data.
Popular Insurance Terms
Person who has been authorized by the insurance company to pay a loss (s) incurred by the insured. ...
Agreement by an insurance company to pay a predetermined amount, as indicated in an insurance policy, should a loss occur. ...
Maximum that an insurance company can underwrite. The limits of coverage that a property and casualty company can underwrite are determined by its retained earnings and invested capital. ...
Individual who is legally responsible for taking care of another individual (s) who is deemed to be incapable of managing his/her own affairs. For example, children under the age of ...
Reckless action without regard to life, limb, and/or property; for example, driving 100 miles per hour on a road or highway. ...
Principle of surplus distribution as the result of excess funds above the amount required to establish legal reserves. These excess funds are generated from three sources: mortality ...
Coverage for the percentage of the health care costs paid by the health insurance company, which is usually 80% above the insured's deductible up to a dollar amount of approximately $5000. ...
Association of stock property insurance companies, formed to provide engineering services for member companies. These companies generally insure highly protected risks (risks characterized ...
Section describing coverages under a policy. Elsewhere in the policy other sections may restrict or exclude coverages. ...
Have a question or comment?
We're here to help.