Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
38% - Moderately

Yearly Probability of Dying

Synonyms:chances of dying, life-expectancy data, possibility of death, statistical data
Filed Under: insurance
Tags: insurance

Definition of yearly probability of dying

yearly probability of dying
1. The statistical probability that a person of a given age and gender will die within a year. Used in actuarial science, the yearly probability of science is determined by consulting a mortality table. For example, a 60 year old male has a 1.1% probability of dying within a year, whereas a 75 year old man has a 4.0% probability of dying.

Related Terms and Acronyms:

  • actuarial table   A table used in actuarial science that outlines the statistical probability that an individual of a specific age and sex will die within a year.
  • insurance score   A score used by those in the insurance industry to determine how likely a claim will need to be paid out for an individual or entity.
  • issue age   The policyholder's age when the policy was first issued, to the nearest year.
  • morbidity rate   A measurement of how prevalent a medical condition or disease is.
  • mortality rate   A measurement of how many people in a particular population set and in a particular period of time die.
  • selection bias   A statistical error made when non-random data is added into a dataset.
  • survival analysis   A statistical analysis of how likely someone or something will survive to a set date.
  • ultimate mortality table   A mortality table that does not include information from people who have been approved for life insurance recently.
  • yearly price protection method   A calculation used to determine the annual cost of protection for insurance policies with savings components.
  • yearly probability of living   The likelihood that an individual of a certain age and gender will still be alive after a year has passed.

More Related Terms and Acronyms

Search the Glossary

Brokers Compare Mortgage Rates
Think the mortgage rate that your bank offered you looks a little high? You're probably right. Unlike a with a mortgage broker, your bank won't shop around for the best rate on the market. Click or tap on the mortgage rate comparison link below and check out the difference for yourself.
Mortgage Rates
New Rate Comparison Calculator
Having trouble picturing how different interest rates and amortizations can affect the amount you'll end up paying in interest? Our new mortgage calculator graphs how much of your payment goes towards interest and how much goes towards the principal over your entire amortization. You can even plug in a new rate, term, or amortization and calculate or compare two mortgage interest rates side-by-side.
Calculator Compare and Calculate Rates
Best Rates in Canada
We offer Canadians some of the best mortgage rates available on the market. Contact our brokerage today and see why we are the top choice for online mortgages in Canada.
Canada's Best Rates