GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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38% - Moderately

Yearly Probability of Living


Synonyms:chances of living, life-expectancy data, possibility of surviving, statistical data
Filed Under: insurance
Tags: insurance
 

Definition of yearly probability of living

yearly probability of living
1. The statistical probability that a person of a given age and gender will live to see their next birthday. The yearly probability of living can be determined by checking a mortality table. For example, a 65 year old male has a 98.3% probability of living, whereas a 80 year old man has a 93.6% probability of living.

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.
  • 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.
  • underlying mortality assumption   A measurement of death rates that is used to estimate pension obligations and insurance premiums.
  • yearly probability of dying   The likelihood that an individual of a certain age and gender will die within a year.

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