What does Select Mortality Table mean? Read on to discover the definition & meaning of the term Select Mortality Table - to help you better understand the language used in insurance policies.
Select Mortality Table
A select mortality table is a type of mortality table that displays statistics about the mortality rate for people who have recently purchased life insurance policies. Life insurance companies use these tables to determine the price of their products. They need accurate data supplied by select mortality tables in order to properly price premiums.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Select Mortality Table. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: