Insurance Term Definition
Anticipated Mortality:
• Assumption about the mortality to be experienced in the future on a group of insured lives
Mortality:
• The relative incidence of death occurring among a given group of people. Contrast with morbidity.
Mortality and Expense:
• A variable annuity fee designed to cover various risks and expenses assumed by the insurer, including the risk involved in providing the annuity death benefit and certain other guarantees. Generally, the M&E charge is calculated as a percentage of the assets held by the investment funds underlying the various subaccounts.
Mortality Charge:
• The cost of the insurance protection on a whole life product. On an illustration, mortality charges referred to as "current" are not guaranteed. Those stated as "maximum" are the contract guarantees. The mortality charge is similar to a one-year term rate and increases with the insured's attained age.
Mortality Management System:
• Environment created by a proprietary technology platform and processing framework which significantly reduces the amount of information an underwriter has to review and automates simpler decisions based on term writer's business rules; underwriters focus on the most important issues and complex cases; feature of private label programs from Transamerica Reinsurance
Statutory Mortality:
• Mortality rates specified in tables required by statute
Underwriting Mortality Assessment Program:
• Transamerica Reinsurance proprietary platform that enables extensive mortality trend analysis and risk evaluation; contains data details from more than 400,000 cases
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