What Does Yearly Probability Of Dying Mean?
The yearly probability of dying is a representation of the odds that a person will die in a given year. It is based on the mortality table, which calculates the average number of people within a particular demographic that will die in a given year.
Insuranceopedia Explains Yearly Probability Of Dying
Mortality tables are used to calculate life insurance premiums. This ensures that the premium and its earned interest equal the amount of benefits paid to the beneficiaries of the policyholder.