What is the rate of death within a specific population called in insurance terms?

The rate of death within a specific population is referred to as the mortality rate in insurance terms. This term provides crucial statistical information, enabling insurers to assess and calculate risks associated with providing life insurance and other related products.

Understanding mortality rates allows insurance companies to develop underwriting guidelines and premium structures that reflect the likelihood of claims being made within a given population. Mortality rates are typically expressed as the number of deaths per unit of population, often per 1,000 or 100,000 individuals over a defined period.

In contrast, longevity rate refers to the probability of living to an older age and is more about the extended life spans than the rate of death. Life expectancy predicts the average number of years a person is expected to live based on current health statistics, while the survival rate typically indicates the percentage of individuals who survive over a specific time after a certain diagnosis or event. While these concepts are related to life insurance, they serve different purposes in understanding the dynamics of risk and population health.