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Simple English definitions for legal terms
life expectancy
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A quick definition of life expectancy:
Life expectancy is how long someone is expected to live based on different factors like age, health, where they come from, how much money they have, and if they are a boy or a girl. This is important for things like figuring out how much money someone should get if they are hurt, how much money someone should get from their retirement savings, and how much someone should pay for life insurance.
A more thorough explanation:
Life Expectancy
Life expectancy is an estimate of how long a person is expected to live based on various factors such as age, health, gender, wealth, and origin. It is often calculated using actuarial tables. Life expectancy is used in many legal situations, including determining life estates, calculating damages for torts, and regulating retirement distributions. Life expectancy is also important for life insurance companies when calculating costs.
Example 1: A 65-year-old man who is in good health and has a family history of longevity may have a life expectancy of 20 more years. This means he is expected to live until he is 85 years old.
Example 2: A woman who has a chronic illness and is a heavy smoker may have a life expectancy of only 10 more years. This means she is expected to live until she is 60 years old.
These examples illustrate how life expectancy is calculated based on various factors such as age, health, and lifestyle choices. It is important to note that life expectancy is an estimate and not a guarantee of how long a person will live.