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Simple English definitions for legal terms
life table
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A quick definition of life table:
A life table is a chart that shows how many people are likely to live to different ages. It helps us understand how long people are expected to live and how many people are likely to reach certain ages. It is similar to an actuarial table, which is used by insurance companies to calculate risk and premiums.
A more thorough explanation:
Definition: A life table is a type of actuarial table that provides the estimated probabilities of individuals surviving to different ages. It is a statistical tool used to analyze mortality rates and life expectancy.
Example: A life table may show that out of 100,000 people born in a certain year, 95,000 are expected to live to age 65, 85,000 to age 75, and 75,000 to age 85. This information can be used by insurance companies to determine premiums and by governments to plan for healthcare and social security programs.
Explanation: The example illustrates how a life table can provide valuable information about the likelihood of individuals surviving to different ages. It shows that as people age, the probability of survival decreases. This information can be used to make important decisions about financial planning and public policy.