Question
a.
Premium amounts can be determined using the mortality and morbidity rates
b.
Mortality rate is a measure of the number of deaths (in general, or due to a specific cause) in a population, scaled to the size of that population, per unit of time.
c.
Morbidity rate refers to the number of individuals in poor health during a given time period (the prevalence rate) or the number of newly appearing cases of the disease per unit of time.
d.
Company adjusts standard table rates depending upon its own experience and its own estimation of future conditions.
Posted under IC 92 Actuarial Aspects of Product Development
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Q. What is the significance of adjusting standard table rates in insurance?
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