What is Yearly Probability of Living?
Definition of Yearly Probability of Living
Yearly Probability of living is a numerical figure rendering possibility of someone living per year.
Explanation of Yearly Probability of Living
A mortality table that shows death rates showing deaths/thousand determines this yearly probability of living. When number of people alive at the end of year is divided by that of those alive at the year end, it determines data in the chart.
This is generally used by insurance companies to help determine premiums. This is also known as probability of survival that means the chances of survival of individuals of the same birth group will be alive “x” number of years.