Actuarial Equity
Barron's Insurance Dictionary:
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Actuarial Equity
Calculation of the premium based on such factors as the applicant ’ s age, sex, health record, family history, and type of insurance plan applied for.
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Investopedia Financial Dictionary:
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Actuarial Equity
The calculation of an insurance premium based on crucial factors such as the applicant's age, gender, health, family history and the type of insurance coverage applied for. This allows insurers to treat applicants fairly according to their estimated risk levels.
Investopedia Says:
In automobile insurance, insurers use age as a rating factor in determining individual premiums. Thus, because young people tend to have less favorable driving records as a group, these individuals are required to pay out more in premiums, which normally include the expected value of losses.
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Barron's Insurance Dictionary
Dictionary of Insurance Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
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