What is ‘Yearly Probability Of Dying’
A numerical figure that depicts the likelihood of someone dying per year. The yearly probability of dying is determined by looking at a mortality table which shows the rate of death at each age in terms of the number of deaths per thousand. The data in the chart is determined by dividing the number of people dying during a given year by the number of people alive at the beginning of that same year.
Explaining ‘Yearly Probability Of Dying’
The yearly probability of dying is often associated with calculations involving insurance probability estimates. In calculating these death probabilities, some associated terms include instantaneous death, force of mortality and quinquennial (recurring every five years) death probabilities.
Further Reading
- On the use of the economic concept of human capital in financial statements – www.jstor.org [PDF]
- A New Method of Appraisal of Economic Loss Caused by Death or Disability: The Annual Risk of Death Method – heinonline.org [PDF]
- An overview of quantitative risk measures for loss of life and economic damage – www.sciencedirect.com [PDF]
- An economic analysis of a drug-selling gang's finances – academic.oup.com [PDF]
- Selecting a decision model for economic evaluation: a case study and review – link.springer.com [PDF]
- Trend analysis and economic effect of RTA deaths on dependency ratio in Ghana – academicjournals.org [PDF]
