Defined terms for the annuity market and lifetime income landscape.
Activities of daily living are a standard set of basic self-care tasks — including bathing, dressing, eating, transferring, toileting, and continence — used by health professionals and insurers to assess functional status and care needs.
Actuarial present value is the present value of a stream of future payments that depend on the recipient's survival, calculated by discounting each future payment to today and weighting it by the probability that the recipient is alive to receive it.
Biological age versus chronological age is the distinction between a person's age as measured by elapsed time since birth and a person's age as estimated from biological markers of aging, with the two diverging in individuals who are aging faster or slower than the chronological-age average.
Biological aging is the progressive cellular and physiological deterioration that accompanies the passage of time in living organisms, distinct from chronological age, which simply measures elapsed time since birth.
Cognitive decline risk is the risk of progressive cognitive impairment with age, ranging from normal age-related cognitive change through mild cognitive impairment to dementia, including Alzheimer's disease and related dementias.
