Defined terms for the annuity market and lifetime income landscape.
Mortality loading is the component of an annuity's pricing that compensates the carrier for the uncertainty in its mortality assumptions and for the cost of holding reserves and capital against the possibility that the priced pool lives longer than the carrier's best estimate projects.
Mortality pooling is the actuarial process by which the shares of pool resources that would have funded continued payments to members who die during the payment period are redistributed to survivors, allowing the pool to deliver higher per-survivor income than each member's contribution alone.
A mortality table is a tabular record of age-specific death and survival rates for a defined population, used as the foundational reference structure for actuarial pricing, life expectancy calculation, and survival probability projection across lifetime income arrangements.
A multi-year guaranteed annuity (MYGA) is a deferred fixed annuity in which the insurer guarantees a fixed crediting rate for a specified multi-year guarantee period, after which the contract may be renewed at a new rate, surrendered, or annuitized into an income stream.
