ATTAINED AGE Meaning and
Definition
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Attained age refers to the current age of an individual at a specific point in time. It is commonly used in the insurance industry, particularly in life insurance policies, to determine premium rates and benefits.
In life insurance, the attained age of an individual is vital in calculating the cost of coverage. Premium rates are typically based on the insured person's age at the time the policy is issued or renewed. As the insured grows older, the risk of death increases, thus resulting in higher premium payments. Therefore, the attained age plays a critical role in determining the cost of coverage and the affordability of the policy.
Similarly, in annuities and retirement plans, the attained age is used to determine the payout amount an individual may receive. Generally, the older a person is when they begin receiving payments, the higher the payout amount they may be entitled to.
The attained age can also be relevant in other areas such as social security benefits, pension plans, and healthcare coverage. It assists in determining eligibility and the level of benefits individuals may be entitled to based on their current age.
Overall, attained age is a significant factor in various financial and insurance-related decisions that rely on an individual's age to determine premiums, benefits, or payouts.
Etymology of ATTAINED AGE
The word "attained age" does not have a specific etymology, as it is a combination of two words with their own origins.
"Attained" comes from the Old French word "ataindre", which means "to reach", and it ultimately traces back to the Latin word "attangere" meaning "to touch".
"Age" stems from the Latin word "aetatem", which refers to "age" or "period of life". The origin of "aetatem" is uncertain, but it potentially relates to the Proto-Indo-European root "*aiw-" meaning "vital force" or "life".
When combined, "attained age" refers to a person's age that they have reached or achieved.
