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Medically underwritten mortality study (MUMS)

\ˈmɛdəkli\ \ˈʌndərˌrɪtən\ \mɔrˈtæləti\ \ˈstʌdi\

A process of completing a mortality study for the population of a specific pension plan using medical underwriting.

Typically, the retirees of the plan are written to and asked a number of questions about their health. The responses are extrapolated to the full pension plan population and adjustments made to the pension plan longevity assumptions accordingly. They are particularly appealing to pension plans who believe their population are less healthy than predicted by standard tables or rating factor models. Care should be taken both in the extrapolation process and when deciding how far into the future the results are relevant.

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