Life insurance mortality tables are primarily based on which factors?

Life insurance mortality tables are fundamentally based on the historical and predictable patterns of death rates among specific groups of people over time. These tables are constructed using extensive data on mortality from various populations, which include different demographics such as age, gender, and health status. The critical aspect is that these tables illustrate how likely it is for individuals within these demographics to die at various ages, hence they blend the human element ("people") with the passage of time ("time").

Using this data, actuaries develop mortality rates that help in evaluating risk and determining the appropriate premiums for life insurance policies. This makes it essential to consider how mortality patterns change over time due to improvements in healthcare, lifestyle changes, and other socioeconomic factors. Thus, the correct choice reflects the essence of mortality tables, which hinge on understanding the interaction between human lives and the progression of time.