A method of calculating an applicant’s insurance age. This method uses the insured’s actual age and is sometimes called “Age Last Birthday†or “Attained Ageâ€.
The historical (chronological) age of a building, as for example a building constructed ten years ago is ten years old in actual age. Actual age should not be confused with effective age which is the age of a building that is indicated by the condition and utility of the improvement. It should be clear that the amount of maintenance and care given to a building helps determine its effective age. For example, a ten-year-old building might have an effective age of twenty-five years because of poor or deferred maintenance.
As opposed to effective age. The objective age in years of a building measured simply by the passage of time since it was constructed. Effective age is a subjective measurement of the condition of a building, influenced mostly by the maintenance and upkeep carried out on the building over the years.
The amount of time that has passed since a building or other structure was built. See also: EFFECTIVE AGE
The number of years elapsed since the original structure was built. Sometimes re- feared to as historical or chronological age.
The years since a structure was built. Differs from effective age.
The number of years a structure has been standing.
An age calculation based on a person's last birth date (actual age) for premium rate determinations.
Number of years that a building has been standing.