The value of an amount or series of amounts payable or receivable at various times, determined as of a given date by the application of a particular set of actuarial assumptions with regard to future events, observations of market or other valuationdata, or a combination of assumptions and observations.
Congratulations! You're now Froogled Up™ on Section 2.2 from ASOP 3!
Feel free to use it throughout your financial/insurance life.