Rate Revision Adjustment Factors [Reply]

I appreciate having Mr. Hurley review the paper because I know it represents a thorough and unbiased consideration. While he and I both use the fire insurance business as the principal source of our examples, I know we both agree that the formulas presented in the paper are quite general and may be used in any line of insurance. Wherever rate revision adjustment factors are used, there is no reason to use anything other than the proper formula. To do otherwise is to voluntarily introduce an element of inadequacy into the rate structure.