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In November, 1918, we presented before this Society a paper which gave the mortality data relating to accidents, suicides and homicides among industrial policyholders of the Metropolitan Life Insurance Company for the six year period, 1911 to 1916. The purpose of the present paper is to extend the tables and interpretations so as to include the years 1917 to 1920.
The manner of treatment followed in Mr. Woodward's paper recognizing the correlation of annuities, death benefits, disability protection and benefits to employees upon withdrawal, is one which will commend itself to actuaries familiar with the subject. There is a practical difficulty, however, involved in handling pensions in this fashion.
Mr. Leslie's paper "Distribution of Surplus by Casualty Companies" should be of particular interest to those Life Companies who do a Group Insurance business. Our Company has paid dividends on the "Individual Risk Experience Method" for the last two years and this method has apparently been satisfactory to most employers.
We are all greatly indebted to Mr. Michelbacher for his interesting and instructive analysis of the important problem of reinsurance. I know of no other compilation on this subject to which the student can refer with so much benefit. There is no phase of the business so vital to its safety as a proper distribution of risks.
Although the classification of risks as a basis of insurance rate making is fundamental to the making of insurance rates, the evolution of this phase of rate making as affecting Workmen's Compensation insurance has been slow and without the guidance of recognized principles or consistent theories. This may be due, not to the absence of principles or theories, but to the conflict of different principles and theories.
In connection with this matter I have developed some material the principal part of which is an exceedingly interesting letter from a western correspondent who represents a company that has tried out, so to speak, agricultural insurance.
Few economic groups have a greater need of insurance than do the farmers. This need embraces nearly all the forms of protection offered by fire, life, and casualty insurance companies. Insurance against fire and lightning is quite as necessary to the farmer as to the city man, while such coverage against windstorm is even more generally needed in the country than in the city.
The scope of this paper is limited to automobile public liability insurance. It may be said however, that fundamentally the process of making rates for property damage and collision insurance does not differ greatly from that of public liability rates.
The National Council on Workmen's Compensation Insurance has undertaken a revision of the schedule-rating system.
It is only necessary to take a hasty glance through our Proceedings to notice the multiplicity of symbols used by different writers in dealing with Workmen's Compensation Insurance. Each paper has symbols which are adapted to meet the needs of the situation at hand. Some writers even use the longhand method of writing out their formulae in words rather than symbols.
The American Accident Table is constructed upon the same general plan, from materials of much the same sort, and by much the same methods as the famous Standard Accident Table of Dr. Rubinow. I t presents, not the actual severity distribution of accident in a given experience, but the hypothetical distribution of injuries in a synthetized experience.
Classic on theory of profit; retains relevance today.
The difficulty that confronts the actuary in preparing tables of net premiums and reserves for non-cancelable Accident and Health policies lies in the absence of any published sickness tables compiled from experience in this country suitable for the purpose.
Ten years ago not a single American company was issuing NonCancellable Accident and Health insurance and those few underwriters who even considered the possibility of ultimately granting such coverage were regarded as impractical idealists.
In November 1918, we present before this Society a paper which gave the mortality data relating to accidents, suicides and homicides among industrial policyholders of the Metropolitan Life Insurance Company for the six year period, 1911 to 1916. The purpose of the present paper is to extend the tables and interpretations so as to include the year 1917 to 1920.
It is becoming increasingly frequent for actuaries to be asked for advice as to the best means of providing pensions for the employees of large industrial establishments.
"As Mr. Craig's paper is a resume of general principles underlying the writing of Group Health Insurance, it doesn't lend itself to criticism, constructive or destructive, yet I believe that it is a valuable paper for the members of this Society, and our appreciation is due him for the able manner in which, in his customary way, he has filled a need.
There are two principal things, in the opinion of the writer, that make the distribution of surplus by casualty companies a matter well worth discussing. In the first place, participating insurance in the casualty field has had a steady growth since the inception of workmen's compensation laws.
Early in our studies we learn that the institution of insurance rests upon the paradox that uncertainties, when taken in the aggregate, produce certainty. It is the function of the insurer to assume the individual uncertainties of its policyholders and, by pooling these, to commute them into a single and definite certainty. Such is the process which creates the confidence so indispensable to the transaction of the world's business.
Mr. Chairman and members, Mr.
A descriptive and historical paper of the type of this one does not generally lend itself to formal discussion except to point out errors and omissions, if any, and Mr. Woodward does not write that type of paper. It is, therefore, not my intention to discuss the paper generally, but to call attention to an item that is to me of considerable historical interest.
The statement is made that these bonds "are generally required by law in civil proceedings, in case the principal has in his hands money or property which might be levied upon for the satisfaction of a judgment, and which he might misappropriate." The bonds referred to in this description are limited to those given by a defendant, whereas there are many credit guarantees in court proceedings that are executed on behalf of a plaintiff or complain
Classification of risks in some manner forms the basis of rate making in practically all branches of insurance. It would appear therefore that there should be some fundamental principle to which a correct system of classification in any branch of insurance should conform, even though in its application to each particular line the general principle may take what seem to be discordant forms.
