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To one who has never taken active part in such proceedings, a revision of rates means probably ]ittle more than a new manual wifll various innovations in classifications, rules and rates. From this point of view a revision is simple; the manual suddenly appears as a completed product, there follows a short period of adjustment to changes in rates and methods of underwriting and then the order of things runs on as usual.
In accordance with the growing tendency toward greater recognition of the value of actuarial work in casualty, insurance, a more important part of the work of the 1920 revision of the workmen's compensation rate manual under the auspices of the National Council on Workman's Compensation Insurance was assigned to the actuarial profession as represented by the Actuarial Committee of the Council than in any previous revision.
Mr. Michelbachers paper and my own are so closely related and we worked together so much in preparing them that it is rather difficult for me to prepare much of a discussion of this paper. There are, however, a few points, comment upon which may assist students in understanding the paper.
When a participant in committee work attempts to discuss a record of the problems that it has had to solve, such as the record which Mr. Mowbray has submitted of the work of the Actuarial Committee, and particularly where the practice has been to handle each problem in a manner which would meet with unanimous approval, it might be possible to approach the task in an unfriendly and adversely critical way, but it certainly would not be normal.
The conservation of the public :health is the subject of much discussion at the present time. The: economic loss due to illness has been calculated from various sources of information and the most efficient means of providing a remedy, whether in the form of prevention campaigns or systems of insurance, is widely debated.
Actuarial science having kept pace with the rapid growth of workmen's compensation insurance, it seems opportune at the present time to attempt a standardization of the notation employed in rate making, experience rating, and the determination of loss reserves of this form of insurance.
When the first workmen's compensation laws became effective and the insurance carriers faced the problem of establishing rates to employers for this form of coverage, it became necessary to establish some method for measuring the difference in costs between the varying benefit scales of state laws.
Whenever two parties enter a relation under the terms of which one of the parties is obligated to perform certain services in a certain manner for the other, a risk is created that the former party will fail to fulfill his obligations. Such failure may be due to dishonesty, to inability or to a combination of the two. In any event it is likely to cause financial loss or other hardship to the second party.
Mr. Greene's paper deals with the method of combining compensation pure premium experience had under different scales of benefits. As a contribution to the technique of experience differentials the paper is wholly admirable. Mr. Mowbray and others have discussed the technical aspects of this subject. What follows will relate to the fundamental fallacies of any method of experience law differentials.
Mr. Carver's very interesting paper begins with the observation that the graduation of frequency distributions is that branch of actuarial and statistical theory which has been most neglected--in America, at least.
In his paper on Graduation of Frequency Distributions (Proc., VI, p. 52 et seq., at p. 72) Professor Carver gives the formula for Charlier's Type B curve stating that the basis is (formula).
Interest of employers in the welfare of their employees is becoming more and more a part of the daily duties incident to industry. Since compensation insurance became generally effective, employers have had an ever increasing feeling of responsibility for the health and happiness of those who make up their working force.
This paper is a brief description of prevailing practices in underwriting the disability hazard as an incident to the issue of life insurance policies. It offers nothing original but is intended primarily to be of assistance to students who may feel disposed to gain some acquaintance with this subject but whose interests do not lead them into a study of its technical refinements.
I have read Mr. Cowles' paper with considerable interest, and particularly his pictures of the invention and development in America, as a means of transport, of the railroad train, trolley and automobile, the forerunners of aircraft. It is interesting, too, to note that the trolley, like the railroad, not being adaptable to purposes of sport, a development of these vehicles in the commercial sphere was not delayed by misapplication.
It is impossible to cover the subject matter of this paper thoroughly in a brief discussion. Describing as it does the principles employed in a rate revision, it opens up for possible review a host of matters which, of themselves, are of sufficient importance to have been heretofore made the subject of papers by members of the Society.
Mr. Blanchard's paper is informing, because he has given in compact form the principal tables and plates which show the Army activities in file war with Germany.
The essentials of compensation insurance experience for ratemaking purposes are, for each classification or group of classifications, homogeneity as to process and hazard and an exposure broad enough to warrant dependable results.
The graduation of frequency distributions may not improperly be referred to as that branch of actuarial and statistical theory which is most neglected.
Mr. Michelbacher has furnished a comprehensive survey of conference forms and underwriting practices with an explanation of rate-making methods useful not only to the student but also so interestingly and lucidly written it may be read to advantage by automobile owners and others who may have an interest in the subject. My comments are few and they are principally confined to references which perhaps emphasize, as outlined by Mr.
I would ordinarily approach the discussion of any subject before an actuarial society with considerable difference because I am not an actuary. Fortunately, however, the subject assigned to me requires for its discussion rather more words than figures, and on that basis perhaps I can get along with it.
This paper traces in an informal way the general line of reasoning that was pursued in an investigation into the theory of experience rating which was made recently by the Actuarial Section of the National Reference Committee on Workmen's Compensation Insurance.
The practice as opposed to the theory of experience rating may mean either of two things. It may mean the actual application of a plan to the routine rating of individual risks, or it may imply the development of a practical plan from fundamental theoretical principles. It is the purpose of this paper to deal almost exclusively with file second phase.
