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Schedule rating, as applied to workmen's compensation insurance, practically began with the adoption of the Universal Analytic Schedule. The Industrial Compensation Rating Schedule of 1916 was not merely the successor but the immediate derivative of the Universal Analytic, from which it differed only in matters of detail, and not always by any means improved detail.
This paper covers so much ground in so great detail that it is extremely difficult to discuss it in a small compass. There are, however, a number of points to which it seems to me attention should be directed. The general subject of the actuarial ground work for the next revision of rates is now in the hands of the Actuarial Section of the :National Reference Committee and we have had some discussion of the problems brought up in this paper.
Not so very long ago I contributed a paper to the Proceedings of this Society, which paper was in opposition to experience rating. My objections to experience rating were largely upon the ground that as then practiced it was contrary to the basic principles of insurance.
Not so very long ago I contributed a paper to the Proceedings of this Society, which paper was in opposition to experience rating. My objections to experience rating were largely upon the ground that as then practiced it was contrary to the basic principles of insurance.
Everyone who has come in contact with the latest edition of the Industrial Compensation Rating Schedule will admit its superiority over the schedules which had their existence prior to1918 and out of which the present schedule has developed. I can find no basis for criticism, therefore, of Mr.
The revision of Pennsylvania compensation insurance rates in October, 1918, is notable for several innovations which had been approved, officially or unofficially, by many actuaries and underwriters, but had not there to fore found practical application in rate making.
Except in a few unusual lines of industry compensation insurance rates must for a long time in the future be based upon a minimum of dam supplemented by expert judgment. This must be so for at the present time there are some 1,400 classifications in the workmen's compensation rate manual. We may look forward to changes from time to time in the phraseolog 7 of the classifications and the elimination of some existing classifications.
This paper deals with the application of the Tchebycheffian criterion to empirical probabilities of hazard derived from workmen's compensation data. It presents a practical method of analyzing by means of this criterion the data used in constructing compensation rates.
The statistical problems of the United States Army during the present and passing war emergency have been characteristic of the organization and nature of war activities. The unprecedented extent, urgency and multiplicity of demands upon the military forces called for the development of a system of centralized and epitomized information for the chief executives of the Army with the least possible delay.
This is the first part of a chapter in a text-book which will prove a very valuable manual for students of casualty and social insurance. This part deals with the statistical description of sickness, or the collection, editing and tabulation of crude data as distinguished from the critical analysis of tabulated material. The paper in itself will be valuable not only for its own suggestions, but for copious references to the works of others.
We are greatly indebted to Mr. Woodward for bringing to our attention this interesting and instructive outline of the methods used by the Swiss Accident Insurance Institution in the computation of workmen's compensation rates, the rating of risks and the calculation of reserves.
The general results achieved by Mr. Fisher in this paper are certainly as fascinating as any which have come from the laboratories of the modern analytic school in the physical and social sciences. Mr . Fisher's paper is in one sense a challenge.
This paper is such a mine of information that it is hardly possible within the limits of any reasonably brief discussion to more than scratch the surface. I .am bringing to the attention of the society certain points which struck me quite forcibly in my first reading of the paper, although each subsequent perusal brings out new points of interest, and it would seem well worth while for each member to carefully study the voluminous data Dr.
Mortality from External Causes Among Industrial Policyholders of the Metropolitan Life Insurance Co.
The group of the external causes of death is the fifth in order of numerical importance in this investigation. In any discussion of mortality, we may, in general, distinguish two main classes; first, those diseases and conditions which arise from pathologic processes within the body, and second, conditions which follow injury by some means or agency external to the human economy.
One of the encouraging signs of progress in the field of statistics of late is the increasing number of studies of sources and methods for particular subjects, as distinguished from treatises on statistical sources and methods in general.
The social statistician and actuary who professes to practice in the subject matters outlined in our Society's Constitution will sometime in the course of his career have occasion to compile or to use the social statistics which are, or at least should be, the firm support for every program of social legislation.
The results of Mr. Mowbray's investigation into the increased disability due to infection of injuries caused by industrial accidents are, in my judgment, of much less importance than the emphasis he places upon the value in casualty insurance of comparisons between actual and expected events.
Since life insurance practice has long been based upon established mortality tables, it is natural that there should have grown up the practice of comparison from time to time of actual morality with tabular expected.
The title of this paper requires an explanation. Automobile insurance embraces such a wide range of coverage that it is necessary to limit the scope of the subject matter to be discussed. Every conceivable misfortune that can happen to the owner of an automobile or to the automobile itself (except deterioration and wear and tear of the automobile) has been made the basis for insurance.
I have prepared this paper not with the idea that the information it contains is original, or the result of individual research on my part, but rather with the thought that some record should be made in the transactions of this Society of the interesting developments in the theory of law differentials which have grown out of the recent revision of the Workmen's Compensation Manual.
The principle of law differentials in its application to the computation of compensation rates needs no defense at this time. It has proven itself almost indispensable in meeting the practical problems of compensation insurance at the time of the introduction of every new law, and is still of great help in those states where compensation laws have been in force for some years, and local experience has been accumulating.
Such proportion of an insurance premium as is or may be assumed to be applicable to or necessary for the payment of all costs of conducting the business over and above the value of the benefits provided in the policy contract is commonly known as the loading. It includes such allowance for taxes as may be necessary and such specific provision for stockholders' profit or dividends to policyholders as may be decided upon.
It has been my observation that the student who desires to secure membership in our Society, and who must, therefore, prepare himself for examination in the various forms of casualty insurance is handicapped by the lack of papers dealing with these subjects. I have thought that the preparation of such papers according to a prearranged formula and their publication in our Proceedings would be highly desirable.
The recent revision of rates for workmen's compensation insurance should be of particular interest to the members of this Society. It is to be hoped that in due time complete details of the work will be available. In what follows, however, on account of the volume of material developed, it will be possible only to deal with the more important aspects of the subject, and in particular with those involving the application of actuarial principles.
