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The divergence between financial exigency and scientific thought is well illustrated in the chief controversy of the recent rate revision over the use of graduated reduction factors, law differentials and expense loadings. The immediate cause for revision was the necessity for an advance in rates to provide adequate income for the carriers.
That there must be some sort of regulation of competition in insurance, either by organization among the carriers or by the state, is too well established now to need demonstration. The more pertinent question at this stage of our development is: what shall be the nature of this regulation? The object to be secured is obvious : right rates.
Mr. Woodward points out that although there has been little discussion, except in life insurance, of the theory upon which premiums should be loaded to provide for expenses, the practice seems to have followed the simple hypothesis that expenses should, in general, be assessed in proportion to the value of the insurance benefits provided. Mr.
A complete classification of social facts in a discussion on prospects for social statistics in the next census year would probably not serve the practical interests of casualty statisticians and actuaries. The number and complexity of social phenomenon, and the lack of precise means for measuring or gauging social forces, are two essential checks and limitations upon our inquiry.
Recent publications of the Swiss Accident Insurance Institution of Lucerne* furnish an exceptionally rich material for studying the technical methods followed in the administration of the compulsory industrial accident insurance law of Switzerland.
The question of a proper method of computing basic pure premiums in workmen's compensation insurance is of prime importance to all casualty statisticians and actuaries and can in no way be said to be finally solved. In the last number of this publication I gave a brief outline of a method for collecting data to be used in the calculation of pure premiums.
In commenting upon Mr. Fisher's approaches to some fundamental problems of higher statistical analysis in workmen's insurance, it is perhaps relevant to suggest that even our more experienced members are not yet prepared to apply the more recently developed analytic methods and criteria in their daily statistical and actuarial work. I t will be a more important service to define this broad difficulty than to discuss the details of Mr.
The question of a proper method of computing basic pure premiums in workmen's compensation insurance is of prime importance to all casualty statisticians and actuaries and can in no way be said to be finally solved. In the last number of this publication I gave a brief outline of a method for collecting data to be used in the calculation of pure premiums.
In the following pages I shall attempt to give a brief outline of a method of constructing a mortality table from the records of death by age and cause, but without knowing the exposed to risk at various ages. The method may to some appear new and revolutionary, and perhaps a few may assert it is impossible to construct a life table from such data alone without knowing the age distribution of the exposed to risk.
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 paper which Mr. Morris read before this Society in April last on Group Life Insurance is an exceedingly valuable addition to the material available on this subject, and inasmuch as a committee of the National Convention of Insurance Commissioners was appointed at St.
Although this subject principally involves that of life insurance, it includes so many features analogous to the underwriting of casualty insurance that its discussion may essentially interest the members of this Society. While a great deal has been written regarding it in the public press as well as in the insurance publications during the last few years, the subject has been reviewed more particularly from an economic point of view.
If it were not for the war we would, without doubt, find ourselves much further advanced in the throes of socialistic propaganda and thus be dealing more intimately with the question of state insurance, especially compulsory health insurance. It remains to be seen whether the war will increase or decrease the socialistic tendencies.
Unless the extensive discussion and agitation of the problem of sickness loss among the industrial population now going on proves entirely abortive, our profession will soon be called upon to solve some new and very interesting problems in connection with provision for general health insurance.
These papers raise four fundamental issues: (1) whether any form of experience rating is consonant with sound insurance theory; (2) whether (if the first question be answered in the affirmative) experience charges and credits should be graduated to size of risk as well as loss ratio; (3) whether the experience rate should be retrospective or prospective and (4) what statistics are requisite to test the several forms of experience rating already e
As long as bonds are bought above or below par the properly managed insurance company must have recourse to some form of amortization or accumulation. Unfortunately the present method, although it is the one used in text books and prescribed by the laws of some of the states (see § 18 of the Insurance Law of the State of New York), is based upon hypotheses which never exist and in consequence produce theoretical results only.
Mr. Downey's clear statement of the results of the application of the Coal Mine Rating Schedule of the Associated Companies to Pennsylvania coal mining risks indicates that the theory upon which this schedule is constructed is well worth the careful consideration of all students of the schedule rating problem.
Mr. Buck's paper is a short synopsis of his work in connection with the reorganization of the pension funds for the City of New York. As stated by him: "With the exception of certain tables for school teachers and for police, the former prepared by Messrs. Hutcheson and Thompson and the latter by the author, there were no basic tables on which calculations, prospective costs or pension liabilities could be made."
The movement to increase the percentage of earned premiums charged as the claim reserve under workmen's compensation policies from 55 per cent. to 60 per cent. immediately and to 65 per cent. two years from December, 1916, at latest indicates, perhaps, anew the utter unsuitability of this method and the improbability, amounting indeed to impossibility that it will assure solvency, even though these reserves are held.
Merit rating, as applied to workmen's compensation insurance, is designed both to secure a closer approximation of rates to the hazard of the individual establishment than is afforded by the class rate, and to stimulate accident prevention. These objects are trite enough ; what has been less generally recognized is that the two are not wholly compatible.
These papers raise four fundamental issues: (1) whether any form of experience rating is consonant with sound insurance theory; (2) whether (if the first question be answered in the affirmative) experience charges and credits should be graduated to size of risk as well as loss ratio; (3) whether the experience rate should be retrospective or prospective and (4) what statistics are requisite to test the several forms of experience rating already e
It will be obvious to the members of this Society that no adequate test of the theory herein advanced could be made from the data available in the records of any one company, hence the writer cannot say positively that "it will be found in practice an improvement on that now followed or that it will be found workable at all.
The keynote of Mr. Fisher's paper is found in the second paragraph of his "Introductory Remarks ": "In view of the complexity of the problems of social insurance it will, I think, generally be allowed that the statistical methods hitherto employed are frequently inadequate.
This paper is a praiseworthy contribution in the domain of practical rather than theoretical problems. The methods outlined are undoubtedly clear and in the case of the :New York State Insurance Fund appear to be practical and to permit of rapid application. It would seem to me, however, that a method of group valuation, as suggested by Mr. Dawson at page 99 in his article entitled "Workmen's Compensation Claim Reserves" (Proceedings, Vol. I, p.
