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It is nearly one hundred and fifty years since that great mechanical genius, James Watt, discovered and made practical application of the principles and power of expanding steam for the rotation of a shaft. His simple, crude steam boiler was the forerunner of the great steam power plants that have made possible our present vast manufacturing industries.
Had the originator of the saying, "Comparisons are odious," ever heard of the subject of workmen's compensation, he would have been more likely to have said, "Comparisons are essential." "The function of statistics in social studies is to afford a definite quantitative measure of forces and tendencies concerning which there are conflicting opinions because of the wide fluctuations occurring in the narrow field of the individual observer's experie
The actuaries and underwriters who have prepared the present classifications and rates in the New York Compensation Manual have failed to take into account a very important factor essential to an accurate formula which may be used as a basis for rate calculation. I am referring to the factor which represents the influence of schedule rating on the ultimate premiums to be collected by the companies from their assured.
In the several papers in our PROCEEDINGS and in the TRANSACTIONS OF THE ACTUARIAL SOCIETY OF AMERICA dealing with compensation premium or rate making, the starting point has been a classification pure premium derived by the well-known formula, (formula).
The economic principle that loss of earning power properly attributable to employment should be borne by the consumers of the products is now quite generally accepted. To apply it to the indemnification of disease requires a careful definition of the hazard, if equitable compensation is to be realized with a minimum of litigation.
A workmen's compensation risk the premium for which is based in part upon the loss ratio developed for the individual risk is said to be experience rated. An experience rate is differentiated from a schedule rate by the fact that, as commonly used, the latter term is confined to a rate based upon a detailed inspection of the physical condition and hazard of the plant of the employer, and of his methods of operation.
Many of you who are in attendance at the meeting of the Society today have probably heard me make the remark that ten years hence, when we look back at the events of today, we shall realize perhaps more than it is possible for us to do right now, that in the year 1916 we were in our infancy in many matters pertaining to workmen's compensation.
The method described by Mr. Mowbray for the determination of pure premiums in classifications which, taken singly, do not yield an adequate payroll exposure, contemplates two principal steps. First, the classifications must be grouped in such manner that within any group there will appear only classifications which may be presumed to be closely related in hazard.
The work usually hitherto undertaken by the statistical department of a casualty company writing compensation business may be divided into two general headings: (1) An analysis of business for annual statement requirements, which includes the classification of premiums written and losses paid by states for computing taxes, by agencies, by policy years for computation of loss reserves, and also a continuous classification of premiums on policies
The present paper is not designed as an original contribution to the theory of schedule rating, nor even as a critical discussion of the particular schedule rating plan here under review. It professes to do no more than present the salient results of that plan as revealed by the first inspection of coal mines in Pennsylvania.
The enactment of workmen's compensation laws in this country imposed upon the insurance departments of a certain few but relatively important states a new function, that of approving, as to their adequacy and non-discriminatory nature, premium rates in connection with a line of business under which American experience results were not available.
The various methods used or proposed in the past for the calculation of Liability and Workmen's Compensation Claim Reserves have fallen under one of the two general headings mentioned below or have been a combination of these two methods: (1) An estimate of the probable cost of outstanding claims---either by means of average claim costs based upon previous experience or by individual estimate.
Before going into the work of the Committee a brief review of the development of the coverage under the personal accident insurance policy during the past ten or fifteen years and the condition of accident experience during that period is desirable.
The subject of the reserves necessary to establish workmen's compensation insurance in the United States upon a solvent basis is one which will doubtless occupy a large share of the attention of this Society during the immediate future.
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Mr. Fisher says in closing his paper, "My chief object in presenting the results was to call the attention of the members of the Society to the practical use of the modern researches on mathematical statistics." It is, however, difficult for the average student to follow this paper because it assumes familiarity with the details of these researches on mathematical statistics.
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I shall in the present little note make an attempt to show how some recent researches on mathematical statistics as carried on during the last five to ten years, especially through the investigations of the English biometricians and several Scandinavian statisticians, may be used in computing the various frequency ratios in connection with coal mine accidents and be used as the basis for possible future rates of assuranc
If the logarithms of the ordinates of the normal probability curve are platted to the natural values of x, the ends of the familiar curve droop down to infinity and the curve becomes a parabola, as is seen by writing the equation of the normal probability curve (formula) and taking logarithms of both sides (formula) or (formula) and putting (formula) a parabola with its vertex at (formula)
The claim or loss reserves, which should be held under workmen's compensation policies, fall under the following general heads :
I. Reserves to provide for the payment of sums to become due in future under awards already made.
II. Reserves to provide for the payment of sums to become due under claims already filed for which no award has yet been made.
III.
The City of New York is facing the problem of reorganizing its pension systems. Its methods of meeting this problem may be of general interest in that the inherent defects of its system, which have forced a reorganization, are commonly found in municipal systems throughout the country.
The death benefits (in addition to the funeral benefit) under the New York Workmen's Compensation Law, which went into effect July 1, 1914, may be briefly stated as follows : 1. To the widow (or dependent husband) 30 percent of the wages of the deceased employee, until death; upon remarriage, the pension ceases and two years' compensation is paid in one sum. 2.
The main object of this paper is to determine the abstract actuarial formula of the net cost of workmen's compensation and to indicate on what lines the statistical data must be collected to find such cost. The general form in which the subject has been treated will trace the way to a uniform keeping of statistical data for the different states.
Experience rating of compensation risks as hitherto employed might be defined as the predication of the current rate for a given risk upon a consideration of the past experience of such risk.
It is more than a year and a quarter since the paper under discussion was published in the first number of the Proceedings. The developments of compensation rate-malting since then make it all the more interesting in review at this time. Dr. Rubinow has pointed out many of the difficulties encountered through the absence of statistics which are either extensive enough or which can be used in combination with other statistics.
This paper presents a feasible plan of valuing automatically the great majority of that important class of injuries which are permanent in nature, through the use of arbitrary schedules, and sets forth for consideration excerpts from those which have been constructed for the purpose.
A proper method for rating permanent disabilities adds much to the efficiency ok a workmen's compensation act, for while the number of permanent disabilities is comparatively small, the effect of accidents of this character upon the working population is most important.
