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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.
It is generally considered that schedule rating for compensation risks serves two purposes: 1. It promotes greater equity in the assessment of insurance cost than is possible where all risks in the same classification must take the same rate. 2. It promotes effective accident prevention work by offering rewards for better than average conditions and charging penalties
It is the purpose of this paper to call attention to a method of rating compensation risks, which has already had some discussion and has been practically applied to several groups of classifications. A more or less general discussion of this method took place at the joint Manual Committee meeting in the Hotel Manhattan, the latter part of September.
The question of rating permanent disabilities in combination is one with which every Industrial Accident Commission will have to deal at some time.
In reading over the first volume of the Proceedings of our Society, one will readily notice that the subject of social insurance in its various forms and aspects is still in its infancy in this country. Our newly formed organization has, however, already done valuable service in bringing together and crystalizing a number of problems under this particular branch of insurance.
All mankind when in a hurry tend to cut corners and take a chance. The man hurrying for a train dodges the taxis around the station. The business man under pressure of orders hires the man he would not consider in normal times. On the other hand, when we have plenty of time we wait for the signal of the traffic officer. And when times slacken tip and employers have to reduce forces the poorer workmen go first.
This paper presents the methods in use in the New York State Insurance Fund in the valuation of claims arising under its policies. I believe that the methods outlined herein are applicable in some degree to the business of any company writing workmen's compensation in any state.
Mathematics is too often thought of, by the unmathematical at least, as concerned merely with numbers. In reality there are extensive demesnes in the field of mathematics in which number is of no concern. But even in those parts of mathematics which involve number the numerical result is usually of secondary importance; the fundamental interest is with the general form from which the numerical result springs as a special case.
The "External Causes" considered in this paper form Group XIII of the International List of Causes of Death and include Titles 155 to 186 of this list. The group is, of course, very broad; it is uniform in composition only to the extent that it represents all causal agencies other than disease and the destructive processes that go on either as a result of normal functioning or of maladjustment within the body.
The unstable condition of liability insurance and the lack of experience and precedent in workmen's compensation insurance are quite naturally matters of deep concern, not only to those engaged in the branch of file insurance business, but also to the government officers entrusted with the duty of supervision.
The laws of the various states, relating to liability and workmen's compensation insurance, are crude in the extreme when viewed from a logical and scientific viewpoint. Even more crude are the plans advanced by some of our able actuaries. What we lack more than anything else is a standard, legalized, accident table by which we can measure the expected cost and determine the proper reserves regardless of the premiums collected.
When I was invited by your committee on program to address you on my subject I hesitated for some time to accept the invitation because I felt as a layman in appearing before you specialists concerning a matter which has occupied your professional talents for many years.
Mr. Mowbray in this paper discusses the application of the Gaussian Normal Curve--or as he prefers to call it--the " Law of Error" to the test of pure premiums in compensation rates.
It has been held by many underwriters that classifications and rates for workmen's compensation insurance should apply only to industries as a whole, and that each risk should be written at a single rate, representing as accurately as possible, the average cost of carrying the insurance for that particular industry.
The necessity of some system of cost accounting in casualty insurance catches the attention of all who look even superficially at the accounting and statistical exhibits of organizations in the field of casualty science. No study is necessary to make this need impressive, a quick glance, a bird's-eye view portrays the condition.
Burglary Insurance in various forms has been written in the United States for approximately twenty years. During the year 1894 there was only one burglary insurance company operating in this country, and that company insured banks only. The volume of premiums for that year amounted to $48,360 and the losses to $5,930.
Actual statistics relating to the cost of workmen's compensation claims in the United States are up to the present difficult to obtain. For this reason it is thought that some analysis of the 10,307 accidents reported to the New York State Insurance fund during the year ended June 30, 1915, the first year of the operation of the act, may not be without interest to the members of this Society.
In one of my addresses before this Society, I had occasion to point out the difficulty of defining the province of actuarial science and my own preference for as broad a definition as possible, which would cover the entire domain of insurance science.
The death benefits of the various compensation laws effective in the United States may be classified as follows: I. Benefits limited as to the sum total of compensation payments. II. Pensions limited in duration to a stipulated period. III. Pensions ceasing at the death of the beneficiary,--and, in case of certain classes of pensioners, terminating also either when the beneficiary attains a certain age, or when he remarries.
Theoretically the problem of compensation rates does not differ from that of rates in many other forms of insurance. The formula for premiums in any classification appears as [formula] any loading for commissions and expenses agreed upon or found necessary. There is only one difficulty about this formula--we do not know the numerator of this fraction, under which condition it is not quite an easy matter to compute its value.
