Browse Research
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1961
The Program Committee certainly made the chairman's job easy by selecting for the panel two men, both with wide experience in the field, and each a recognized authority in his own right. Our colleague, LeRoy Simon, who writes technical papers and articles with equal facility on fire and casualty subjects, handled the statistical aspects of fire rating problems. As our other expert, the seminar was privileged to have Mr.
1961
Mr. Balcarek has presented a very interesting and thorough study on Reserves for Reopened Workmen's Compensation Claims. He is to be commended for contributing a paper to the Proceedings of the Society on loss reserves because very few papers have been presented on this subject in the past several years. Even though his paper pertains to only a small segment of the general subject, it is a welcome addition to the Proceedings.
1961
Reopening of closed claims occurs in most lines of insurance, but in the case of Workmen's Compensation these reopenings have acquired a major importance because of their frequency and the success with which these reopened claims are pressed. Most companies make the reserve for reopened claims a part of the reserve for Incurred But Not Reported Claims, calculated at the end of each year for the purpose of the Annual Statement.
1961
The broad title for this seminar was selected for the deliberate purpose of encouraging a presentation of the various kinds of reports that were being made for management and inviting questions and discussion concerning them. It was pointed out that the Annual Statement itself and its related Insurance Expense Exhibit were reports for management as well as mandatory documents filed with Insurance Departments.
1961
An appropriate over-all objective was considered to be an attempt to analyze the actuarial phases inherent in the reinsurance operation. (This necessitated a preliminary discussion of the barrier that has separated the actuary from reinsurance so effectively over the years.) The main discussion then started with an analysis of the components of the "total" reinsurance function.
1961
One of the nation's leading multiple line insurance companies underwrites almost every conceivable type of personal insurance. The major exception is Accident and Health insurance. The agents of this company pride themselves on their complete coverage for any hazard except accident and sickness. Most of these men will not even advise their clients where to obtain such protection.
1961
The seminar opened with the statement of an objective for the session: "To have an open discussion of how rates should be made for a package policy when it has reached the state of mature development with a large volume of information available." After outlining our ground rules, we went directly into a discussion of the difference between the Homeowners package and the commercial package.
1961
Several years ago 1 presented to the Society a paper describing the coverage and the methods of rate calculation for Prolonged Illness Insurance developed by the Massachusetts Hospital Service, Inc. and the Massachusetts Medical Service. About two years later there was introduced by these organizations a plan of coverage designated as Master Medical coverage.
1961
The Loss and Expense Ratios booklet published annually by the New York Insurance Department summarizes pertinent figures for all companies and for each line of business. It serves as a handy guide for comparisons among companies and has also been used either directly or indirectly for ascertaining the reasonableness of expense loadings which are used by rating organizations.
1961
By a general theorem the necessary and sufficient condition for a function (formula) being completely monotonic for , lying in the right semi-plane, i.e.
1961
E. G. Richards has stated: "If experience is to measure fire insurance costs, it will show that the rate upon a specific risk should be the same as the average rate of its class." Mr.
1961
The seminar on Marketing Research owed its success to Mr. Seymour Smith, Vice President and Actuary of the Travelers Insurance Company, who had prepared a general review of the subject. Marketing research may be considered to be the application of scientific methods and procedures in the study of marketing problems to provide management with factual information upon which to formulate executive decisions and policies.
1961
LeRoy Simon's paper deals with two statistical concepts which have lain just outside our door for many years but with which most of us Actuaries have not, until recently, been familiar. The now popular Negative Binomial Distribution brought to us by Frank Harwayne and developed lucidly by Lester Dropkin has been lying around for how many years this reviewer does not know. We now wonder how we have gotten along without it.
1961
Maximum likelihood solutions for negative binomial distributions have been worked out by a number of authors. The purpose of this paper will be to develop the solutions in an insurance context, and to investigate one phase that has not been touched upon in the literature. The formulas developed will be applied to some actual data.
1961
The heterogeneity of risks and the need for experience rating is a widespread problem and is not confined only to insurance or to casualty insurance. An illustration is the familiar passage: "Beware of false prophets, which come to you in sheep's clothing, but inwardly they are ravening wolves.
1961
In order to provide some basis for discussion, a list of current "problems" had been prepared in advance, divided into two main categories, those which we, as actuaries, might be able to do something about, and those which might be interesting to talk about with no action expected. The first session devoted its time to the first category, concentrating largely on means of handling risks under $500.
1961
At a time when an increasing frequency of crimes has adversely affected underwriting results for Bulgary insurance, Messrs. Wolfrum and Richardson are to be commended for their timely and valuable contribution to our Proceedings. That this is the first paper presented to the Society on the subject, "Burglary Insurance--Rates and Ratemaking," should, as the authors suggest, help raise the veil of mystery that has shrouded this form of insurance.
1961
Mr. Latimer is to be congratulated on his presentation of a very interesting case study in the field of hospitalization-benefit cost estimating.
1961
Mr. Latimer has presented to us his detailed analysis of a specific request from a large company to give them an estimate of the cost of providing retired hospital benefits for their employees, and more specifically, to provide for the advance funding of these benefits similar to the approach used for their pension program.
1961
The officers of a client company asked, in mid-1960, for an estimate of the cost of providing hospital benefits for employees who retire under the company pension plan. The pension plan is funded, on an actuarial basis which the company has found to be satisfactory, through a trust fund.
1961
Mr. Dropkin's paper is a natural extension of his previous paper, "Some Considerations on Automobile Rating Systems Utilizing Individual Driving Records", 1 in which he introduced the negative binomial distribution as a proper model for the distribution of risks by number of accidents. Since that introduction, several papers dealing directly or indirectly with this frequency function have appeared in C.A.S. literature.
1961
As Bill Leslie has just pointed out, this is one of the two non-actuarial subjects that were taken up at the seminars yesterday afternoon. Judging by the interest shown by the seminar participants and the lively discussion that took place, 1 think the experiment was a complete success. Since actuarial chairmen are not supposed to know anything about nonactuarial subjects--and I certainly fall in that category--1 took the precaution of asking Dr.
1960
Section A, Effectiveness of Merit Rating and Class Rating, uses the Canadian experience for private passenger automobiles to show (1) that merit rating is almost as effective as the class plan in separating the better risks from the poorer risks, (2) that both merit rating and class rating leave unanalyzed a considerable amount of variation among risks and (3) that certain available evidence supports the conclusion that annual mileage, which h
