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1955
The transactions of any self-respecting insurance organization encompassing the field of Accident and Health insurance would not be complete today without a treatise on some aspect of so-called Major- Medical coverage. Thanks to Mr. Kormes, we can now boast a creditable paper on the rate making approach to the Massachusetts Blue Cross-Blue Shield version of this catastrophic-type coverage called Prolonged Illness Insurance.
1955
Many of the problems connected with noncancellable ratemaking arise from the indisputable fact that the existence of disability is very often a relative matter not readily susceptible to objective determination. For this reason the insured has a degree of control over the policy that he does not possess in other lines of insurance.
1955
Mr. Schwartz's paper is a sequel to his thorough review of the New York Disability Benefits Law presented to this Society in November 1950.
1955
In my 1950 paper on D.B.L. Insurance, I outlined the D.B.L. coverage, as also the assumptions made in developing rates. Since that time there have been a number of changes in the Law and regulations, and we also have the actual experience available for the past four years.
1955
My first reaction to Mr. Otteson's paper is one of welcome. There have been too few papers on Group Insurance subjects presented for publication in the Proceedings, perhaps because, until the advent of compulsory disability benefit laws, Group Insurance was principally written by Life Insurance companies. I hope that this paper is only the first of many on this general subject which can well benefit from the attention of casualty actuaries.
1955
The important thing which Mr. McDonald's paper reveals is the very great difficulty encountered by an actuary in fulfilling the rate
making requirements of a compulsory law which arouses as much ill-informed public discussion as the Massachusetts Compulsory Insurance Law.
1955
For the past few years the subject of Compulsory Automobile Insurance has been one of paramount importance to the industry, to the legislatures in many of the states and to the motoring public.
1954
Hospital therapeutics benefits coverage is often referred to as "hospital extras" or "hospital miscellaneous benefits." As defined in our policy it covers "hospital charges for necessary therapeutic services and supplies (including ambulance service, whether or not charged by the hospital)" but does not include hospital charges for room and board and general nursing service.
1954
Mr. McConnell has done the Casualty Insurance industry a distinct service by presenting the details of the size of risk study and in causing the results thereof to be presented in our Proceedings. Henceforth, any one having occasion to refer to the 1950 Size of Risk Study, be he an Insurance Commissioner, Company executive or a student preparing for our examinations, will refer to Mr. McConnell's paper in Volume XXXIX.
1954
The expense study by size of risk undertaken by 13 stock and 5 mutual companies was one of the most significant and large-scale investigations into expenses undertaken in recent years. As such it deserves the most careful review and analysis by those concerned with the measurement of expense elements on a more scientific basis. A comprehensive outline of the historical background, methods used, and results such as Mr.
1954
The need for "credibility" judgments in fire insurance is inescapable. However, it is not necessary, nor is it a common custom, always to express credibility evaluations in mathematical language. In his daily work, the underwriter soon acquires the habit of accepting certain evidence as credible and dismissing others as untrustworthy.
1954
This study is a worth-while contribution to the business of fire insurance underwriting and should be equally valuable to that group of studious men, employed by large organizations, responsible for buying insurance for their employers. We can not see that this study would have too great an appeal to brokers or agents.
1954
The examination requirements of the Casualty Actuarial Society require some familiarity with ratemaking practices. Mr. R. A. Johnson, Jr. and Mr. C. M. Graham have presented papers before the Society dealing with the calculation of New York Compensation rates, and Mr. G. B. Elliott has dealt with the Pennsylvania procedure.
1954
Dr. Graves is to be congratulated on his clear and comprehensive paper describing the Uniform Statistical Plan for Fire and Allied
Lines. The paper brings together in one place not only the details of the plan but also its historical development. This latter feature of the paper is most valuable and will do much to help the student to understand the plan.
1954
It is the intent of this paper to present a concise explanation of the more important features of the new Workmen's Compensation and Employers' Liability Policy and to describe the Standard Provisions Program which was adopted by the National Council on Compensation Insurance and which became effective on October 1, 1954.
1954
In this paper there is described an approach to the coverage for the catastrophic aspect of a serious and prolonged illness as well as the methods used in arriving at a set of rates to be charged therefore. This type of insurance is relatively new and has been initiated by several large Life Insurance companies and Blue Cross-Blue Shield organizations.
1954
Mr. Harwayne's discussion is particularly welcome because, with regard to the use of wage factors, we hold very strong convictions which are diametrically opposed.
1954
Mr. Allen's paper is one that has been long overdue. The subject of wage factors has been one of controversy for a great many years. It is well that attempts to define the problem are being made within the Society.
1954
I think it might be well to state at the outset, that after considerable experience, of many years, having to do with compensation ratemaking, I am firmly convinced that the injection of a so-called wage trend factor in the compensation rate structure would be a tragic mistake.
1954
Mr. Rodermund's well-written paper is a valuable contribution to the proceedings of the Society for it casts light on a subject not covered, to my knowledge, in any previous paper. Since only New York domestic mutual companies are required to utilize Schedule R, the subject is one which has not generally received much attention elsewhere. Mr.
1954
Hospital therapeutics benefits coverage is often referred to as "hospital extras" or "hospital miscellaneous benefits." As defined in our policy it covers "hospital charges for necessary therapeutic services and supplies (including ambulance service, whether or not charged by the hospital)" but does not include hospital charges for room and board and general nursing service.
1954
With characteristic modesty Mr. Johnson did not present his method for determining average manual rate index numbers until 1953, although his original studies were made in 1948. The publicity which has been given to his work indicates the need for index numbers of this type, which can be very useful for reinsurers, self-insurers and legislators.
1953
A few years ago, the scope of activities of the Casualty Actuarial Society was enlarged to cover Fire and Allied Lines Insurance. Three papers dealing with fire insurance rate making have appeared in the Proceedings " Problems of Fire Insurance Rate Making" and "A Statistical Study of Large Fire Losses with Application to a Problem in Catastrophe Insurance" by L. H. Longley-Cook and "A Casualty Man Looks at Fire Insurance Rate Making" by M. H.
