Browse Research
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1942
Mr. Johnson's paper on the Multi-Split Experience Rating Plan in New York is particularly well timed. The Plan has been in effect less than a year but certain results of its application have provoked considerable criticism. Some of these have been covered by Mr. Johnson and some have not. I shall comment not only on the points raised by Mr.
1942
Webster defines a philosophy as an integrated and consistent personal attitude toward life or reality, or toward certain phases of it. That is another way of saying that a philosophy is a set of intelligent opinions about a phase of living, based on observation, sound reasoning, and common sense.
1942
Probably the most universal hallmark of the scientific mind is a persistent penchant for pigeonholing.
1942
Despite the very considerable publicity afforded Automobile Voluntary Assigned Risk Plans now in effect in ten states, at the times that they were initiated, widespread misinformation respecting the purposes, scope and functioning of these plans seems to exist.
1942
There is a close inter-relation between various parts of the insurance code, so that it is somewhat difficult to pick out for consideration a particular class of statutory enactments, and leave untouched closely related statutes.
1942
The fundamental concept of insurance is that the insured is relieved of any concern, not only as to what is going to happen, but also as to what could happen but probably will not. Of course, at the time the insurance is written, neither the insured nor the insurer knows what is actually going to happen.
1942
Anyone who has reflected in even a non-technical way on retrospective rating in casualty insurance recognizes that there is or should be a connection between the setting of the minimum and maximum premiums and insurance charges of retrospective rating plans and the way the risks are expected to "stack up" as to losses.
1942
The paper presented by Miss Kardonsky has great practical value for Compensation insurance carriers in particular and generally for persons interested in the administration or status of the various special funds. There have been numerous developments in connection with the special funds during the last several years. Miss Kardonsky's paper provides information in convenient form relative to the present status of the various funds.
1942
In 1938 Mr. Grady H. Hipp presented a paper entitled "Special Funds under the New York Workmen's Compensation Law," * wherein he discussed the legislation, history and financial status of the following special New York funds :
1942
The Society is under obligation to Mr. Crawford for giving a more detailed account of the mechanical operation of the "layer cake" card than I felt I had space for in the original paper. Some question may be raised, however, as to his statement that the paper "overlooks the fundamental advantages of this card form". From a careful study of Mr.
1942
Mr. Pruitt's paper is one which strikes a responsive chord in those of us who have had close contact with the application of tabulating equipment to the accounting and statistical problems of casualty insurance. It is quite evident that Mr. Pruitt has partaken of the International Business Machines "table d' hote" dinner, as the procedure he outlines, mechanizes all premium collection functions from soup to nuts.
1942
In recent years tabulating equipment has developed to the point where it has ceased to be simply a means for assembling statistical data and is now quite satisfactorily adapted to accounting routines. Although commercial accounting has been making increasing use of these developments and is now far advanced along this line, insurance accounting has been rather slow to take it up.
1942
Mr. Dorweiler's method of graduating excess pure premium ratios constitutes the latest and, so far, the best achievement in this field. It furnishes excess pure premium ratios which, except perhaps for high loss ratios and also for large premium sizes, are most likely very close to the theoretical values.
1942
Mr. Dorweiler's paper, explaining the method adopted by the Actuarial Committee of the New York Compensation Insurance Rating Board for graduating excess pure premium ratios by size of risk, serves two important functions. The first is to give a thorough exposition of a practical and sound method for smoothing a complicated tabulation of raw statistics in precise conformity with the pattern of behaviorism of the underlying data.
1942
The basis of actuarial science is statistical. For his raw material the actuary has tabulations of the behavior of certain statistics in the past. His task is to predict as accurately as possible the behavior of certain statistics in the future. If such future statistics have had identical counterparts in the past and if a large experience has been collected for these counterparts, the problem is relatively simple.
1942
In my paper I point out that the inauguration of a budgetary system in an insurance company does not mean that a panacea for all of the ills of the company has been found. I also point out that it cannot be expected that the maximum of efficiency of the budgetary system could be reached in the first year nor in the second year.
1942
Mr. Dowling's system of budgetary control endeavors to forecast premium income, and plan expenditures in the coming year so that a predetermined profit will result.
1942
Budgeting was a term commonly understood to apply almost exclusively to the system employed in controlling governmental appropriations and expenditures prior to 1921. Since then, however, each year has seen an ever increasing use of such a plan of control applied to practically all sizable business undertakings.
1942
The boiler and machinery lines are two of the basic coverages comprising the casualty insurance field. While they do not produce a premium volume of such size as automobile liability and workmen's compensation, they are nevertheless of considerable importance, and have been given wide acceptance by the general public for many years.
1941
If in one of the natural sciences a scientist is to study a complex phenomenon which is determined by many elementary causes he usually approaches his problem in three different ways. He first studies the phenomenon in a purely empirical manner trying to describe his measurements by means of a mathematical formula or graph.
1941
The governor has just signed the Page-Anderson Bill giving New York a new automobile financial responsibility law to be effective January 1, 1942. Although not a compulsory insurance law, it is the nearest thing to such a law that has been adopted since the Massachusetts Compulsory Act.
1941
The paper prepared by Mr. Jones concerning the New York Motor Vehicle Safety Responsibility Act sets forth in a complete and comprehensive manner an analysis of the Page-Anderson Bill as it was signed by the Governor. However, several months have elapsed since that time and much discussion has been had concerning the actual operation and the administrative difficulties presented in connection with this law.
1941
Mr. Jones gives a clear exposition of the requirements under the New York Safety Responsibility Act which will become effective as of January 1, 1942.
1941
Mr. Jones has given such a clear picture of the New York Motor Vehicle Safety Responsibility Act, which is to become effective on January 1, 1942, that it is difficult to comment on his paper. I should, therefore, like to add a few new developments, and contribute a few thoughts, which have occurred to me since the enactment.
