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1939
Mr. Pinney's paper is a very comprehensive treatment of a relatively new method of applying an old principle. The Retrospective Rating Plan of which Mr. Pinney writes is a legitimatised form of "stop-loss" coverage (long the object of recrimination, argument, envy and despair from our primary carriers' viewpoint) with the addition of "service" and with rates based at least upon some experience.
1939
The method followed in revising Workmen's Compensation rates in the State of New York differs in some respects from the standard or National Council method. New York, however, is an industrial empire in itself. It produces the largest volume of workmen's compensation experience of any state in the Union.
1939
The simplicity and ease of operation of the tables of logarithms presented by Mr. Perryman at the November meeting are best appreciated after one has attempted to calculate annuity values with the tables and calculating machines to be found in the average office.
1939
When we start discussing "The Probable Effects of the Present War on the Casualty Business" we are immediately confronted with the problem of deciding the probable patter that the war will take, also its probable length and its probable severity. It would take a prophet to predict the course of the war whereas we are mere actuaries.
1939
Mr. Michelbacher's paper embodies a sincere and eloquent protest against the misinterpretation of statistics in the casualty business. His plea is bound to evoke the sympathy of all of us who, like him, have "attempted to prevent the improper use of statistics." After his initial comment upon the statistical ineptitude of producers, assured, insurance counselors, underwriters, claim men, public officials, legislators, etc.
1939
Private enterprise without some governmental restriction has never existed, and evidently is not presently wanted in this country; so that the practical choice before our people is between friendly governmental regulation of private enterprise and a regime which is essentially socialistic in its objectives (whether admitting such a goal or not).
1939
It is evident from Mr. Hipp's paper that a very satisfactory piece of work was performed in making the valuation of these three Funds. Considering, however, the extremely meager data that was available due to the limited number of cases handled it is to be expected that the results are to be considered somewhat conjectural.
1939
To my knowledge, Mr. Ainley's paper is the first to be submitted to this Society on the subject of Contractual Liability Insurance. This is not surprising as it is one of the smallest lines of Public Liability Insurance. The annual premium volume for both Contractual Public Bodily Injury and Property Damage is probably below one million dollars. Even so, Mr.
1939
The process of rate-making consists essentially of dividing losses by exposure, and then loading for expenses. Unfortunately for simplicity, it is usually necessary to modify the experience somewhat in order to anticipate conditions during the period when the rates will be used. This would not of itself cause complications, and most complications arise only because it is necessary to combine several years of experience before calculating rates.
1939
Merit Rating - The Proposed Multi-Split Experience Rating Plan and thePresent Experience Rating Plan
The title of this paper and the paper itself are perhaps longer than they should be. The original purpose was to bring before the Society and those interested in the subject of merit rating the plan generally known as the "Multi-Split Rating Plan" ; but as the multi-split plan was designed to replace the present plan and as the final decision as to its adoption is still being considered, both plans must be presented and discussed.
1939
This topic has been discussed for nearly a century--in fact ever since insurance began to take a prominent place in the business life of the country. The subject has been worn threadbare by theorists, by insurance practitioners of one kind or another, and by learned judges in opinions that have been among the most carefully reasoned.
1939
The purpose of this paper is to outline the changes which were introduced this year in the method of determining the contingency loading for workmen's compensation insurance in New York State. A detailed explanation of the revised procedure will be of interest to those who wish to keep up-to-date on the ratemaking formula.
1939
In the introduction to her paper, Miss Woodward says, "... This paper will not be concerned with possible rate making formulas, but will confine itself to a brief review of the aviation rate making picture as it exists today, with particular emphasis on the main casualty coverages." Miss Woodward's paper is a very clear and concise presentation of this phase of aviation insurance.
1939
1936 Mr. Greene made certain comparisons as to the experience by industry groups, between the States of Ohio, New York, New Jersey, and Massachusetts. He has seen fit to continue his attack on the monopolistic state funds. As far as I am concerned he can attach anything he wants to in the world, even tilt at windmills, as did a famous Don of old.
1939
Five years ago Mr. Paul Dorweiler and the writer presented tables of Workmen's Compensation insurance rate level indexes in a paper before the Society.* Those tables covered the period from the beginning of relative standardization of rate-making in the earlier Workmen's Compensation states and from the first enactment of Workmen's Compensation laws in many other jurisdictions to January 1, 1934.
1938
Surprising as it may seem to many, the idea of applying the retrospective rating principle to workmen's compensation risks dates back to the early history of workmen's compensation insurance. In the initial stages of development of rating technique there was considerable argument as to whether experience rating should apply on a prospective or retrospective basis.
1938
The expenses incurred in operating the casualty insurance business are about one-half of the total cost. They constitute that part of the cost which has aroused greater resistance among the insurance buyers and has produced greater criticism by state administrative authorities.
1938
Mr. Dorweiler's discussion is of particular interest for the suggestions as respects the proposed study of claim expense by kind of injury and duration of disability, and for its contribution of a bibliography on papers on expense distribution appearing in the Proceedings over the past twenty years.
1938
An incident of the casualty insurance business has been the production of a large volume of statistical data which governs almost every action we take. In fact, some critics assert that we casualty men are in grave danger of substituting statistics for common sense and personal judgment in the conduct of our affairs.
1938
In actuarial and particularly in casualty actuarial work the occasion often arises when it is necessary to make a more or less isolated calculation for which full tables are not available covering the particular function involved.
1938
Although corporate suretyship has existed in the United States for sixty years as respects fidelity lines (indemnification for losses due to employees' dishonesty) and for forty-odd years as respects most of the other important branches of the business, very little printed material is available to anybody minded to make a study of surety rates. Mr. R. H.
1938
The special funds created by the provisions of the New York Workmen's Compensation Law have attracted considerable attention during recent months.
1938
"Retrospective" and "Supplementary rating plans" are similar in that each has for a primary purpose the shifting of part of the risk assumed by the insurance carrier under its policy contract from the insurer to the assured. They differ in the method employed and the degrees to which the risk is shifted.
