Browse Research
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1933
The proposal has been made that compensation rate levels shall be keyed to experience indicated by calendar year figures, and it is the purpose of this paper to discuss this. With the proposal I am in entire sympathy although, as will be seen, I do not agree with the suggestions which have been put forward for the specific carrying out of the idea.
1933
In workmen's compensation insurance there arises the problem of setting up reserves for future compensation payments in individual cases of disability before it is known whether the disabled workers will recover, suffer permanent partial or total disability, or die from the injuries.
1933
It is hard to realize that compensation insurance, now regarded as the "black sheep" of the casualty family, was once considered an attractive and promising class of business. Nevertheless, a satisfactory underwriting profit accrued from the compensation business in its first years before employees generally became claim conscious.
1933
Not the least part of my pleasure in reading this paper was derived from its literary quality. Besides, if it is true, as Nietzsche says, that "A good fight will hallow any cause", it cannot be less true that a brilliant rearguard action will make up for the loss of more than one untenable position.
1933
The Experience Rating Plan has been designed to measure the departure of the experience of the individual risk from the average experience of the class.
1933
Judged by the amount of premiums written, aviation insurance comprises a very small portion of the total volume of casualty insurance. However, many of us can remember when the aggregate automobile premiums written by stock companies were small and relatively inconsequential. Automobile insurance grew in volume and importance concurrently with the enormous growth of the automobile industry.
1933
The hardships of the current depression have inevitably revived in this country proposals to apply the principles of insurance or reserves to one of depression's most serious hazards: that of unemployment. In Wisconsin an unemployment reserve law, not yet operative, has been-passed.
1932
The customary procedure for the segregation of risks into rate groups for casualty insurance purposes, particularly in workmen's compensation, is to erect classifications which are broadly descriptive of (1) a product, (2) a process, or (3) a business. Few, if any, classifications involve more than one of these three principles.
1932
Mr. Hull's interesting and timely paper deals with the very core of the work of this Society; for it should be the chief object of the Society to train men competent to discharge the duties described by Mr. Hull, or at least the more important of them. Mr. Hull's outline of the duties of "administrative statistician" seems, if anything, too broad. Doesn't his paper discuss two jobs rather than one?
1932
Mr. Whitney in his interesting paper presents a general survey of the underlying reasons for insurance carriers engaging in activities intended to prevent or postpone the happening of the eventuality insured against, and of the logical development of those activities.
1932
Mr. Graham's paper first outlines, in complete detail, the thorough method installed and developed by the State Insurance Fund of New York to meet the requirements of the New York Unit Statistical Plan pertaining to workmen's compensation experience.
1932
The Abstract Report of the Superintendent of Insurance on the insurance business in Ontario for 1931 furnishes the following information with regard to premium income in the province. The population of Ontario according to the 1931 census is 3,426,488.
1932
Although it is controversial whether the advantages of the plan advocated by Mr. Linder for compiling automobile statistics on an accident year basis would outweigh the disadvantages resulting from such a plan, it is not the writer's intention to go into this phase of the subject but rather to confine himself to a discussion of the statistical difficulties and additional expense which would result if this plan were introduced. Mr.
1932
The following notes arose out of current problems in rate making, principally automobile, and while arranged in some sort of logical order, are more or less separate. They cover a wide range of aspects of credibility and do not pretend to be either a complete study of the subject or even a complete survey of the specific points discussed.
1932
Miss Maycrink has dealt with her topic both ably and completely and my comments, therefore, consist only of supplementary remarks and observations. Near the beginning of this paper, she spoke of the anomaly presented in the blank wherein casualty companies show the premiums as written and the disbursements and other income on a cash basis.
1932
This is a paper which many of our members may pass over lightly, if they read it at all, as a rather abstract mathematical discussion of theoretical problems. Thus its significance may be lost. It seems to me, however, that it is one of that type of papers referred to by President Tarbell in his opening address at the last meeting, which point the way to sounder practices in the business.
1932
It is now more than forty years since, as a sequel to writings of certain economists, there developed in France the idea that it would be of social value to create, side by side with the existing combinations of contingencies covered by insurance upon lives, new arrangements which would afford the benefit of insurance at those critical moments in the life of the family when the need for them arises.
1932
When reviewing this paper in which Mr. Kormes described the procedure of the New York Rating Board in handling the unit report system, one might recall Mr. Magoun's discussion of the procedure which the Massachusetts Rating Bureau uses in handling the Massachusetts unit report system. It is noticeable that the first step in either procedure is to establish a control by carrier for each month of reporting.
1932
Actuarial science has been practiced in the field of casualty insurance for less than twenty-five years. In this comparatively brief period, actuaries have labored valiantly to overcome all manner of difficulties.
1932
The subject as originally assigned was "The Increasing Liberality of the Courts in Construing the Workmen's Compensation Act". This involves a thesis which must be characterized as "important if true", and reflects an opinion very widely held. The opinion appears to be based on the following considerations: (a) The trend of the times has been distinctly in the direction of an increasing liberality towards injured employees.
1932
Unemployment is generally admitted to be one of the greatest problems of labor as well as of industrial management. Labor fears unemployment more than industrial accidents or sickness because it affects, during certain times, so large a proportion of the labor class and the worker has no power to defend himself nor curtail the period of unemployment by any precaution he may exercise or anything that he may do.
1931
Recent results in casualty insurance have been disappointing. Few companies can boast of an underwriting profit. In the beginning premium rates in various lines were set generally with a sufficient factor of safety to allow for the margin of error due to insufficient statistical bases for rates. These rates resulted frequently in from fair to large profits from underwriting.
1931
Insurance is primarily distributive: it creates a fund made up of the contributions of those who are exposed to a risk and distributes it to those who have experienced the misfortune. It does not prevent the misfortune; it prevents only the bad effects of the misfortune. Conservation, the prevention of the misfortune itself, is a by-product.
