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1927
The sale of commodities on the installment plan has grown to enormous proportions. It is estimated that 70% or more of all automobiles sold at retail are sold on the installment plan; and a large percentage of graphophones, washing machines, vacuum cleaners, and the like, are sold under the same plan.
1927
Health insurance has been universally unprofitable to the commercial accident and health companies and we should take advantage of every opportunity to study and analyze the factors which enter into the high loss ratios.
1927
The condition and form of our federal and state accident statistics do not permit the formulation of a satisfactory answer to this question. As United States Commissioner Ethelbert Stewart has continually pointed out, adequate machinery for the collection of industrial accident statistics simply does not exist--it is as thought we were so little interested in these deaths and injuries that we did not care even to count them!
1927
I am informed that your Society has been told with much emphasis, that corporate surety companies are not equipped to guarantee the payment of principal and interest of first mortgage real estate bonds, and I have been asked to give you my reasons why such companies are equipped to write this line on a satisfactory basis.
1927
Mr. Chairman, Gentlemen, I should like to begin my remarks with an apology, as I have had very little time to prepare this talk and will have to refer to my notes from time to time. Usually a little story is not amiss and I am reminded of one characteristic of the colored race.
1927
For his presidential address to the Casualty Actuarial Society at its meeting in May, 1926, President Michelbacher chose as his subject "Some Insurance Problems Incidental to Compulsory Automobile Insurance." This address was delivered before any of the problems had been faced and naturally enough he took a pessimistic view of the future.
1927
This subject is broad enough to permit a variety of presentations. In this paper it is considered generally, not with an elaboration of statistical analyses, but rather in a way likely to be most interesting to men whose contacts with it are indirect rather than specific. Time sales, or arrangements for purchase under deferred payments, have a long history in financing systems.
1926
Industrial retirement plans, as a practical solution of the problem of superannuated employees, have become a subject of general interest and importance in this country. Because of its nature, the problem is of particular interest to the members of the Casualty Actuarial Society and I fully appreciate the honor afforded me by this opportunity to discuss it.
1926
Since Mr. Cogswell presented his paper in which he described the statistical investigation which was made by the Massachusetts Commission investigating the question of old age pensions, the report of the Commission has been printed as Senate Document No. 5 of the Massachusetts Legislature, dated November, 1925. This report is a very substantial contribution to the information on the subject of old age pensions.
1926
Since the inception of schedule rating, more than a dozen years ago, there has been a respectable minority of casualty men who have believed that the particular plan in use at any given time was hopelessly inadequate as a measure of differences in physical hazard.
1926
Possibly there is no group of people who should have a larger scientific interest in the subject of stable money than the actuaries. Large interests depend upon the accuracy and thoroughness with which they do their work, and it should be of the utmost importance to them that the tools with which they work, and the measures with which they mete, be stable and reliable.
1926
DR. FREDERICK L. HOFFMAN: Mr. Cogswell has rendered a genuine service to insurance actuaries by presenting in brief outline the essential facts and findings of the Massachusetts Commission, the most important of its kind that has considered the essentials of the old age pension question.
1926
One of the groups of subjects in the revised 1926 Syllabus of the Society relates to substantive and applied economics. This includes: (a) the principles of economics; (b) insurance investments on a background of monetary science (money, credit and banking); (c) the theory of risk; (d) social insurance, with its foundation in industrial, political and legal history; and (e) economic statistics.
1926
Perhaps some actuaries and statisticians may have a justifiable mistrust of the so-called subtleties and the paradoxical refinements of reasoning sometimes found in the Law. Nevertheless, Mr. Senior's comprehensive and appropriate treatise upon the importance to the actuary of knowledge of court decisions in compensation matters has accomplished two things admirably.
1926
A few centuries ago the security of the average individual depended upon his feudal chief or the organizations which were formed for mutual support. The serf or retainer looked to his lord for assistance in time of trouble. Through a mutuality of rights and duties the lord demanded certain services from his men and in return granted them certain privileges including assistance in time of need.
1926
The lack of a fair underwriting profit for the casualty business during recent years has a most important bearing upon the questions of investment returns and investment policies. It is difficult, if not impossible, to forecast or predict underwriting results. Rates for coverages are constantly being forced down. State control of rates is expanding and the situation in compensation insurance is far from satisfactory.
1926
Underwriting profits are so meager that the return from the investment of the reserves becomes a question of vital importance. During the past few years it would appear from the published accounts of casualty companies that they have been relying on their investment earnings almost entirely for furnishing stockholders dividends. The news value of this statement is not very great as a similar condition exists in the fire business today.
1926
Mr. Tarbell introduces his subject by stating that his purpose in preparing the paper "Statutory Requirements for Casualty Companies" is to provide an outline to which students may refer when preparing for examinations of the Society. He has undertaken this work because of the lack of suitable texts dealing with the subject and the length of time which will be required for the preparation of such texts.
1926
This article cannot but commend itself to the thoughtful reader. It is a paper which, in a very splendid way, attempts to trace the history and growth of state regulation of premium rates and contains a summary of the laws enacted by the various states to regulate premium rates.
1926
The several phases of the subject of accident and health insurance have been rather extensively treated at various times in our "Proceedings." The subject, however, is always a live one and as conditions in the business are constantly changing it seems to the writer not to inopportune to bring up this subject, for stock taking at least, at the present time.
1926
The theory underlying the "Industrial Compensation Rating Schedule-1923" which is the schedule rating plan now in use for rating workmen's compensation insurance risks has been previously discussed before your Society. At the Spring meeting in 1921, (Proceedings, Vol. VII, page 225) Prof.
1926
It is encouraging to note the increasing interest in educational work in our business. A number of casualty and surety companies now have training schools, and this seems certain of having a most favorable effect on the business in general. I am sure that other companies find, as we do, that the very fact that they have training courses materially assists them in attracting desirable men to their organizations.
1926
The four retirement systems which Dr. Robbins describes in his paper include the oldest systems in this country operating on a reserve basis.
1926
Prior to the year 1917, there was no pension plan of importance for any class of public employees in the State of New York which was on a sound financial basis. Many plans were in operation and not a few had come to the point where it was evident t h a t they would soon have to reorganize or cease to pay retirement benefits.
