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1915
Many of you who are in attendance at the meeting of the Society today have probably heard me make the remark that ten years hence, when we look back at the events of today, we shall realize perhaps more than it is possible for us to do right now, that in the year 1916 we were in our infancy in many matters pertaining to workmen's compensation.
1915
The method described by Mr. Mowbray for the determination of pure premiums in classifications which, taken singly, do not yield an adequate payroll exposure, contemplates two principal steps. First, the classifications must be grouped in such manner that within any group there will appear only classifications which may be presumed to be closely related in hazard.
1915
The work usually hitherto undertaken by the statistical department of a casualty company writing compensation business may be divided into two general headings: (1) An analysis of business for annual statement requirements, which includes the classification of premiums written and losses paid by states for computing taxes, by agencies, by policy years for computation of loss reserves, and also a continuous classification of premiums on policies
1915
The present paper is not designed as an original contribution to the theory of schedule rating, nor even as a critical discussion of the particular schedule rating plan here under review. It professes to do no more than present the salient results of that plan as revealed by the first inspection of coal mines in Pennsylvania.
1915
The enactment of workmen's compensation laws in this country imposed upon the insurance departments of a certain few but relatively important states a new function, that of approving, as to their adequacy and non-discriminatory nature, premium rates in connection with a line of business under which American experience results were not available.
1915
The various methods used or proposed in the past for the calculation of Liability and Workmen's Compensation Claim Reserves have fallen under one of the two general headings mentioned below or have been a combination of these two methods: (1) An estimate of the probable cost of outstanding claims---either by means of average claim costs based upon previous experience or by individual estimate.
1915
Before going into the work of the Committee a brief review of the development of the coverage under the personal accident insurance policy during the past ten or fifteen years and the condition of accident experience during that period is desirable.
1915
The subject of the reserves necessary to establish workmen's compensation insurance in the United States upon a solvent basis is one which will doubtless occupy a large share of the attention of this Society during the immediate future.
1915
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Mr. Fisher says in closing his paper, "My chief object in presenting the results was to call the attention of the members of the Society to the practical use of the modern researches on mathematical statistics." It is, however, difficult for the average student to follow this paper because it assumes familiarity with the details of these researches on mathematical statistics.
1915
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I shall in the present little note make an attempt to show how some recent researches on mathematical statistics as carried on during the last five to ten years, especially through the investigations of the English biometricians and several Scandinavian statisticians, may be used in computing the various frequency ratios in connection with coal mine accidents and be used as the basis for possible future rates of assuranc
1915
If the logarithms of the ordinates of the normal probability curve are platted to the natural values of x, the ends of the familiar curve droop down to infinity and the curve becomes a parabola, as is seen by writing the equation of the normal probability curve (formula) and taking logarithms of both sides (formula) or (formula) and putting (formula) a parabola with its vertex at (formula)
1915
The claim or loss reserves, which should be held under workmen's compensation policies, fall under the following general heads :
I. Reserves to provide for the payment of sums to become due in future under awards already made.
II. Reserves to provide for the payment of sums to become due under claims already filed for which no award has yet been made.
III.
1915
The City of New York is facing the problem of reorganizing its pension systems. Its methods of meeting this problem may be of general interest in that the inherent defects of its system, which have forced a reorganization, are commonly found in municipal systems throughout the country.
1915
The death benefits (in addition to the funeral benefit) under the New York Workmen's Compensation Law, which went into effect July 1, 1914, may be briefly stated as follows : 1. To the widow (or dependent husband) 30 percent of the wages of the deceased employee, until death; upon remarriage, the pension ceases and two years' compensation is paid in one sum. 2.
1915
The main object of this paper is to determine the abstract actuarial formula of the net cost of workmen's compensation and to indicate on what lines the statistical data must be collected to find such cost. The general form in which the subject has been treated will trace the way to a uniform keeping of statistical data for the different states.
1915
Experience rating of compensation risks as hitherto employed might be defined as the predication of the current rate for a given risk upon a consideration of the past experience of such risk.
1915
It is more than a year and a quarter since the paper under discussion was published in the first number of the Proceedings. The developments of compensation rate-malting since then make it all the more interesting in review at this time. Dr. Rubinow has pointed out many of the difficulties encountered through the absence of statistics which are either extensive enough or which can be used in combination with other statistics.
1915
This paper presents a feasible plan of valuing automatically the great majority of that important class of injuries which are permanent in nature, through the use of arbitrary schedules, and sets forth for consideration excerpts from those which have been constructed for the purpose.
1915
A proper method for rating permanent disabilities adds much to the efficiency ok a workmen's compensation act, for while the number of permanent disabilities is comparatively small, the effect of accidents of this character upon the working population is most important.
1915
It is generally considered that schedule rating for compensation risks serves two purposes: 1. It promotes greater equity in the assessment of insurance cost than is possible where all risks in the same classification must take the same rate. 2. It promotes effective accident prevention work by offering rewards for better than average conditions and charging penalties
1915
It is the purpose of this paper to call attention to a method of rating compensation risks, which has already had some discussion and has been practically applied to several groups of classifications. A more or less general discussion of this method took place at the joint Manual Committee meeting in the Hotel Manhattan, the latter part of September.
1915
The question of rating permanent disabilities in combination is one with which every Industrial Accident Commission will have to deal at some time.
1915
In reading over the first volume of the Proceedings of our Society, one will readily notice that the subject of social insurance in its various forms and aspects is still in its infancy in this country. Our newly formed organization has, however, already done valuable service in bringing together and crystalizing a number of problems under this particular branch of insurance.
1915
All mankind when in a hurry tend to cut corners and take a chance. The man hurrying for a train dodges the taxis around the station. The business man under pressure of orders hires the man he would not consider in normal times. On the other hand, when we have plenty of time we wait for the signal of the traffic officer. And when times slacken tip and employers have to reduce forces the poorer workmen go first.
1915
This paper presents the methods in use in the New York State Insurance Fund in the valuation of claims arising under its policies. I believe that the methods outlined herein are applicable in some degree to the business of any company writing workmen's compensation in any state.
