Criticisms and Answers

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. They have made progress; but, speaking frankly, their accomplishments are not to be compared with those achieved in the field of life insurance, where such problems as ratemaking and the establishment of reserves have been reduced to definite formulae which have universal sanction.