Some Developments in Schedule Rating Since the Adoption of the IndustrialCompensation Rating Schedule, 1923

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. Whitney outlined the mathematical theory which had been approved by the Joint Actuarial and Engineering Committees of the then National Council on Workmen's Compensation Insurance, as the basis which should be used for building up a new Schedule for compensation insurance purposes, and at the Pall meeting of 1922, (Proceedings, Vol. IX page 11) a paper was presented by Messrs. Perkins and Wheeler describing how the theoretical formula had been adapted for practical use, and how it was proposed to apply the theory to the various accident causes that were retained in the schedule rating plan. They also described the methods that were used, and the data available, to place the new schedule upon a statistical basis.