Abstract
Casualty actuarial science has progressed by now to the point where a standardized system of notation in formulas, applicable as far as possible to all casualty lines of insurance, is feasible and desirable: feasible because the basic terms that actuaries deal with in their work are no longer changing rapidly, desirable because the absence of a standardized notation leads to wasted time and effort on the part of both the author and the reader. In recent years the variety of symbols encountered not only in papers presented to this Society, but more particularly in memoranda submitted to the actuarial committees of the respective casualty ratemaking organizations has tended to become confusing, making it necessary for the reader to familiarize himself with each set of symbols individually. In fact, the final spur to my writing of this paper, which had long been carried in mind as one among several projects to be accomplished in the uncertain future, was a memorandum I received in which the goose-egg familiarly understood to represent zero was used to represent the experience rating off-balance factor, with resulting formulas to make one's head spin.
Volume
XX
Page
264-275
Year
1934
Categories
Actuarial Applications and Methodologies
Data Management and Information
Financial and Statistical Methods
Risk Pricing and Risk Evaluation Models
Publications
Proceedings of the Casualty Actuarial Society
