The Technique of Rate Making as Illustrated by the 1920 National Revision of Workmen's Compensations Insurance Rates

To one who has never taken active part in such proceedings, a revision of rates means probably ]ittle more than a new manual wifll various innovations in classifications, rules and rates. From this point of view a revision is simple; the manual suddenly appears as a completed product, there follows a short period of adjustment to changes in rates and methods of underwriting and then the order of things runs on as usual. The new manual is only an incident and is accepted more or less as a matter of course, as a necessary development in the business. To a person in this position a manual is apparently created over night, or possibly in the short space of time it takes a committee to make certain fundamental decisions without which it would be impossible to have a revision at all.