Trade Union Benefits and Our Social Insurance Problems

Trade unions have, for half a century, paid insurance benefits, quasi and pseudo insurance benefits, along with many other forms of allowances to which the term "insurance" is entirely foreign. An examination of the methods and experiences of trade unions will teach members of this body nothing in the way of actuarial theory. In fact, from the standpoint of an actuary the study of what trade unions have done is a good way of finding out what not to do. Nevertheless, this paper is written to review, very briefly, some of the characteristics of trade union benefit schemes, with the thought that we may learn something from these activities which will be of use in dealing with problems of importance to us as good citizens, if not as company actuaries.