'Workmen's Compensation Injury Table' and 'Standard Wage Distribution Table'--Their Development and Use in Workmen's Compensation Insurance Ratemaking [Discussion]

This paper describing the development and use of the Workmen's Compensation Injury and Standard Wage Distribution Tables is a most important one for workmen's compensation insurance. One has only to note the large number of amendments to workmen's compensation laws in the past few years and the relatively large percentage of premium collected which is dependent upon accurate calculation of the worth of these amendments to realize its importance. In addition, there is considerable evidence that an even greater reliance must be placed upon these tables in the years immediately ahead. Economic and social changes are demanding more and more liberalization of workmen's compensation laws. It follows that nothing less than the most accurate methods possible will be acceptable in calculating the advance worth of these amendments.