Browse Research
Viewing 6276 to 6300 of 7690 results
1971
What did the Study show to be wrong with the present system? First, the liability insurance system has limitations in its coverage. Only those who can prove that others were at fault while they were not (or were less at fault) have a legal right to recover their full losses. What does this mean in fact?
1971
Relatively few risks under the various Liability and Property Damage lines, other than Automobile, have been written in the past on either a deductible or an excess coverage basis. There is, however, a growing trend toward writing certain types of risks under these lines of insurance on a deductible basis.
1971
The credibility formulae discussed in this paper may be satisfactory from an experience rating point of view, where the premium of a particular risk is only influenced by the total amount of its claims experienced in the past. Thus a risk with 10 claims of $1,000 each is rated the same as a risk with just one claim of size $10,000.
1971
This is an inspiring paper very clearly written and well presented. I hope that the point made by Mr. Hewitt comes home, namely that credibility is theoretically justifiable and eminently practical. The main contribution of this paper is the explicit application of general credibility techniques to the factorized pure premium, the factors being expected frequency and expected severity.
1971
In the wake of the technical development of our era we are increasingly faced with claims of extremely large amounts. Whereas even in the past century large claims were mostly due to elemental or natural forces such as earthquakes, hurricanes and
floods, there are today other causes, conditioned by human factors, that have considerably increased in importance.
1971
Our discussions today will concern Subject A: Risk Theory, in particular the overall risk involved in operating an insurance concern. 7 papers have been handed in to the Colloquium on this subject.
1971
There is a general rule applicable to all insurance and reinsurance fields according to which the level of the so-called technical
minimum premium should be fixed such that a certain stability criterion is satisfied for the portfolio under consideration.
1971
As is well-known, in the early 60's a Swedish committee set to work at the numerical calculation of the distribution function of the total amount of claims and of the related stop loss premiums in the Poisson and Polya cases (Bohman and Esscher [6]).
1971
In several different countries there has lately been a very unfavorable development as far as fire losses are concerned. There have been many and very bad big fires which have especially affected industry and trade. The facts which can be considered to have caused this development are well-known.
1971
In the calculation of tabular reserves for long term pension type awards special care must be used when an excess of loss reinsurance coverage is involved.
1970
Don Weber’s paper, “A Stochastic Approach to Automobile Compensation,” provides us with a most interesting approach to a subject of considerable current concern. If there were those who thought that the problem of pricing a “no-fault” automobile insurance system was still somewhat academic when the paper was presented last May, more recent events will have quickly brought the realization that the problem is now squarely in the forefront.
1970
In recent years various automobile compensation plans have been proposed in response to adverse criticism of the existing automobile liability system. This paper is an effort to present a probability model which conceivably could provide the mathematical framework for some future no-fault insurance system.
1970
The making of rates for increased limits of liability is not, as Mr. Lange points out, given coverage in the Proceedings even in proportion to its importance as a premium-producing element in the overall structure of our business. Therefore, not only are executives and underwriters confused by the available experience, but also many actuaries are drawing wrong conclusions.
1970
Earlier this year, President Nixon’s Council of Economic Advisors stressed the merits of free competition. Their analysis puts it this way: “Traditionally, this nation has accepted the premise that the individual should be as free as possible to decide for himself what goods and services will be best for him and where and how he will exercise his own talents and energies. By and large the resultant system serves us well.”
1970
Many among those here today are employed by insurance subsidiaries of essentially non-insurance holding companies; many represent subsidiaries of holding companies whose main business is, or has been, insurance; and many represent companies which are about to either succumb to, or reorganize their corporate structure into, one of these two situations.
1970
The pricing of insurance is important at several economic levels. At the most parochial level, from the insurance company’s point of view, its rates determine the amount and kind of business that it will attract and the profitability of that business. The interest of an actuary in the price of insurance often begins and ends at this level.
1970
"Open-competition" rating laws include all rate regulatory laws that prohibit agreements among insurers (except those under common control) and rating organizations to adhere to certain rates or rules. In early 1970 eleven states had such laws.
1970
In reviewing a paper one must determine at the very outset what the author’s primary purpose was in writing the paper. Having ascertained the goal, we are then in a better position to make the determination of whether or not it was attained. It would appear from Mr. Lange’s comments that he wishes us to view his paper as a philosophical discussion rather than something definitive and susceptible of rigorous analysis.
1970
A paper on actuarial notation in casualty and property insurance is welcome because it forces us to take stock of the basic language of our profession - an important subject that we usually ignore because of the press of more immediate problems.
1970
Anyone familiar with the insurance business must sense intuitively that there is something unreal about the two reports by Arthur D. Little, Inc. on the property and liability insurance industry.
1970
Robert A. Bailey, in his article, “A Review of the Little Report on Rates of Return in the Property and Liability Insurance Industry,” has examined the basic A. D. Little (ADL) equation. The equation: [equation here- see paper] is the basis for their conclusion that the insurance industry is unprofitable.
1970
In his paper reviewing the most recent Arthur D. Little (ADL) Report commissioned by the NAII, Bailey seems to have his basic objective the development of a rationale for calculating return for property and liability insurance companies as: Net income/Net worth rather than ADL's preferred approach, which is: Net income/Net worth and reserves.
