Browse Research
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1966
In this paper an attempt is made to find an answer to the question, "What is the most advantageous size for the retention limit
of a risk portfolio, given the fact that a certain stability requirement is to be satisfied ?"
1966
Before replying to the reviews let me summarize my independent investigation of the pure premium cost elements of the Basic Protection Plan.
1966
The concept of some sort of an automobile compensation system, particularly for bodily injury caused by the operation of an automobile, has intrigued many people, principally academicians, for over forty years. However, all of the efforts to cope with problems of actually devising a system of this type has been for naught in this country.
1966
Mr. Harwayne, in his capacity as consulting actuary, is to be congratulated for his fine effort in making what probably is the first attempt at a costing of the Basic Protection Plan. This reviewer found the task of analyzing Mr. Harwayne’s manipulations a bit tedious, not so much because of the content of the paper under discussion, but because he had to read and reread the Basic Protection Plan under its various guises. One wishes that Mr.
1966
In reviewing Mr. Harwayne’s paper I found it necessary to go over the Keeton-O’Connell Automobile Basic Protection Plan again, as I had read it originally some time ago. The Plan has so many details, however, that even after I had read it the second time and started reviewing the cost analysis, I had to refer to the Plan time after time to refresh my memory.
1966
The author is indebted to the Harvard Law School to Professor Robert E. Keeton (Harvard Law School), and to Professor Jeffrey O’Connell (University of Illinois) for sparking the interest in undertaking this study and for their aid in reviewing the manuscript. In particular, evaluation of some of the finer points of the Basic Protection Plan would have presented a much more arduous task without assistance from these able men and Professor C.
1966
Following the introduction of the Homeowners’ policy, interest began to develop in the problem of making rates for package policies. This interest was heightened by the introduction of the commercial package policies, which departed from the indivisible premium concept of the Homeowners’ policy.
1966
In developing this historical review of alternatives to our present system of determining compensation for the accident victim, I have wanted to avoid too much involvement with the details of proposed plans. While I will point out the highlights of some of the proposals, this will be done to show the evolution which has taken place from the original ideas to the current approaches.
1966
Mr. S. C. Du Rose has made a number of suggestions for the improvement of my paper on general liability insurance ratemaking. Since most of his suggestions arc of a stylistic nature, I will simply attempt to explain briefly the motivation for the phraseology used in each instance.
1966
The author presents an explanation of general liability insurance rate making and rate filing procedures of the National Bureau of Casualty Underwriters. To this extent, the paper is of substantial value to the student or other interested person.
1966
One of the more tedious and even discouraging tasks facing the student preparing himself for an actuarial career is gaining an understanding of the various ratemaking systems being used in property and casualty insurance. His search for the rationale and background behind the numerous steps in the ratemaking process may take him through rate filings (assuming he can readily obtain them) and through thick files.
1966
Liability insurance is designed to protect an individual against the possibility that he will be held responsible in a court of law for injury to another’s person, property, or other interests. The property owner is held responsible for accidents happening on his property if negligence can be established or legal liability exists by statute.
1966
Proposals for the substitution of automobile compensation plans for automobile tort liability principles have been suggested periodically dating back to the Columbia University study in the early 1930s. The various studies and proposals have arisen primarily from the academic fraternity although there has been a sprinkling of generalized suggestions arising from judicial circles. Within the insurance industry.
1966
Most large insurance companies have today electronic computers that enable not only efficient actuarial statistics, but also research in applied risk theory. An important task in this latter field is the developing of an information system for control of the business as to the statistical balance between premiums and claims.
1966
While this paper, so suggestive of an austere scholarship, may seem directed to those of the avant-garde who delight in frolicking among the outer reaches of actuarial theory, Mr. Hewitt presents both a challenge and a promise to those members whose interests, like this reviewer’s, may gravitate more towards the application of actuarial principles to current underwriting and rating problems.
1966
We are, indeed, indebted to Mr. Hewitt for his continual efforts to provide us with practical applications of the theoretical techniques developed by mathematical statisticians.
1966
Distribution of risks by size is important in many lines of commercial casualty insurance, and yet there seems to be no evidence in the Proceedings of any attempt to provide a workable mathematical model for this distribution. This paper will indicate that there is a basic model which provides excellent fit of the raw data in many instances.
1966
The object of this paper is to provide a description of the basic mechanics and rationale involved in the development of Boiler and Machinery manual rates. In this vein, no attempt has been made to evaluate the described procedures. It is hoped that this paper presents an orderly approach to an understanding of the logic and considerations underlying the Boiler and Machinery ratemaking procedures.
1966
In this paper we shall consider a given portfolio of insurance contracts, and we shall study the following two problems:
(i) How should this portfolio be reinsured? (ii) What reserves should the company maintain to pay claims which will be made under the contracts in the portfolio?
1966
In a series of studies K. Borch has considered the problem of introducing a utility function into actuarial theory. His work refers mainly to inquiries about the situation during a financial year of an insurance company. By means of the claim distribution for the risks insured during an insurance year the best reinsurance for this insurance year is obtained, the best reinsurance being considered that one which provides the greatest utility.
1966
Burglary insurance is designed to reimburse an insured party for any losses which he may sustain arising from the burglary, robbery, or theft of his property and possessions and any damage thereto. The need for this type of insurance has been recognized for many centuries. The earliest recorded example may be found in France in the year 1161, when a fund was set up which received a special license by edict of Pope Alexander III.
1966
I am exercising the option to comment on the review of my paper by Paul Otteson because it gives me another opportunity to interest the members of the Society in a subject which has long been neglected.
1966
Mr. Foster’s paper stresses the importance and necessity of a system of planning which will permit comparison and subsequent analysis of variations between actual results and planned results.
1966
William F. Dowling’s paper "Budgeting by Casualty Insurance Companies" was presented to this Society in May of 1942. He noted that some twenty years before budgeting was primarily used to control governmental appropriations and expenditures. He also reported on a survey which showed that about one-third of the companies were budgeting expenses in relation to a forecast of income.
