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Viewing 6601 to 6625 of 7690 results
1962
To one who did his statistical teething in what I would term the era of the 'Lexis Theory', the arrival of more searching tools upon the actuarial scene through the notable contributions of Harwayne, Dropkin, Simon, Hewitt, Bailey, Roberts and others of a younger generation, which has been likened by others to an invasion from Mars, is more accurately analogous to the kegling that awoke Rip Van Winkle.
1962
The growing development of package policies embracing two or more major lines of insurance presents problems of considerable magnitude in both the statistical and ratemaking areas. The statistical problem might appropriately be mentioned first.
1962
This paper involves certain aspects of higher algebra which have received an impetus in the last decade from the developments in the field of Linear Programming. As yet these techniques have had limited application to actuarial problems--but this may soon be rectified since the author of this paper, Kenneth L. McIntosh, is an active participant in the CAS recently appointed Special Committee on the Mathematical Theory of Risk.
1962
The present paper by Mr. Mclntosh joins a growing list of recent contributions to the Society which are united in the belief that real value results from approaching a given subject of actuarial interest by theoretical means. With such a viewpoint, this reviewer is heartily in accord. The actuary dealing with the charges of a fire rating schedule is faced with a mass of unknowns.
1962
Rather than restrict themselves to the literal boundaries of the title, the participants expanded the topic to HOW CAN ACTUARIAL DEPARTMENTS HELP CLAIM DEPARTMENTS FUNCTION MORE EFFECTIVELY. In exploring this subject, we traded experiences on jobs we had done and ideas on some we had considered doing but had not yet done.
1962
The Homeowners policy completed its first decade of existence in 1960, the first multiple line dwelling package with an indivisible premium having been introduced in September of 1950. During this period, the Homeowners policy has grown at such a rapid rate that it now occupies an extremely important position in the industry. In the year 1960 companies wrote approximately three quarters of a billion dollars in premium countrywide?
1962
Besides it well known applications, the collective risk theory has recently also been applied to problems connected with the so called Experience Rating. This term is used to define a method of premium calculation in insurance business which is based partially or totally on the individual experience of the particular risk involved.
1962
This paper is distinguished by two virtues which are unfortunately not often found in combination: on the one hand, incisive theoretical analysis, and on the other, thorough practicality.
1962
Mr. Bailey has made a timely contribution to the technical literature. His examination of the structure of experience rating is well organized, and the conscientiousness with which he sorts out and labels the areas of judgment is to be commended. The paper should be reviewed by someone qualified to deal with the mathematical developments. Absent such a qualification, I find it necessary to comment on the criteria which Mr.
1962
In this paper we shall study the problem of determining "correct" premium rates for sub-groups of an insurance collective. This problem obviously occurs in all branches of insurance. However, it seems at present to be a really burning issue in automobile insurance. We shall show that the problem can be formulated as a conflict between groups which can gain by co-operating, although their interests are opposed.
1962
Seminars were held with R. G. Espie acting as Chairman, assisted by Messrs. Harmon T. Barber, Joseph Linder and Norton E. Masterson. The Seminars were opened by the distribution of a set of inter-company premium, loss and expense statistics drawn from the insurance expense exhibits and distributed to management.
1961
I'd like to give a vote of thanks to Dutch Day, Tom Murrin and the audience that participated in this session. Both sessions of the seminar were well attended. The chairman brought out that both the young and the old have substandard risks which cannot find an insurance market other than in the assigned risk plan or a specialty company for substandard risks. Elden Day covered the substandard risk as he is known through assigned risk plans.
1961
Mr. Hewitt's interesting paper carries on the discussion of automobile rating plans which consider the accident, conviction, claim and/or fault, experience of the auto and its drivers. There is a lack of general agreement whether such plans properly should be classified as individual risk rating plans or as extensions of the classification system. The Canadian plan, to which Mr.
1961
In some recent papers ((I), (2) and (3)) about reinsurance problems I have made extensive use of utility concepts. It has been shown that if a company follows when defined objectives in its reinsurance policy, these objectives can be represented by a utility function which the company seeks to maximize.
1961
The author would like to express his appreciation to Professor Dickerson for his kind treatment of the paper under discussion.
He is in complete agreement with most of the items which Professor Dickerson refers to as "sins of omission." Although pleading guilty on virtually all counts of the indictment, I do wish to indicate certain extenuating circumstances.
LOB-Auto Liability, Credibility, Classifications
1961
Assigned Risk Plans are thought to expand or contract in volume according to whether or not a prospect of profitable insurance operation is lacking. In order to develop a quantitative first estimate of an Assigned Risk Plan volume, it will be assumed that underwriters relate this prospect of profitable insurance operation to expected claims occurrence, and such expectation is sufficient to reject the request for voluntary coverage.
1961
This is the first time that the writer of the article under discussion has ever had occasion to respond to a review. Frankly, I find the problem of responding more difficult than the original writing of the article itself. The standard textbook of the Society of Actuaries on this subject is "Life Contingencies" by Professor Jordan of Williams College.
1961
"What can be expected as the normal size of the New York Automobile Assigned Risk Plan?" Mr. Harwayne attempts to answer this question by reducing the acceptance or rejection by underwriters of automobile risks in the State of New York to a consideration of the accident records over a three-year period.
1961
In his recent paper, "An Attempt to Determine the Optimum Amount of Stop Loss Reinsurance", presented to the XVIth International Congress of Actuaries, Dr. Karl Botch considers the problem of minimizing the variance of the total claims borne by the ceding insurer. Adopting this variance as a measure of risk, he considers as the most efficient reinsurance scheme that one which serves to minimize this variance.
1961
The Program Committee certainly made the chairman's job easy by selecting for the panel two men, both with wide experience in the field, and each a recognized authority in his own right. Our colleague, LeRoy Simon, who writes technical papers and articles with equal facility on fire and casualty subjects, handled the statistical aspects of fire rating problems. As our other expert, the seminar was privileged to have Mr.
1961
Mr. Balcarek has presented a very interesting and thorough study on Reserves for Reopened Workmen's Compensation Claims. He is to be commended for contributing a paper to the Proceedings of the Society on loss reserves because very few papers have been presented on this subject in the past several years. Even though his paper pertains to only a small segment of the general subject, it is a welcome addition to the Proceedings.
1961
Reopening of closed claims occurs in most lines of insurance, but in the case of Workmen's Compensation these reopenings have acquired a major importance because of their frequency and the success with which these reopened claims are pressed. Most companies make the reserve for reopened claims a part of the reserve for Incurred But Not Reported Claims, calculated at the end of each year for the purpose of the Annual Statement.
1961
The broad title for this seminar was selected for the deliberate purpose of encouraging a presentation of the various kinds of reports that were being made for management and inviting questions and discussion concerning them. It was pointed out that the Annual Statement itself and its related Insurance Expense Exhibit were reports for management as well as mandatory documents filed with Insurance Departments.
1961
An appropriate over-all objective was considered to be an attempt to analyze the actuarial phases inherent in the reinsurance operation. (This necessitated a preliminary discussion of the barrier that has separated the actuary from reinsurance so effectively over the years.) The main discussion then started with an analysis of the components of the "total" reinsurance function.
