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1961
One of the nation's leading multiple line insurance companies underwrites almost every conceivable type of personal insurance. The major exception is Accident and Health insurance. The agents of this company pride themselves on their complete coverage for any hazard except accident and sickness. Most of these men will not even advise their clients where to obtain such protection.
1961
The seminar opened with the statement of an objective for the session: "To have an open discussion of how rates should be made for a package policy when it has reached the state of mature development with a large volume of information available." After outlining our ground rules, we went directly into a discussion of the difference between the Homeowners package and the commercial package.
1961
Several years ago 1 presented to the Society a paper describing the coverage and the methods of rate calculation for Prolonged Illness Insurance developed by the Massachusetts Hospital Service, Inc. and the Massachusetts Medical Service. About two years later there was introduced by these organizations a plan of coverage designated as Master Medical coverage.
1961
The Loss and Expense Ratios booklet published annually by the New York Insurance Department summarizes pertinent figures for all companies and for each line of business. It serves as a handy guide for comparisons among companies and has also been used either directly or indirectly for ascertaining the reasonableness of expense loadings which are used by rating organizations.
1961
By a general theorem the necessary and sufficient condition for a function (formula) being completely monotonic for , lying in the right semi-plane, i.e.
1961
E. G. Richards has stated: "If experience is to measure fire insurance costs, it will show that the rate upon a specific risk should be the same as the average rate of its class." Mr.
1961
The seminar on Marketing Research owed its success to Mr. Seymour Smith, Vice President and Actuary of the Travelers Insurance Company, who had prepared a general review of the subject. Marketing research may be considered to be the application of scientific methods and procedures in the study of marketing problems to provide management with factual information upon which to formulate executive decisions and policies.
1961
LeRoy Simon's paper deals with two statistical concepts which have lain just outside our door for many years but with which most of us Actuaries have not, until recently, been familiar. The now popular Negative Binomial Distribution brought to us by Frank Harwayne and developed lucidly by Lester Dropkin has been lying around for how many years this reviewer does not know. We now wonder how we have gotten along without it.
1961
Maximum likelihood solutions for negative binomial distributions have been worked out by a number of authors. The purpose of this paper will be to develop the solutions in an insurance context, and to investigate one phase that has not been touched upon in the literature. The formulas developed will be applied to some actual data.
1961
The heterogeneity of risks and the need for experience rating is a widespread problem and is not confined only to insurance or to casualty insurance. An illustration is the familiar passage: "Beware of false prophets, which come to you in sheep's clothing, but inwardly they are ravening wolves.
1961
In order to provide some basis for discussion, a list of current "problems" had been prepared in advance, divided into two main categories, those which we, as actuaries, might be able to do something about, and those which might be interesting to talk about with no action expected. The first session devoted its time to the first category, concentrating largely on means of handling risks under $500.
1961
At a time when an increasing frequency of crimes has adversely affected underwriting results for Bulgary insurance, Messrs. Wolfrum and Richardson are to be commended for their timely and valuable contribution to our Proceedings. That this is the first paper presented to the Society on the subject, "Burglary Insurance--Rates and Ratemaking," should, as the authors suggest, help raise the veil of mystery that has shrouded this form of insurance.
1961
Mr. Latimer is to be congratulated on his presentation of a very interesting case study in the field of hospitalization-benefit cost estimating.
1961
Mr. Latimer has presented to us his detailed analysis of a specific request from a large company to give them an estimate of the cost of providing retired hospital benefits for their employees, and more specifically, to provide for the advance funding of these benefits similar to the approach used for their pension program.
1961
The officers of a client company asked, in mid-1960, for an estimate of the cost of providing hospital benefits for employees who retire under the company pension plan. The pension plan is funded, on an actuarial basis which the company has found to be satisfactory, through a trust fund.
1961
Mr. Dropkin's paper is a natural extension of his previous paper, "Some Considerations on Automobile Rating Systems Utilizing Individual Driving Records", 1 in which he introduced the negative binomial distribution as a proper model for the distribution of risks by number of accidents. Since that introduction, several papers dealing directly or indirectly with this frequency function have appeared in C.A.S. literature.
1961
As Bill Leslie has just pointed out, this is one of the two non-actuarial subjects that were taken up at the seminars yesterday afternoon. Judging by the interest shown by the seminar participants and the lively discussion that took place, 1 think the experiment was a complete success. Since actuarial chairmen are not supposed to know anything about nonactuarial subjects--and I certainly fall in that category--1 took the precaution of asking Dr.
1960
Section A, Effectiveness of Merit Rating and Class Rating, uses the Canadian experience for private passenger automobiles to show (1) that merit rating is almost as effective as the class plan in separating the better risks from the poorer risks, (2) that both merit rating and class rating leave unanalyzed a considerable amount of variation among risks and (3) that certain available evidence supports the conclusion that annual mileage, which h
1960
The chairman took the liberty of broadening the subject of this seminar to “Hospital and Surgical Benefits for Persons Age 65 and Over - Private Insurance or Governmental Action?” We believed it necessary to thus broaden our horizons because of the many approaches other than Social Security which were considered by the last Congress.
1960
Aside from the advantages claimed for the census method of compiling exposure as advocated by Mr. Longley-Cook, he has drawn attention to the fact that through innovations in established statistical procedures we might accomplish substantial economies without seriously injuring the value of the resulting data.
1960
One of the tenets of insurance rate making is that statistics should be developed on the broadest possible base.
1960
Mr. Uhthoff’s paper serves the admirable purpose of bringing into focus the underlying features of the Experience Rating Plan Manual-1940 for Workmen’s Compensation and Employers’ Liability Insurance and further enlarging some of these features so that they can be examined for possible defects. Mr.
