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1960
Mr. Uhthoff is to be congratulated for a fine technical analysis of the various components of the Multi-Split Experience Rating Plan. Were certain of his suggestions to be adopted, particularly his proposed method of determining primary losses, the Plan could no longer be called by that name, as is proved by the title of his paper.
1960
Aside from the advantages claimed for the census method of compiling exposures 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
Harald Cramer was nominated Professor in Actuarial Mathematics and Mathematical Statistics at the University of Stockholm
in the late twenties. 1959 a book was "dedicated to Harald Cramer on his sixty-fifth birthday, in recognition of his pathbreaking work in probability and statistics", with the title Probability and Statistics, The Harald Cramer Volume (Almqvist &Wiksell, Uppsala 1959; John Wiley & Sons, New York).
1960
According to the provisions of the Swedish tables of rates the premium payable on a certain policy both for Third Party Liability and for Car Damage Insurance (without clause for particular self retention) is equal to the initial premium reduced with regard to points earned as related to years with no indemnities.
1960
This topic proved to be a popular one and the two sessions scheduled for the afternoon were crowded to capacity. It was found impossible to satisfactorily cover the subject in the allotted time and as a result a continuation session was arranged for the evening. This latter session, best described as a :beer and shirtsleeves session," was strictly voluntary as to attendance and
informal in character.
1960
Dropkin has shown that an excellent fit of actual automobile accident frequencies is obtained by the use of the negative binomial distribution.
1960
In these days of Poissons and negative binomials, Mr. Stevens’ paper, couched as it is in English words and Arabian numerals, comes as a welcome change of pace. Mr. Stevens brings out the fact, not quite so well known as it ought to be, that the Workmen’s Compensation Experience Rating Plan is something like alcohol, it lifts you up (if you’re a bad risk), and it lets you down (if you’re good).
1960
Considerable space is devoted in the literature of this Society to the problems of evaluating the rights of survivors under the benefit provisions of various Workmen’s Compensation statutes. By the very nature of the problem of industrial deaths, survivors are, in a great majority of the cases, widows and orphans.
1960
Mr. Hewitt’s paper attempts to derive an analytic expression suitable for evaluating mortality at infant ages.
1960
In his paper "“A Comparison of Auto Liability Experience Under a Compulsory Law and Under Financial Responsibility Laws," Mr. M. G. McDonald, Fire and Casualty Actuary of the Massachusetts Insurance Department, has set forth private passenger and commercial car experience for Massachusetts, a compulsory law state, and for Connecticut and New Jersey, financial responsibility law states.
1960
Crop-hail insurance is the name of that type of coverage which insures a farmer against loss resulting from hail damage to growing crops. Hail, though the basic hazard, is not the only peril insured against, as the crop-hail policy also provides protection, depending upon the crop and state, against fire, lightning, livestock, wind (when accompanied by hail), aircraft, and
vehicles.
1960
Mr. Roth’s paper is a welcome addition to our Proceedings, dealing, as it does, with a phase of property insurance that is somewhat foreign to the scope of the actuarial experience and activity of most of our membership, including myself. His comprehensive survey is, to my knowledge, the first and most complete documentation on the subject of crop-hail insurance ratemaking.
1960
For much statistical work the binomial distribution is the most suitable mathematical model. It involves n independent trials, each having a probability of success equal to p. In automobile and other branches of casualty insurance, we are not concerned with a limited number of independent trials, but with an exposure to accident such that n becomes very great while n X p remains finite and is the number of "successes".
1960
The two “studies” by Messrs. Bailey and Simon are based on Canadian statistics, and while it was not the authors’ intention that they should be considered particularly from the point of view of Canadian conditions, we in Canada have been very interested both in the critical review of what we have already done and in the suggestions as to what we should do in the future.
1960
Anyone who has tried to read the fidelity and surety manual and to rate fidelity and surety bonds from them finds a confusing maze of rules and tables that can be quite formidable to the greenhorn.
1960
Seminar D was conceived at 1:45 P.M. yesterday and suffered a gestation period of almost an hour before appearing to those of us who awaited it and vicariously shared its pangs of birth. Our first hour was an interval during which we probably did what was expected of us, but an unnatural truce zone lying between the author and the moderator prevented the somewhat fiercer exchange of views which seems to make these affairs so worth-while.
1960
As Mr. R. E. Beard, secretary and editor of Astin, said, "The literature in the English language relating to analytical expressions of the risks involved in general insurance is scanty and largely limited to papers presented to International Congresses of Actuaries and the Proceedings of the Casualty Actuarial Society.
1960
In this paper we shall study the situation of two insurance companies which are negotiating with the view of concluding a reciprocal reinsurance treaty. We assume that the two companies are under no compulsion to reach an agreement. This means that if the companies conclude a treaty, the treaty must be such that both companies consider themselves better off than without any treaty.
1960
Our seminar was based on a paper that was presented to the Society last fall by Bob Hurley on “Multiple Peril Rating Problems-Some Statistical Considerations” and the discussion at both of the seminars was opened by a review of that paper by Paul Otteson.
1960
I feel some diffidence in bringing you from the esoteric realms of negative binomials and Poisson distributions to the very pedestrian business of health and accident insurance. I had always thought that Poisson distribution referred to some method of merchandising fish, so I see that I’m going to have to get a little further education on the subject.
1960
I think it is very true that in any discussion of either the theoretical or practical aspects of automobile merit rating you tend to get involved in the other aspects. Several people mentioned, after our discussion on the practical aspects, that some of the things that were discussed should have been in the other seminar.
Keywords: Auto Physical Damage, Auto Liability, Risk Classification, Merit Rating
1960
Mr. Williamson’s extensive discussion of my paper concerns not only the paper, but also the more general topic of the nature of the OASDI system. My reply is confined to those points that I consider most important from an actuarial standpoint.
1960
Before commenting directly upon Mr. Myers’ current paper, I shall set down certain background remarks on “Social Security” and the segment called OASI. I shall largely omit both the Disability segment, with its separate trust fund and tax-base, as well as Medical Care currently being discussed as the next addition to what is called the “Insurance Part” of Social Security.
1960
In order to fix our ideas an illustration of the theory for (a) a general elementary random process, (b) a compound Poisson process and (c) a Polya process shall be given here below following Ove Lundberg (On Random Processes and Their Application to Accident and Sickness Statistics, Inaug. Diss., Uppsala 1940).
1960
Mr. Hurley’s paper represents a valuable contribution to the literature on multiple peril rating. The paper is most interesting to read and study; it reveals much of the author’s thinking and philosophy concerning the general problems of insurance statistics and ratemaking and should provoke thought, study and discussion on a most timely subject.
