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1955
The important thing which Mr. McDonald's paper reveals is the very great difficulty encountered by an actuary in fulfilling the rate
making requirements of a compulsory law which arouses as much ill-informed public discussion as the Massachusetts Compulsory Insurance Law.
1955
For the past few years the subject of Compulsory Automobile Insurance has been one of paramount importance to the industry, to the legislatures in many of the states and to the motoring public.
1954
Hospital therapeutics benefits coverage is often referred to as "hospital extras" or "hospital miscellaneous benefits." As defined in our policy it covers "hospital charges for necessary therapeutic services and supplies (including ambulance service, whether or not charged by the hospital)" but does not include hospital charges for room and board and general nursing service.
1954
Mr. McConnell has done the Casualty Insurance industry a distinct service by presenting the details of the size of risk study and in causing the results thereof to be presented in our Proceedings. Henceforth, any one having occasion to refer to the 1950 Size of Risk Study, be he an Insurance Commissioner, Company executive or a student preparing for our examinations, will refer to Mr. McConnell's paper in Volume XXXIX.
1954
The expense study by size of risk undertaken by 13 stock and 5 mutual companies was one of the most significant and large-scale investigations into expenses undertaken in recent years. As such it deserves the most careful review and analysis by those concerned with the measurement of expense elements on a more scientific basis. A comprehensive outline of the historical background, methods used, and results such as Mr.
1954
The need for "credibility" judgments in fire insurance is inescapable. However, it is not necessary, nor is it a common custom, always to express credibility evaluations in mathematical language. In his daily work, the underwriter soon acquires the habit of accepting certain evidence as credible and dismissing others as untrustworthy.
1954
This study is a worth-while contribution to the business of fire insurance underwriting and should be equally valuable to that group of studious men, employed by large organizations, responsible for buying insurance for their employers. We can not see that this study would have too great an appeal to brokers or agents.
1954
The examination requirements of the Casualty Actuarial Society require some familiarity with ratemaking practices. Mr. R. A. Johnson, Jr. and Mr. C. M. Graham have presented papers before the Society dealing with the calculation of New York Compensation rates, and Mr. G. B. Elliott has dealt with the Pennsylvania procedure.
1954
Dr. Graves is to be congratulated on his clear and comprehensive paper describing the Uniform Statistical Plan for Fire and Allied
Lines. The paper brings together in one place not only the details of the plan but also its historical development. This latter feature of the paper is most valuable and will do much to help the student to understand the plan.
1954
It is the intent of this paper to present a concise explanation of the more important features of the new Workmen's Compensation and Employers' Liability Policy and to describe the Standard Provisions Program which was adopted by the National Council on Compensation Insurance and which became effective on October 1, 1954.
1954
In this paper there is described an approach to the coverage for the catastrophic aspect of a serious and prolonged illness as well as the methods used in arriving at a set of rates to be charged therefore. This type of insurance is relatively new and has been initiated by several large Life Insurance companies and Blue Cross-Blue Shield organizations.
1954
Mr. Harwayne's discussion is particularly welcome because, with regard to the use of wage factors, we hold very strong convictions which are diametrically opposed.
1954
Mr. Allen's paper is one that has been long overdue. The subject of wage factors has been one of controversy for a great many years. It is well that attempts to define the problem are being made within the Society.
1954
I think it might be well to state at the outset, that after considerable experience, of many years, having to do with compensation ratemaking, I am firmly convinced that the injection of a so-called wage trend factor in the compensation rate structure would be a tragic mistake.
1954
Mr. Rodermund's well-written paper is a valuable contribution to the proceedings of the Society for it casts light on a subject not covered, to my knowledge, in any previous paper. Since only New York domestic mutual companies are required to utilize Schedule R, the subject is one which has not generally received much attention elsewhere. Mr.
1954
Hospital therapeutics benefits coverage is often referred to as "hospital extras" or "hospital miscellaneous benefits." As defined in our policy it covers "hospital charges for necessary therapeutic services and supplies (including ambulance service, whether or not charged by the hospital)" but does not include hospital charges for room and board and general nursing service.
1954
With characteristic modesty Mr. Johnson did not present his method for determining average manual rate index numbers until 1953, although his original studies were made in 1948. The publicity which has been given to his work indicates the need for index numbers of this type, which can be very useful for reinsurers, self-insurers and legislators.
1953
A few years ago, the scope of activities of the Casualty Actuarial Society was enlarged to cover Fire and Allied Lines Insurance. Three papers dealing with fire insurance rate making have appeared in the Proceedings " Problems of Fire Insurance Rate Making" and "A Statistical Study of Large Fire Losses with Application to a Problem in Catastrophe Insurance" by L. H. Longley-Cook and "A Casualty Man Looks at Fire Insurance Rate Making" by M. H.
1953
Original work on game theory, since extended to proposed solutions of problems in insurance and reinsurance pricing.
1953
The high cost of Workmen's Compensation Insurance, particularly in the State of New York, is a continuing problem which is confronting not only employers and the insurance industry, but state officials as well.
1952
Over the years, accurate determination of the loss portion of casualty insurance rates has claimed more of the attention of rate makers than accurate determination of the expense portion. In general, it has been deemed sufficient to determine the loss portion of the rate as accurately as possible and then to increase it by a flat percentage for expenses, such percentage being sufficient to cover the expenses of each line in the aggregate.
1952
In setting forth the details of the National Defense Projects Rating Plan and its evolution, Mr. Leslie has made a very valuable contribution to the Proceedings. In attempting to discuss a paper of this nature one finds himself limited to calling attention to omissions, misstatements of fact, or, as a last resort, to quibbling. I find myself unable to call attention to any serious omissions or misstatements of fact. Therefore, I must quibble.
