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1952
Mr. Elliott has noted that the Pennsylvania ratemaking structure differs considerably from that used in many other jurisdictions. Had I Tom Carlson's erudition, or if a copy of "Bartlett's Familiar Quotations" had been on the shelf of our local library where it should have been perhaps I could inject here a more elegant quotation than the homely adage which now occurs to me, namely, "There's more than one way to skin a cat."
1952
This study was undertaken in 1950 as part of an investigation into the problem of rating catastrophe fire insurance. It was subsequently put together as a paper and submitted, together with the paper I presented to the Society last year, as a thesis for Part III and IV of the Fellowship Examinations.
1952
The original purpose of this paper— undertaken at request but not unwillingly—was to review the principles and practice of life-office valuations in the light of modern conditions. It was difficult, however, to deal satisfactorily with the principles of valuation in vacuo without reference to more fundamental principles.
1952
For many years there have been extended discussions concerning the reflection of the effect of wage changes in the determination of workmen's compensation rate levels. The logic in favor of including such effect is as follows: Workmen's compensation premiums are based on payrolls. When wage rates arc increasing, payrolls are increased and more premiums are collected.
1952
At one time, not so long ago, Schedule P in the casualty annual statement blank was considered a fair guarantor of the adequacy of a company's loss reserves for liability and workmen's compensation insurance.
1951
This is the second installment of the above paper (see Proceedings, Volume XXXVII, Number 68) and deals with the following phases of the blank: Financial Statement Exhibits and Schedules.
1951
The Pennsylvania system of making workmen's compensation rates differs in many important respects from the systems used in other states. No attempt will be made to enumerate these differences, nor to comment upon them in other than a general way. Rather, this paper will simply describe how rates are made in Pennsylvania, using the July 1, 1951 rate revision as an example.
1951
As this is written, a little more than a year has passed since it became the announced policy of the United States to rearm herself and her friends against a new threat to peace and security.
1951
Since we are now a fire insurance society as well as a casualty society, it behooves us to familiarize ourselves with fire insurance rate making procedures. The best way to do this is to hear from fire insurance men, which I understand we shall do this afternoon.
1951
The critics have been kinder than I anticipated a couple of weeks ago when I penned these lines which would serve as an introduction to my review of the discussions:
1951
It is indeed a privilege to have the opportunity to present before the Society a critique of Mr. Carlson's very capable and admirable paper entitled, "Rate Regulation and the Casualty Actuary." There can be no question but that he has presented a substantially exhaustive and authoritative review of the history and background of the regulation of casualty rates.
1951
We are indebted to Mr. Carlson for presenting us not only with a comprehensive record of the history of rate regulation in this country, but also with a very readable paper. There is probably no one in the industry so well qualified as he is by training and experience and by the native gift of understanding to report on and to discuss this confused and complex chapter in insurance history.
1951
The first two sections of Mr. Carlson's excellent paper give a concise review of the development of the regulation of casualty insurance rates. Of particular interest is the summarization of the various state laws pertaining t o ratemaking. The lack of uniformity in the various laws is strikingly brought out in Appendix A wherein are listed some 150 deviations from the basic MI-industry law.
1951
In the course of his paper, Mr. Carlson has taken care to explain that his own experience and background might tend to produce some particular emphasis of viewpoint in his treatment of his subject. "At the same time" he writes "I have striven for an impartial understanding of the problems of all parties". And in this he has succeeded admirably, in a paper of great scope, presented in a manner to excite interest and to provoke thought.
1951
June 5, 1944 is a date that, because of its unique significance in the insurance business, is just as well known to the members of this Society as October 12, 1492 or July 4, 1776. On that date the Supreme Court of the United States handed down its decision in the case of the United States vs. South-Eastern Underwriters Association.
1951
The purpose of this paper is to survey some of the problems facing fire insurance rate makers and to put forward some proposals for improving the methods at present employed.
1951
The description of the coverage and rate making concepts under the New York Disability Benefits Law have been excellently portrayed in Mr. Schwartz's paper. I can agree with and commend to students of this subject nearly everything he states and hence must confine this discussion to possible refinements and a few additional ideas.
1951
Mr. Uhthoff's paper gives in some detail the method used by the National Council on Compensation Insurance for determining insurance charges by state for the limitation of losses in retrospective rating.
1951
The development of excess loss charges is a somewhat perplexing problem due to the sparseness and instability of the available experience. Mr. Uhthoff's paper describes a unique but practical approach to this problem.
1951
The complimentary discussions submitted by Messrs. Lange and Van Tuyl present no areas of disagreement. However, a few words of explanation on Mr. Van Tuyl's comments on the Underwriting and Investment Exhibit may be clarifying.
1951
Mr. Tarbell's papers on the combined fire and casualty annual statement blank for business of 1950 record in his Introduction (Vol. XXXVII, Part I, Page 74) the historical development of the final product. This permanent record is of great value to the students of state supervision and company examination procedures. In his timely paper (Vol.
1951
When Mr. Tarbell wrote his original papers in 1929 on "Casualty Insurance Accounting and the Annual Statement Blank," the casualty blank had not changed in any important aspect in the previous twenty years. As respects the balancing of the increase or decrease in ledger assets through the Income and Disbursements statement this procedure had been adopted in 1896 and had become the essential and distinguishing feature of the casualty blank.
1951
Mr. Scammon's paper on "Automobile Accident Statistics by 'Age of Driver' " is a valuable contribution to the Casualty Actuarial Society Proceedings. The figures lend factual support to the rate differentials by age of driver, and more importantly they are a challenge to the membership of the Society to uncover the basic causes of the differentials for the laudable purpose of promoting their elimination and thereby saving lives and property.
