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1950
At its June 1950 meeting in Quebec, the National Association of Insurance Commissioners adopted the report of the Committee on Blanks of that Association which incorporated a new combined Fire and Casualty annual statement blank, effective for the returns for calendar year 1950.
1950
In the belief that the recording of the significant original statistical compilations of automobile accident experience by "age of driver" may be of value to the Society and to the Insurance Industry the writer presents the available statistical material on this subject.
1950
Attempts to formulate a general theory of statistical estimation date back as far as the eighteenth century. It was only recently, however, that a method was developed, the method of Maximum Likelihood, which, although not general in the strictest sense, takes care of a relatively large class of problems of estimation.
1950
Mr. Bailey's very interesting and important paper presents a novel departure from the conventional philosophies of statistical estimation. Although Mr. Bailey has concerned himself primarily with the derivation of estimation procedures through the application of Bayes' Theorem it.
1950
Dr. von Mises has provided us with a commentary on the theory of inference that only one with his broad knowledge of the many proposed solutions to the problems of statistical inference could state so concisely yet completely. It should be read and read carefully, preferably before reading my original paper.
1950
The author is to be congratulated not only on a most interesting and stimulating paper on credibility procedures in casualty actuarial work but also on an important contribution to the subject of inverse probability. Inverse probability has been considered in relation to actuarial work on a number of occasions and when Mr. Perks presented a paper to the Institute of Actuaries on the subject a few years ago a most interesting discussion resulted.
1950
As a convinced supporter of the principles of inverse probability my sympathies are naturally with Mr. Bailey's approach. Whether a particular problem of statistical estimation involves prior ignorance or prior knowledge the one system of Bayes' theorem meets the requirements of the problem.
1950
On April 13, 1949, Governor Thomas E. Dewey signed the Mailler-Condon Bill which, upon his signature, became Article IX of the Workmen's Compensation Law, also known as the Disability Benefits Law. The purpose of the law is to provide disability insurance for eligible workers, both employed and unemployed, who are unable to work as a result of non-occupational injury or sickness.
1950
Modifications of the retrospective rating procedures were adopted this year by the National Council on Compensation Insurance. These modifications included the optional provision of limiting ratable losses to stated amounts of $10,000, $15,000, or $25,000, per accident.
1950
The privilege of discussing Mr. Bailey's paper is indeed gratifying to one who is not a member of the Casualty Actuarial Society. Moreover, the paper under consideration is of particular interest to one who, for nearly four decades, has been applying inverse probability formulas to problems confronting another great industry.
1950
The basis of any statistical (probability) theory of inference is supplied by the concept, due to Bayes, of a priori and a posteriori probabilities. These may perhaps better be called "over-all" and "inferred" probabilities.
1950
The casualty insurance business has used credibility formulas or procedures for many years in making rates or in experience rating plans.
1949
During the past few years Casualty Insurance Companies have shown a growing interest in the Group Accident and Health field. In recognition of the resulting interest of casualty actuaries and actuarial students, it is the intent of this paper to outline a possible statistical plan for carriers newly entering the field.
1949
The amendment to the U. S. Longshoremen's & Harbor Workers' Compensation Act effective June 24, 1948 removed the previous maximum limitation of $7500 for total payments in any one death claim.
1949
So many speeches have been given and so many papers written in the past few years on the subject of Uniform Accounting that this writer suffers a sense of guilt for adding these notes to the din. A review, however, of the recent Proceedings of the Society reveals "that this current hue and cry, loud as it has seemed to us in the market place, has failed to penetrate the sound proofed walls of our actuarial ivory tower.
1949
Actuaries, underwriters, executives, claim adjusters, agents, and others connected with the business of casualty, indemnity, and fire insurance have long recognized that the number and amount of claims rise and fall with the seasons of the year.
1949
A retrospective rating agreement is an agreement providing that the premium u ultimately to be considered as earned for a certain insurance or set of insurances, shall be determined as a function of the losses actually incurred by the insurer on account thereof, valued (in accordance with a set of prescribed rules) after the events causing such losses have occurred.
1949
The Council of the Society announces that the revised International Actuarial Notation, particulars of which are given below, will be adopted in the Proceedings of the Society as from the present Number. The revised Notation will also be used by the Examination Committee for all examinations subsequent to those in May, 195o.
1949
Until recent years the only actuaries concerned with remarriage rates were those who dealt with workmen's compensation insurance where monthly survivor benefits are frequently paid to widows subject to their not remarrying. Of course, others such as demographers and sociologists have been interested in remarriage data. Also, to some extent, this subject has been of concern to actuaries and tax experts involved in inheritance matters.
1948
D-ratios are the ratios of primary losses to total losses where the amount of primary loss corresponding to a specified total loss is as defined ill the multi-split experience rating plan. The classification D-ratios are a very important element in the multi-split experience rating process and the experience modification, for a risk having appreciable credibility, is largely dependent upon the D-ratios.
1948
The problems raised by the subject of this paper are those which are of longstanding interest to the profession and go back to the very infancy of this society. In fact this paper is the latest of a series of the same title, the first, by Mr. W.W. Greene having appeared in Volume I of the Proceedings thirty-four years ago.
1948
The Committee is indebted to the members of the Society who submitted discussions of the report. In addition to the foregoing discussions, members of the Committee have received a considerable number of informal comments. As a result of its consideration of the points raised, the Committee finds no impelling reason for making any change in the original recommendations.
