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1942
The fundamental concept of insurance is that the insured is relieved of any concern, not only as to what is going to happen, but also as to what could happen but probably will not. Of course, at the time the insurance is written, neither the insured nor the insurer knows what is actually going to happen.
1942
Anyone who has reflected in even a non-technical way on retrospective rating in casualty insurance recognizes that there is or should be a connection between the setting of the minimum and maximum premiums and insurance charges of retrospective rating plans and the way the risks are expected to "stack up" as to losses.
1942
The paper presented by Miss Kardonsky has great practical value for Compensation insurance carriers in particular and generally for persons interested in the administration or status of the various special funds. There have been numerous developments in connection with the special funds during the last several years. Miss Kardonsky's paper provides information in convenient form relative to the present status of the various funds.
1942
In 1938 Mr. Grady H. Hipp presented a paper entitled "Special Funds under the New York Workmen's Compensation Law," * wherein he discussed the legislation, history and financial status of the following special New York funds :
1942
The Society is under obligation to Mr. Crawford for giving a more detailed account of the mechanical operation of the "layer cake" card than I felt I had space for in the original paper. Some question may be raised, however, as to his statement that the paper "overlooks the fundamental advantages of this card form". From a careful study of Mr.
1942
Mr. Pruitt's paper is one which strikes a responsive chord in those of us who have had close contact with the application of tabulating equipment to the accounting and statistical problems of casualty insurance. It is quite evident that Mr. Pruitt has partaken of the International Business Machines "table d' hote" dinner, as the procedure he outlines, mechanizes all premium collection functions from soup to nuts.
1942
In recent years tabulating equipment has developed to the point where it has ceased to be simply a means for assembling statistical data and is now quite satisfactorily adapted to accounting routines. Although commercial accounting has been making increasing use of these developments and is now far advanced along this line, insurance accounting has been rather slow to take it up.
1942
Mr. Dorweiler's method of graduating excess pure premium ratios constitutes the latest and, so far, the best achievement in this field. It furnishes excess pure premium ratios which, except perhaps for high loss ratios and also for large premium sizes, are most likely very close to the theoretical values.
1942
Mr. Dorweiler's paper, explaining the method adopted by the Actuarial Committee of the New York Compensation Insurance Rating Board for graduating excess pure premium ratios by size of risk, serves two important functions. The first is to give a thorough exposition of a practical and sound method for smoothing a complicated tabulation of raw statistics in precise conformity with the pattern of behaviorism of the underlying data.
1942
The basis of actuarial science is statistical. For his raw material the actuary has tabulations of the behavior of certain statistics in the past. His task is to predict as accurately as possible the behavior of certain statistics in the future. If such future statistics have had identical counterparts in the past and if a large experience has been collected for these counterparts, the problem is relatively simple.
1942
In my paper I point out that the inauguration of a budgetary system in an insurance company does not mean that a panacea for all of the ills of the company has been found. I also point out that it cannot be expected that the maximum of efficiency of the budgetary system could be reached in the first year nor in the second year.
1942
Mr. Dowling's system of budgetary control endeavors to forecast premium income, and plan expenditures in the coming year so that a predetermined profit will result.
1942
Budgeting was a term commonly understood to apply almost exclusively to the system employed in controlling governmental appropriations and expenditures prior to 1921. Since then, however, each year has seen an ever increasing use of such a plan of control applied to practically all sizable business undertakings.
1942
The boiler and machinery lines are two of the basic coverages comprising the casualty insurance field. While they do not produce a premium volume of such size as automobile liability and workmen's compensation, they are nevertheless of considerable importance, and have been given wide acceptance by the general public for many years.
1941
If in one of the natural sciences a scientist is to study a complex phenomenon which is determined by many elementary causes he usually approaches his problem in three different ways. He first studies the phenomenon in a purely empirical manner trying to describe his measurements by means of a mathematical formula or graph.
1941
The governor has just signed the Page-Anderson Bill giving New York a new automobile financial responsibility law to be effective January 1, 1942. Although not a compulsory insurance law, it is the nearest thing to such a law that has been adopted since the Massachusetts Compulsory Act.
1941
The paper prepared by Mr. Jones concerning the New York Motor Vehicle Safety Responsibility Act sets forth in a complete and comprehensive manner an analysis of the Page-Anderson Bill as it was signed by the Governor. However, several months have elapsed since that time and much discussion has been had concerning the actual operation and the administrative difficulties presented in connection with this law.
1941
Mr. Jones gives a clear exposition of the requirements under the New York Safety Responsibility Act which will become effective as of January 1, 1942.
1941
Mr. Jones has given such a clear picture of the New York Motor Vehicle Safety Responsibility Act, which is to become effective on January 1, 1942, that it is difficult to comment on his paper. I should, therefore, like to add a few new developments, and contribute a few thoughts, which have occurred to me since the enactment.
1941
The so-called Multi-Split Experience Rating Plan for workmen's compensation risks has been in effect in the State of New York since July 1, 1941. The chief purpose of this paper is not to outline the features of the plan itself, which was ably done in Mr. Smick's paper entitled "Merit Rating--The Proposed Multi-Split Experience Rating Plan" (P.C.A.S. XXVI, p.
1941
In many lines of fire and casualty insurance it is customary to issue policies for periods longer than one year to be paid for by a single premium at the date of issue. The usual periods are 3 and 5 years with the single premium for the former being 2 1/2 times the annual premium and that for the 5-year period, 4 times the annual premium.
1941
Mr. Williamson has devoted his paper to that important topic which fortunately, or unfortunately, all of must be deeply concerned with if we intend to live, eat, and dress in our accustomed style. Formerly, employment and the lack thereof were matters of purely individual concern.
1941
Mr. Johnson's paper gives a brief and accurate report of the latest refinements in compensation rate making for the great industrial empire of New York. As this state expends for compensation insurance one-fourth, more or less, of the entire expenditure in the United States for such protection, inevitably it is in a position of leadership in compensation rate making.
1941
The objective in graduating data is to obtain their smooth rearrangement according to some pattern which there is reason to believe would fit the data if their volume were increased indefinitely. As some knowledge of the general characteristics of the data to be graduated is requisite in selecting the pattern to be used, it is desirable to make a preliminary survey of the material.
