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1935
While in the first part of the paper we have described the historical background and development of the rules and methods of experience rating, in this second part we shall concern ourselves with the principles and theory underlying the calculations of the various factors and tables contained in the present plan.
1935
At the present time in the United States, legislation providing compensation benefits for industrial injury or death exists in all but three states.* Introduced at first in a few states and with modest benefits, workmen's compensation has developed both in its coverage and benefit provisions, until it covers practically all employees, and provides benefits which are often many times greater than those allowed in the early laws.
1935
"The legislators of that day," says Plato,* commenting on the institutions of the ancient Dorians, "when they equalized property, escaped the great accusation which generally arises in legislation, if a person attempts to disturb the possession of land, or to get rid of debts: because he sees that without this there can never be any real equality.
1935
This is a valuable and timely contribution to our Proceedings. The facts have been ably presented by Mr. Magrath and the implications to be drawn there from have been left mainly to his readers.
1935
At the last meeting of the Society, a paper by Mr. Carlson containing suggestions for a system of notation was presented. This paper was predicated on the premise that "casualty actuarial science has progressed by now to a point where a standardized system of notation in formulas, applicable as far as possible to all casualty lines is feasible and desirable".
1935
Messrs. Kormes and Valerius have been kind enough to review and discuss this paper. Although they suggest possible improvements and additions, they seem to be in agreement with the author on one of the main points stressed in the paper; namely, that the better basis of determining relative benefits is by means of durations and not monetary costs.
1935
In these days of sweeping changes in social legislation every thinking individual reflects and inquires as to the cost of the benefits so lavishly bestowed upon classes which are afflicted with the various evils inherent in the present industrial and social system. For this reason not only members of the Society but also the general public will welcome Mr.
1935
It was both appropriate and timely that Mr. Lange should bring to our attention the very important inconsistency arising from the fact that, although meticulous care and consideration have been given to the determination of asset values in recent years, the corresponding liabilities or reserves have generally been accepted more or less at face values.
1935
Fortunately, Mr. Furnivall caught the omission in the paper of any reference to "elective benefits." This benefit is so prevalent that for ordinary rate making purposes it is convenient to merge the experience on it with that of the total disability.
1935
Accident Insurance: THE BACKGROUND In the early years of the 20th century, a typical Accident policy was likely to provide:
1. Accidental death coverage of $1,000.
2. Dismemberment coverage varying from $1,000 for loss of two limbs to $250 for loss of thumb and finger.
3. $5.00 per week for total disability not to exceed one or two years duration.
4. $2.50 per week for partial disability not to exceed 10 weeks.
5.
1935
This is an excellent paper; well conceived and well carried out. It furnishes a good introduction to an important subject that has not been discussed publicly to any large extent. Consequently, any comments on such a paper must be confined to questioning a few minor points and to voicing some thoughts raised by the author's opinions and recommendations.
1935
It is well known to everyone who has any connection with the business of Workmen's Compensation Insurance in New York State that, effective September 1, 1935, the New York Workmen's Compensation Law was extended so as to provide compensation for all occupational diseases.
1935
The determination of adequate reserves for claims incurred but not reported is a problem that is worthy of increased attention and the exposition of the subject by Mr. Tarbell should prove of real value to all who have the task of establishing these reserves. He has set forth the essential nature of the problem and has explained in detail the formulae used by him in computing these reserves.
1935
The subject of noncancellable accident and health insurance has received no more than brief reference in any paper published in the Proceedings since 1921. At that time it was a very live topic, and was discussed at length in several papers.* Since many developments have occurred in this line during the past fourteen years, it seems appropriate at this time to present a resume of its history to the Society.
1935
Prior to the introduction of group rate levels into the Workmen's Compensation rate making plan, there was no necessity for calculating the change in rates by industry group. Whenever a test of proposed rates was made, it was deemed sufficient to make a test of the aggregate change in rates.
1935
The task of assigning the expenses of a multiple-line insurance company to line of insurance is not an easy one. Where the expenses are incurred in the home office, it is possible to make a series of tests closely allied to those carried on in a physical laboratory and reach results which can be defended with considerable confidence.
1935
Mr. Kormes' review of the writer's original discussion of this paper contains several statements with which the writer does not agree and hence has led to a continuation of the discussion. Mr. Kormes states that the credit off-balance of the compensation experience rating plan has been steadily increasing in New York, probably largely because of loss underestimates.
1935
Mr. Barber's paper on Compensation Expenses per Policy contains an interesting and worthwhile contribution to the study of expenses, a subject which undoubtedly will increase in importance in the near future. The discussion in his paper is largely based upon an analysis of the combined returns of countrywide compensation figures compiled by the Pennsylvania Compensation Rating and Inspection Bureau in 1934.
1935
I wish to thank Mr. Sommer for his review of my paper. In general I am in agreement with his comments. I did not, however, intend to convey the impression that reinsurance companies are willingly taking losses on accident and health business due to profits from liability and other lines.
1935
Commercial accident and health premiums written during 1934 by casualty reinsurance companies amounted to approximately $2,100,000. By comparison with the entire volume of commercial accident and health premiums written, reinsurance companies' premiums appear inconsequential.
1935
Mr. Sinnott concludes his "Comment on the Underwriting of Compensation for Silicosis" with the optimistic statement that "perhaps it will not be the unsolvable problem it is expected to be." The solution of any difficult problem must rely upon an incentive to find the answer, combined with a willingness to devote as much time as may be needed for a thorough study and discussion of all available data bearing on the question.
1934
Workmen's Compensation is a social service having for its immediate object the care and support of injured workmen during periods of disability due to industrial accident. A secondary, but even more important object, should be the prevention of accidents, and most insurance companies devote a considerable amount of time and money to that end.
1934
In the early days of compensation insurance it was quickly recognized that the average manual rate would not in general reflect the proper measure of hazard for an individual risk having a substantial exposure.
1934
The authors of this paper have given in general a clear and complete description of the thorough work done by the Society's Committee. On a few points, however, further comment seems appropriate. After carefully collecting and tabulating the material, the Committee prepared remarriage rates at each age by using a five year moving average. The rates so obtained are referred to both in the text and in the Exhibit headings as "ungraduated rates".
