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1934
This paper and that on "Rate Levels for Workmen's Compensation Premiums" by Mr. Perryman (page 45), contradictory and antagonistic as they are in certain respects, are in agreement in advancing a new and fundamentally different concept of the workmen's compensation rate. It does not seem to the writer that as Mr. Senior says, it is merely a more realistic approach to the same problem.
1934
Casualty actuarial science has progressed by now to the point where a standardized system of notation in formulas, applicable as far as possible to all casualty lines of insurance, is feasible and desirable: feasible because the basic terms that actuaries deal with in their work are no longer changing rapidly, desirable because the absence of a standardized notation leads to wasted time and effort on the part of both the author and the reader.
1934
The valuation of investments has always been a subject for discussion in financial and business circles. The insurance world has devoted considerable attention to this question particularly during depression years when security markets have become unbalanced. This paper will treat chiefly with developments in the establishment of "Convention valuation of securities" for the insurance business during the period, from 1931 to 1933 inclusive.
1934
The sessions of the National Convention of Insurance Commissioners, the insurance press and financial reports have given considerable time and space to the question of proper admitted values to be placed on bond and stock assets of casualty and surety companies.
1934
The casualty insurance companies have suffered severely from the decrease in premium volume which has been a natural consequence of the depression. The Casualty Experience Exhibit shows that for all stock companies entered in New York the country-wide volume of earned premiums in calendar year 1933 was approximately 26~ less than the peak volume attained in calendar year 1930.
1934
In his opening paragraph, Mr. Valerius states his problem as that of setting up reserves which will represent as nearly as possible the correct ultimate cost of compensation claims. He further states that such reserves are necessary for: (a) financial statements, (b) calculation of manual rates and (c) experience rating.
1934
To a life insurance actuary, Mr. Greene's suggestion that workmen's compensation carriers may take lessons from life insurance
companies seems quite hopeful, possibly in part because it tickles his pride. The experiences of life insurance companies in recent years with permanent total disability and group insurance would seem, however, to require some modification of Mr.
1934
The subject of reserves for incurred but not reported claims has received very scant consideration in our Proceedings, nor is there available to the writer's knowledge any written material of consequence on either the theoretical or practical aspects of the subject.
1934
Mr. Senior and Mr. Kormes of the Compensation Insurance Rating Board are to be congratulated on the pioneering work they are doing in connection with rate-making and rating plans. Mr. Senior has proposed that calendar year experience be used in determining compensation rate levels. Following a somewhat similar line of reasoning, Mr.
1934
In view of the recent history of compensation underwriting results and the attendant activity to stem the tide of loss in surplus, it is natural to find that most of the progress in casualty actuarial science as applied in late years to workmen's compensation has been concentrated in the development of rate making plans.
1934
When particles of sand smaller than 1/2500 of an inch in diameter have been inhaled by human beings in quantities too large to be ejected, or to be absorbed by the body's mechanical or chemical safeguards, the inevitable consequence is silicosis. The generally accepted theory of the action of the sand particles is that silica reacting with alkalies in the body forms silica hydrosol.
1934
I am extremely gratified by Professor Kulp's paper--first for a perhaps somewhat personal reason--as evidence that he has taken quite seriously my actuarial attempt undertaken after many years of abstention from active participation in actuarial practice. As I still value my professional standing as an actuary after the many attempts of the gentlemen of the Ohio Chamber of Commerce to destroy it, I am under obligation to Professor Kulp.
1933
This paper contains (pages 281-381) a most valuable compilation of the decisions and principles followed by the courts in construing those provisions of the compensation laws which define the persons and employments covered. This matter is so clear, accurate and adequate, with a single exception, that I can find nothing therein to comment upon.
1933
In reviewing this paper it is evident that the author has covered the description and operation of this unique rating plan in a characteristically thorough and comprehensive manner, outlining its advantages, weaknesses, and several construction suggestions for consideration. You will recall that Mr.
1933
In many lines of casualty insurance the entire amount of the loss is due and payable immediately upon its determination. In workmen's compensation insurance, however, it is customary for the losses to be paid in installments over an extended period, and in certain instances the payment is contingent upon the beneficiary's remaining alive and in the same conjugal condition. This is especially true of benefits in fatal cases.
1933
For the past twenty years our rate making organizations have been engaged in the work of developing a rational system for the rating of workmen's compensation risks, adequate to cover the continued rise of indemnity and medical benefits and reasonable in its distribution of cost among industrial classifications and individual risks. To what extent have our efforts proven successful ?
1933
Mr. Burhop's paper is an able summary of the Wisconsin Act and the circumstances under which it was adopted. In a general way, he has indicated the attitude of both employers and employees towards the law, but the motivating influences behind this bill are much more difficult to determine.
1933
So much poetry has been printed in the Proceedings lately that I hesitate greatly in adding any more to previously received contributions. However, it is hard to suppress the following thought after having read Mr. Edwards' paper.
1933
At the last annual meeting of the Society the writer was privileged to read a paper on this subject now printed in Proceedings, No. 39, Volume XIX, Part 1, pages 22-64, November, 1932.
1933
The proposal has been made that compensation rate levels shall be keyed to experience indicated by calendar year figures, and it is the purpose of this paper to discuss this. With the proposal I am in entire sympathy although, as will be seen, I do not agree with the suggestions which have been put forward for the specific carrying out of the idea.
1933
In workmen's compensation insurance there arises the problem of setting up reserves for future compensation payments in individual cases of disability before it is known whether the disabled workers will recover, suffer permanent partial or total disability, or die from the injuries.
1933
It is hard to realize that compensation insurance, now regarded as the "black sheep" of the casualty family, was once considered an attractive and promising class of business. Nevertheless, a satisfactory underwriting profit accrued from the compensation business in its first years before employees generally became claim conscious.
1933
Not the least part of my pleasure in reading this paper was derived from its literary quality. Besides, if it is true, as Nietzsche says, that "A good fight will hallow any cause", it cannot be less true that a brilliant rearguard action will make up for the loss of more than one untenable position.
1933
The Experience Rating Plan has been designed to measure the departure of the experience of the individual risk from the average experience of the class.
