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1931
With the development of scientific methods for the making of rates for the automobile casualty coverages (liability, property damage and collision), there is noticed an increasing tendency to "refinement" in the utilization of experience data. Consideration is being given to such matters as increasing (or decreasing) cost, credibility of experience and stability of rates, more limited territorial divisions, etc.
1931
After reading Mr. Comstock's paper on testing loss reserves, it strikes me that possibly we are worrying ourselves unnecessarily over the problems of the actuary. Current loss reserves are the product of a continuous whirlpool of transactions involving : First, setting up the original estimates; second, changes in estimates as facts develop; then reduction of the amounts by subsequent payments ; and lastly, the elimination of settled items.
1931
The essential features of the New York Unit Statistical Plan, as well as the events leading to its adoption, have been stated comprehensively in Mr. Graham's paper* dealing with the method used by a carrier in the preparation of the data to be reported under the provisions of the Plan.
1931
Provision for old age assistance as expressed by our old age pension laws is at the present time probably attracting the most widespread attention of all forms of social legislation. As we approach the close of the 1931 session of the state legislatures, New Jersey, Delaware, Idaho and West Virginia may be added to the list of the states that have adopted old age pension or relief laws, making the total number sixteen.
1931
Before describing the routine of examination of the companies, it is pertinent to review briefly the genesis of state supervision of insurance corporations by insurance departments. The general requirements laid down by law antedate the business of casualty insurance. In fact, the most important of these laws in some states antedate the formation of insurance departments.
1931
The typical compensation act provides that the injured or, in a case of fatality, his dependents, shall be paid a certain percentage of his average weekly wages but not more than a specified maximum amount nor less than a specified minimum amount, unless the wages of the injured are less than the minimum, in which dase the actual wages shall be paid.
1931
The members of the Society and especially Associates who are about to prepare for the Fellowship Examinations should be very grateful to Mr. Dorweiler for the preparation of this paper which deals with a subject that is fundamental to the principal lines of casualty insurance.
1931
It was quite by accident, no doubt, that Mr. Craig's paper was followed by Dr. Marchand's description of disability benefits in Swiss life insurance contracts. Yet the two studies make excellent consecutive reading, and Dr. Marchand's account gives so good an example of common sense in disability underwriting that brief comment on it may well be made.
1931
The casualty actuary in his use of statistical data finds himself in a somewhat different position from most other workers. They may have certain data of the past, for example a series showing the current rate of interest monthly over a period of years. They may wish to project the series into the future and want to know from the review of past data, approximately how accurate their forecast will be.
1930
The Society is deeply indebted to Mr. Kopf for this comprehensive paper which treats the subject after the same thorough study which Mr. Kopf has applied to previous subjects on which he has written for the Society. The scope of the subject is so broad that Mr. Kopf necessarily treated the development of life reinsurance less completely than he did that of fire and casualty reinsurance. Further, it must be remembered that Mr.
1930
In the early days of insurance not a great deal of scientific attention was paid to the amounts that had of necessity to be included in the premiums charged in order to meet the expenses of the underwriter or company incurred in running his or its insurance business. To take care of these expenses rough percentages were added to the estimates of the loss costs.
1930
The "Report of the Committee of Five on Statistics to the Bureau of Personal Accident and Health Underwriters," dated November 15, 1929, shows the combined health experience on commercial policies during the policy years i921 to 1926 inclusive combined.
1930
The presentation of Mr. Barber's paper on Automobile Rate Making came at a most opportune time, for the methods underlying the determination of Automobile Rates are being analyzed and studied from all sides. In Massachusetts there is a Recess Commission engaged in a study of Compulsory Automobile Liability Insurance and tiffs Commission has gone deeply into the rate making question.
1930
Ever since workman's compensation laws were first enacted in this country casualty actuaries have been searching for a formula which will correctly compute the ultimate loss to be incurred under both compensation and liability policies. Thus far no one has derived a satisfactory formula. In the meantime claim men have been patiently setting up reserves on each claim in accordance with the merits of the case as disclosed by the claim file.
1930
The basic procedure in a casualty statistical department consists primarily of the recording, tabulation, and analysis of actuarial and company statistics in accordance with ratemaking bureau and company statistical coding plans.
1930
When I was in college there was a course in sociology concerning that subnormal set of classes incapable of self-support designated as dependents, defectives and delinquents. In general, institutional care was provided for these classes respectively by poorhouses, asylums and jails.
1930
When critical conditions and insurable objects exist in such relationship that accidents may result there is said to be exposure. The term critical conditions is intended to cover, rather broadly, the presence of or the absence of anything, objective or subjective, generally external to the insurable object, which contributes to the accident frequency and/or the accident severity.
1930
I can think of nothing more impressive by way of introduction to a discussion of Automobile Liability Security law developments than the recent action of the Province of Ontario, Canada.
1930
Disability insurance in connection with regular life insurance, of which the principles are outlined in the following text, has been issued by the life insurance companies of Switzerland for many years. This kind of insurance has always been a source of profit to the companies.
1930
Recent developments in automobile rate making have again raised the question of credibility, or reliability of experience. Specifically, the question is, how large an exposure is necessary to give a dependable pure premium ? How reliable is experience in the present rating territories? How shall this reliability be measured ? The subject of reliable experience needs no introduction to the members of this Society.
1930
In his paper on "Casualty Insurance Accounting and the Annual Statement Blank," Mr. Tarbell has tackled right well a difficult matter, and one of exceeding importance. There is at present no textbook on casualty insurance accounting, in the sense of a complete covering of that subject. The Society has approached the question through the medium of individual papers appearing in its Proceedings.
1929
The subject of my address, namely, "The Relation of the Insurance Department of the Chamber of Commerce of the United States to the Casualty Insurance Business," affords me an opportunity to present to you that part of our work which may be of particular interest to the members of this society. In order, however, that you may have a better idea of the general set-up of the National Chamber, a few preliminary remarks would be appropriate.
1929
In presenting this paper in November, 1928, Mr. Morris rendered a timely service to the Society and the life insurance business. His work was distinctly helpful to the committee of company actuaries appointed by the Superintendent of New York and the committee of insurance department actuaries appointed by the National Convention of Insurance Commissioners.
