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1929
During the past few years there has been a quickening of interest internationally in the major aspects of reinsurance history, theory and practice. The peculiar development of the national and international economy of the European countries since the World War has apparently made reinsurance the backbone of the whole of private property insurance. This accounts for the greatly extended literature on the subject in recent years.
1929
A great deal of effort is expended by casualty insurance companies each year in obtaining accurate pure premium data. The necessity of basing rates upon reliable information as to loss cost justifies this expense, heavy though it unquestionably is.
1929
The majority of the rates in the automobile casualty manual in effect today were determined by the rate making system which is described in Mr. H. P. Stellwagen's paper on "Automobile Rate Making" in Volume XI of the Proceedings. This method has been used with minor variations for the last four years and has produced rates which have proved to be satisfactory as a general rule.
1929
The loss reserves of a casualty company may roughly be divided into the following two groups: Group I. Reserves for Financial Purposes. These consist of aggregate reserves for the purpose of interpreting by line of insurance the position and progress of the company as a whole or certain geographical divisions thereof. Group II. Reserves for Experience Purposes.
1929
Trade unions have, for half a century, paid insurance benefits, quasi and pseudo insurance benefits, along with many other forms of allowances to which the term "insurance" is entirely foreign. An examination of the methods and experiences of trade unions will teach members of this body nothing in the way of actuarial theory.
1929
Industrial accident prevention has far outgrown its swaddling clothes and has reached the stage where the services of statisticians may be employed to good advantage in determining what has already been accomplished and in indicating what further action is needed to increase the effectiveness of safety work.
1929
The rate making program adopted by the National Council on Compensation Insurance in 1925 and described in the paper captioned "The 'Permanent' Rate Making Method adopted by The National Council on Compensation Insurance" (Proceedings, Vol. XII, page 253) is, with two exceptions, the procedure now being followed by the National Council in the establishment of rates for workmen's compensation insurance.
1929
At a meeting of the Casualty Actuarial Society held on May 13, 1927 I presented a paper entitled "Compulsory Automobile Insurance" (Proceedings, VOI. XIII, page 188), which dealt wholly with the problems encountered prior to January 1, 1927 when the Massachusetts Compulsory Motor Vehicle Security Law became effective. It is time that another paper was presented in order that our members may be kept informed of the developments.
1929
The paper entitled "Casualty Insurance Accounting and the Annual Statement Blank," Proceedings, Volume XV, Page 141, deals with the most important sections of the annual statement blank from the financial standpoint, namely, Income and Disbursements, Assets and Liabilities and the Underwriting and Investment Exhibit.
1929
For a very good general knowledge of disability benefits in connection with the insurance policies the student has but to refer to the excellent papers of Mr. Woodward I and Mr. Morris. 2 No paper devoted to the other popular adjunct of lee insurance coverage generally known as Double Indemnity has been published in the Proceedings, although in a more general study by Mr.
1929
The members of this Society, particularly the members of the Special Committee on Compensation and Liability Loss Reserves, are indebted to Mr. E. Alfred Davies for his paper on Compensation Reserves giving a concise report of his investigation.
1929
Methods of casualty insurance accounting are not and probably never will become standardized. Opinions differ as to the most efficient methods of compiling accounting data.
1928
The task of allocating to lines of insurance the expenses of a multiple-line company is not easy and yet it is imperative that it should be done with reasonable accuracy. There is no item of expense whose distribution to lines is more difficult than the cost of investigation and settlement of claims.
1928
One cannot read Mr. Linder's paper without a feeling of disappointment that none of the practical problems relating to the gathering, analyzing and compiling of statistical data have been touched upon.
1928
Reinsurance is a topic which ordinarily makes slight appeal to the imagination. Mr. Greene, in his paper, has not only made a contribution to the literature of our proceedings which will be of real value to the student of the subject but he has succeeded in putting flesh on the dry bones of reinsurance facts so that the vital part which reinsurance plays in the distribution of risk becomes clearly apparent.
1928
There are many reasons for bringing this subject to the attention of the members of this Society hut principally because of the similar elements found in the contracts of non-cancelable accident and health insurance with which you are more familiar. The conditions under which these two coverages are written, however, differ considerably.
1928
The various methods which have been used or proposed for the calculation of workmen's compensation loss reserves have fallen under one or the other of the following headings or have been a combination of both.
1928
It is generally known that interest earnings are an important factor in the making of rates for life insurance. The contract ordinarily runs for a long terra of years and interest earnings during the life of the policy must necessarily be taken into consideration in building the rates. Also, if a death claim is to be disbursed in installments over a term of years, interest is used in computing the value of the claim.
1928
It has been contended for several years that the procedure followed in developing rates for workmen's compensation insurance does not permit of an equitable distribution of costs among risks. This contention rests on two fundamental principles.
1928
Mr. Powell's paper very adequately covers the technical background of the rating and rating factors. In computing rates on deferred payment insurance we are dealing with a subject, which even more than most insurance rating, combines the mathematical and actuarial rating with the judgment factors that must temper the rate. Mr.
1928
The purpose of this paper is to present a brief review of the development of livestock insurance, one of the casualty lines which has not heretofore received much attention in the Proceedings of this Society. In a number of our states, without specific statutory provision for livestock insurance, this branch of the business is classed as casualty or "miscellaneous" insurance.
1928
Although live stock insurance has been written both in the United States and in European countries for a number of years, this form of protection is still in somewhat of an experimental stage, and in all probability will always remain in that condition to a greater or less degree, due to the continued and frequent changes in live stock conditions.
1928
I appreciate deeply the kind invitation to read a paper before the May meeting of the Casualty Actuarial Society. The original invitation from Mr. Moore suggested a paper on "Casualty Insurance Practices in Japan and China".
1928
Mr. Sommer has approached this problem in a very interesting manner. The results appear to be logical although, without doubt, there is room for considerable difference of opinion in the allocation of the individual occupations to the various groups.
