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1928
Mr. DeBlois' analysis of the limitations of our statistical sources provides ample warning against rash attempts to generalize from insufficient data. However, his use of United States Census statistics for the Registration Area and his caution in drawing conclusions are ample evidence that he has heeded this warning.
1928
The popular agitation for "compulsory automobile insurance," which has produced a typical result in %he notorious Massachusetts law, is like a stone which is thrown at two birds, misses both targets, wings a smaller bird in between the two, cripples an unoffending bystander and does other damage.
1928
One of the purposes of the Society that is served through the medium of its Proceedings is the creation and maintenance of an
historical record of the casualty insurance business.
1928
Statement of the Problem: The subject under discussion is the loss reserve liability for workmen's compensation insurance. It is obvious that there is need for as great an accuracy as possible in the amount of this reserve, because of the many interests involved, including the injured employees, the policyholders, the state, the stockholders where that form of organization prevails, and so on.
1928
Insurance is the foundation and supplies the security of modern business. If the feeling of security which insurance gives to business was removed, the commercial structure would be seriously endangered. What is the foundation of insurance but claims?
1928
We are told that a number of years ago the French explorer, DeMorgan, made extensive excavations at Susa, the capital of ancient Persia. He removed layers of earth containing ruins of Persian palaces, and also discovered a stone monument inscribed with the code of Hammurabi. This king ruled Babylonia about 2000 B.C. He united all of the little city-states into one kingdom with its capital at Babylon.
1928
I was indeed delighted to receive the invitation of your Committee to speak on this subject, not only for sentimental reasons, because though having abandoned the casualty field to enter an entirely different line of business--if philanthropy be a business, I enjoy again meeting my old associates and seeing the remarkable development of this organization in whose creation I had taken an active part nearly fifteen years ago, but even more because
1928
Nine years ago Mr. W. G. Comes of the Travelers Insurance Co. addressed this Society on the subject of aircraft insurance. His paper was such a complete outline of the field and indicated such a sound view of the future that I am tempted to confine my remarks to bringing it up to date. In 1919 his statement was correct that the field for aviation insurance was yet to be developed. That is not true today.
1927
The present paper, dealing with the fascinating and compelling story of the annuity, is offered in line with the purpose of the Council and of the Educational Committees of the Society to have papers presented on the fundamental aspects of insurance.
1927
I feel that Mr. Young has placed too great a stress upon the prognostic value of schedule rating as a justification for its continuance not only because of doubt as to a proper basis of measuring the schedule's prognostic value but also because of the possibility that either the fact or degree of approximation may at some time justify its abolition.
1927
At some point in the growth of any multiple line casualty company it becomes necessary to consider what form of functional organization is most economical and most efficient for the purpose of producing statistical material and results. This paper constitutes an inquiry into the place of statistical work in the functional scheme of a multiple line casualty company.
1927
The rapid growth of the casualty business is a familiar phenomenon. We are informed upon competent authority that from 1890 to 1926, the net premium income of casualty companies in the United States grew from less than $8,000,000 to more than $800,000,000. It may not be so generally known that, in recent years, the volume of reinsurance premiums in the casualty field has increased relatively more rapidly than has the net premium income.
1927
What are the rights of a longshoreman under the workmen's compensation system ? During the past ten or fifteen years it has been well-nigh impossible to give a clear or definite answer to this question.
1927
Mr. Tarbell's paper brings out clearly the many obstacles which have been encountered in the development of accident and health insurance in this country. The subject is most important as is evidenced by the fact that accident and health premiums written by insurance companies in 1925 amounted to over one hundred and twenty-nine million dollars and those by benefit associations to nearly forty-one million dollars. Approximately eighty per cent.
1927
As deferred payment protection was clearly described before this Society by Mr. R. O. Davidson at the Fall meeting in 1926 (Proceedings, Vol. XIII, Page 80) brief reference only will be made to the nature of the benefits. The contract is made between the creditor and the insurance company.
1927
Payroll auditing by salaried employees was inaugurated about twenty-five years ago and was not accepted without protest from both policyholders and agents. In some instances the auditor was looked upon with suspicion until it was evident the premium would not be inflated by inclusion of payrolls to which we were not lawfully entitled. Time passed, and where the auditor was once coolly tolerated he is generally welcomed today.
1927
Workmen's compensation is based on the concept that losses due to industrial accidents, in an economic sense, should be regarded in the same way as losses resulting from depreciation or breakage of machinery and considered as a part of the cost of production. Under the Compensation laws the employer directly assumes the industrial accident losses and transmits them to the consumer through an increase in the price of the employer's products.
1927
This paper is not intended as a scientific treatise of an obscure subject, but is submitted to introduce for discussion the practical side of an acknowledged liability which is of considerable consequence to insurance companies, and should be given the proper consideration. No company will deny a hidden liability in unreported claims, but there is quite a bit of dissension as to how it should be treated.
1927
When one finds one's self in complete general agreement with the author of a paper it is difficult to present a discussion that adds materially to it. After accepting an invitation to present a written discussion of this paper I find myself in that position. Indeed it seems odd that anyone should think it unnecessary that a defense be presented for the mathematical requirements in our examinations.
1927
The sale of commodities on the installment plan has grown to enormous proportions. It is estimated that 70% or more of all automobiles sold at retail are sold on the installment plan; and a large percentage of graphophones, washing machines, vacuum cleaners, and the like, are sold under the same plan.
1927
Health insurance has been universally unprofitable to the commercial accident and health companies and we should take advantage of every opportunity to study and analyze the factors which enter into the high loss ratios.
1927
The condition and form of our federal and state accident statistics do not permit the formulation of a satisfactory answer to this question. As United States Commissioner Ethelbert Stewart has continually pointed out, adequate machinery for the collection of industrial accident statistics simply does not exist--it is as thought we were so little interested in these deaths and injuries that we did not care even to count them!
1927
I am informed that your Society has been told with much emphasis, that corporate surety companies are not equipped to guarantee the payment of principal and interest of first mortgage real estate bonds, and I have been asked to give you my reasons why such companies are equipped to write this line on a satisfactory basis.
1927
Mr. Chairman, Gentlemen, I should like to begin my remarks with an apology, as I have had very little time to prepare this talk and will have to refer to my notes from time to time. Usually a little story is not amiss and I am reminded of one characteristic of the colored race.
