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1924
When this Society was founded more than ten years ago, one of the aims of the founders was to provide facilities for the interchange of the views and experience of three groups of insurance technicians whose interests are more or less intimately related.
1924
As you sail from the port of New York for a distant shore in due course of time the captain will take his departure from Ambrose Light. That point marks the beginning of the voyage and to that point the progress of the voyage will be related. I propose to emulate this practice of the mariner and take a starting point.
1924
Ten years have passed since the organization of the Casualty Actuarial Society, originally called the Casualty Actuarial and Statistical Society of America. It is fitting that we should pause at the close of the first decade of our existence and review that which has been accomplished, with particular reference to the purpose for which the Society was organized.
1924
The relation of the Casualty Actuarial Society to other scientific organizations, and to the insurance world, presents a very interesting field for discussion and reflection.
1924
It is unnecessary for me to say how much I appreciate this opportunity to renew my contact so long interrupted with the members of the Casualty Actuarial Society, as well as the honor of being the first in the part of today's program to be contributed by the past Presidents.
1924
Mr. Pinney has explained the fundamental principles underlying the miscellaneous forms of property damage insurance which have been developing during the past two years. These forms of coverage will undoubtedly increase in importance as the insuring public comes to realize their place in the plan of complete insurance protection against loss by reason of legal liability for injury to the persons and property of others.
1924
The adoption by the leading Stock Casualty Companies of rules regulating Acquisition and Field Supervision Cost which became effective in the early part of 1923", and the consequent adoption by the Insurance Department of the State of New York of a new exhibit or statement designated as the "New York Casualty Experience Exhibit," has recently emphasized the importance of the subject of this paper.
1924
Each form of insurance has its background of occurrences which result in sudden and unforeseen financial shocks to individuals or to groups of individuals, and, therefore, create contingencies against which protection is desirable.
1923
Mr. Hull's paper on the allocation of expenses by lines of insurance is timely. With the increasing interest in rating matters and the demand on the part of the public that rates be made on a scientific basis it becomes increasingly necessary to determine accurately the expense element for each line of insurance as well as the element of losses.
1923
Practically every stock casualty company maintains an extensive sales force through which business is acquired and by means of which a valuable service to policyholders is maintained. As in other commercial enterprises, the development of the sales force and the methods employed in securing business vary among the companies, depending upon their requirements and upon the policies favored by their chief executives.
1923
During the course of working with the method of ratemaking outlined in the papers by Mr. Michelbacher and the writer in PROCEEDINGS Vol. VI.
1923
The "Casualty Experience Exhibit" is a special report form which has recently been drafted by the New York Insurance Department. It is designed to furnish information that will aid the department in connection with the supervision of insurance rates. However, it is to be expected that the data obtained through the use of this exhibit will prove of value to the individual companies and the various ratemaking organizations.
1923
I have been asked to discuss Mr. Mowbray's paper from a mechanical rather than an actuarial standpoint. Whenever changes are proposed in a ratemaking system the mechanics of operating the proposed methods must be considered as well as the theory underlying the method. If the procedure is complicated and cumbersome, the benefits gained by the changes proposed can be much more than offset.
1923
Mr. Perkins calls attention to the most difficult problem in workman's compensation rate-making. It is relatively easy to obtain a satisfactory degree of accuracy in the relativity of rates between classifications. This relativity does not, except in a few unusual industries, appear to change radically.
1923
With the passage of time and characteristically sudden changes in industrial conditions, facts continuously and insistently present themselves as replacements for conjectures made previously in the development of workmen's compensation rates.
1923
The tremendous expansion of the automobile industry has brought about the condition where an automobile is within the means of the vast majority of persons. It has come to be regraded not only as a convenience but in many respects a thing of actual necessity in the conduct of business. Nearly every person has come to feel that he has to have an automobile. It is regarded as being more important to him than owning a home or any other property.
1923
In view of the usual practice of valuing annuities upon lives totally and permanently disabled by accident upon the same mortality table as is used for active lives, the subject of Mr. Wilson's paper is of more than theoretical importance.
1923
Mr. Constable's paper deals with a subject which has so far only been touched upon incidentally, if at all, in the Proceedings. He describes the methods developed by the National Council in its endeavor to substitute facts for appearances with reference to wage levels and their trend.
1923
Property Damage insurance, as such, needs no introduction to the insurance world, inasmuch as certain types of this form of coverage have been successfully underwritten in this country for many years. Teams Property Damage insurance and Automobile Property Damage insurance date back for a quarter of a century, or so, and likewise, Elevator Property Damage insurance has been written for the past decade.
1923
In nearly all of the workmen's compensation laws it is provided that the weekly indemnity for disability and the weekly rate of indemnity in the case of specific provisions for permanent disability is a percentage of the earnings of the injured employee, subject to certain arbitrary maximum and minimum limits.
1923
Insurance and Prevention are two processes that have much in common and that influence each other in intimate and important ways. They both have to do with the same thing, misfortune, but their primary objects are quite distinct. Prevention undertakes to avoid misfortune itself while insurance undertakes to avoid or ameliorate the evil effects of misfortune.
1923
Under date of October 4th, 1923, the Insurance Department of the State of New York addressed a letter to various insurance companies enclosing a preliminary draft of an exhibit which all stock and mutual companies transacting casualty and surety business in that State will be required to furnish as of December 31st, 1923.
1922
It is an astonishing fact in the light of present day knowledge, that the industrial development of this and other countries should have progressed so long, without producing until comparatively recently a science of cost accounting. Today an adequate cost system is a commonplace necessity for any progressive manufacturing concern. It exercises certain very important functions.
