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1922
Up to the present time there has been a great deal of study and attention given to the statistical and underwriting methods used in Workmen's Compensation Insurance, but another line in the casualty field has been making rapid strides in the last few years which demands attention and that is Automobile Insurance. Mr.
1922
The gist of Mr. Whitney's mathematical analysis of schedule rating is contained in the formula for the schedule rate for the individual risk. This rate we find to be made up of two quantities, first the rate charged for hazards which cannot conveniently be measured by the schedule (er/e.R), and secondly that charged for measurable hazards (formula).
1922
A large percentage of mercantile business transacted is on credit for terms which vary from ten days to six months, or more, according to the class of trade. The amount of credit extended to individual debtors is generally based upon the estimated capital and credit rating of the corporation, firm or individual, indicated by a Mercantile Agency in its published books or reports.
1922
So much progress has been made in the last decade in the popular discussion of unemployment insurance and in actual experimentation with it, that I feel it a great privilege to be able to come here and tell what little I know about the experiments in unemployment insurance in other countries, and particularly about the slight experiments now being conducted in the United States.
1922
In his address at our last meeting our President touched, in passing, on the current efforts to enact compulsory automobile liability insurance laws. The growing importance of this form of legislation has led the writer to attempt to develop the reference in the hope that those who are not in close contact with this phase of the insurance field might, however slightly, profit thereby.
1922
Dr. Downey's paper sharpens our keen sorrow that he should have been taken from us so soon; for it seems, indeed, "but earnest of the things that he would do," to paraphrase Tennyson.
1922
Most workmen's compensation laws provide that the widow's pension shall cease upon her remarriage but that the remaining dependents shall thereafter be entitled to the rate of compensation which they would have received had there been no widow. Many acts also allow a remarriage bonus. The probability of remarriage must accordingly, be taken into account in the valuation of death claims whether for reserves or for rate making.
1922
A disabled life table, to be proper and suitable as a basis of evaluating permanent disability claims arising Out of accidental causes, should be constructed out of data similar in nature and accumulated under conditions closely paralleling those which gave rise to the disabilities it purports to measure.
1922
It is clearly the intent of the compensation laws of all of the states that the employee receiving a permanent injury of a serious character which, however, does not prevent his doing some useful work, shall not be regarded as permanently and totally disabled, but rather that he shall be restored to the working force as soon as his recovery from his physical injuries and suitable retraining will permit.
1922
In March, 1922, a plan for collecting accurate wage and employment statistics was put into operation by the National Council on Workmen's Compensation Insurance. Data have been accumulating since that time and the first bulletin giving comparative figures for the State of New York has recently been issued. It is the purpose of this paper to bring before the members of the Casualty Actuarial Society the methods and results of this plan.
1922
In this paper, Messrs. Dublin and Kopf have completed their study of mortality from external causes for the ten year period 1911-1920, inclusive. The data are examined in broad divisions: (1) accidents, including unspecified violence, (2) suicides, (3) homicides, and (4) war deaths.
1922
In November, 1918, we presented before this Society a paper which gave the mortality data relating to accidents, suicides and homicides among industrial policyholders of the Metropolitan Life Insurance Company for the six year period, 1911 to 1916. The purpose of the present paper is to extend the tables and interpretations so as to include the years 1917 to 1920.
1922
The manner of treatment followed in Mr. Woodward's paper recognizing the correlation of annuities, death benefits, disability protection and benefits to employees upon withdrawal, is one which will commend itself to actuaries familiar with the subject. There is a practical difficulty, however, involved in handling pensions in this fashion.
1922
Mr. Leslie's paper "Distribution of Surplus by Casualty Companies" should be of particular interest to those Life Companies who do a Group Insurance business. Our Company has paid dividends on the "Individual Risk Experience Method" for the last two years and this method has apparently been satisfactory to most employers.
1922
We are all greatly indebted to Mr. Michelbacher for his interesting and instructive analysis of the important problem of reinsurance. I know of no other compilation on this subject to which the student can refer with so much benefit. There is no phase of the business so vital to its safety as a proper distribution of risks.
1922
Although the classification of risks as a basis of insurance rate making is fundamental to the making of insurance rates, the evolution of this phase of rate making as affecting Workmen's Compensation insurance has been slow and without the guidance of recognized principles or consistent theories. This may be due, not to the absence of principles or theories, but to the conflict of different principles and theories.
1922
In connection with this matter I have developed some material the principal part of which is an exceedingly interesting letter from a western correspondent who represents a company that has tried out, so to speak, agricultural insurance.
1922
Few economic groups have a greater need of insurance than do the farmers. This need embraces nearly all the forms of protection offered by fire, life, and casualty insurance companies. Insurance against fire and lightning is quite as necessary to the farmer as to the city man, while such coverage against windstorm is even more generally needed in the country than in the city.
1921
The scope of this paper is limited to automobile public liability insurance. It may be said however, that fundamentally the process of making rates for property damage and collision insurance does not differ greatly from that of public liability rates.
1921
The National Council on Workmen's Compensation Insurance has undertaken a revision of the schedule-rating system.
1921
It is only necessary to take a hasty glance through our Proceedings to notice the multiplicity of symbols used by different writers in dealing with Workmen's Compensation Insurance. Each paper has symbols which are adapted to meet the needs of the situation at hand. Some writers even use the longhand method of writing out their formulae in words rather than symbols.
1921
The American Accident Table is constructed upon the same general plan, from materials of much the same sort, and by much the same methods as the famous Standard Accident Table of Dr. Rubinow. I t presents, not the actual severity distribution of accident in a given experience, but the hypothetical distribution of injuries in a synthetized experience.
1921
The difficulty that confronts the actuary in preparing tables of net premiums and reserves for non-cancelable Accident and Health policies lies in the absence of any published sickness tables compiled from experience in this country suitable for the purpose.
