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1921
Ten years ago not a single American company was issuing NonCancellable Accident and Health insurance and those few underwriters who even considered the possibility of ultimately granting such coverage were regarded as impractical idealists.
1921
In November 1918, we present 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 year 1917 to 1920.
1921
It is becoming increasingly frequent for actuaries to be asked for advice as to the best means of providing pensions for the employees of large industrial establishments.
1921
"As Mr. Craig's paper is a resume of general principles underlying the writing of Group Health Insurance, it doesn't lend itself to criticism, constructive or destructive, yet I believe that it is a valuable paper for the members of this Society, and our appreciation is due him for the able manner in which, in his customary way, he has filled a need.
1921
There are two principal things, in the opinion of the writer, that make the distribution of surplus by casualty companies a matter well worth discussing. In the first place, participating insurance in the casualty field has had a steady growth since the inception of workmen's compensation laws.
1921
Early in our studies we learn that the institution of insurance rests upon the paradox that uncertainties, when taken in the aggregate, produce certainty. It is the function of the insurer to assume the individual uncertainties of its policyholders and, by pooling these, to commute them into a single and definite certainty. Such is the process which creates the confidence so indispensable to the transaction of the world's business.
1921
A descriptive and historical paper of the type of this one does not generally lend itself to formal discussion except to point out errors and omissions, if any, and Mr. Woodward does not write that type of paper. It is, therefore, not my intention to discuss the paper generally, but to call attention to an item that is to me of considerable historical interest.
1921
The statement is made that these bonds "are generally required by law in civil proceedings, in case the principal has in his hands money or property which might be levied upon for the satisfaction of a judgment, and which he might misappropriate." The bonds referred to in this description are limited to those given by a defendant, whereas there are many credit guarantees in court proceedings that are executed on behalf of a plaintiff or complain
1921
Classification of risks in some manner forms the basis of rate making in practically all branches of insurance. It would appear therefore that there should be some fundamental principle to which a correct system of classification in any branch of insurance should conform, even though in its application to each particular line the general principle may take what seem to be discordant forms.
1920
To one who has never taken active part in such proceedings, a revision of rates means probably ]ittle more than a new manual wifll various innovations in classifications, rules and rates. From this point of view a revision is simple; the manual suddenly appears as a completed product, there follows a short period of adjustment to changes in rates and methods of underwriting and then the order of things runs on as usual.
1920
In accordance with the growing tendency toward greater recognition of the value of actuarial work in casualty, insurance, a more important part of the work of the 1920 revision of the workmen's compensation rate manual under the auspices of the National Council on Workman's Compensation Insurance was assigned to the actuarial profession as represented by the Actuarial Committee of the Council than in any previous revision.
1920
Mr. Michelbachers paper and my own are so closely related and we worked together so much in preparing them that it is rather difficult for me to prepare much of a discussion of this paper. There are, however, a few points, comment upon which may assist students in understanding the paper.
1920
When a participant in committee work attempts to discuss a record of the problems that it has had to solve, such as the record which Mr. Mowbray has submitted of the work of the Actuarial Committee, and particularly where the practice has been to handle each problem in a manner which would meet with unanimous approval, it might be possible to approach the task in an unfriendly and adversely critical way, but it certainly would not be normal.
1920
The conservation of the public :health is the subject of much discussion at the present time. The: economic loss due to illness has been calculated from various sources of information and the most efficient means of providing a remedy, whether in the form of prevention campaigns or systems of insurance, is widely debated.
1920
Actuarial science having kept pace with the rapid growth of workmen's compensation insurance, it seems opportune at the present time to attempt a standardization of the notation employed in rate making, experience rating, and the determination of loss reserves of this form of insurance.
1920
When the first workmen's compensation laws became effective and the insurance carriers faced the problem of establishing rates to employers for this form of coverage, it became necessary to establish some method for measuring the difference in costs between the varying benefit scales of state laws.
1920
Whenever two parties enter a relation under the terms of which one of the parties is obligated to perform certain services in a certain manner for the other, a risk is created that the former party will fail to fulfill his obligations. Such failure may be due to dishonesty, to inability or to a combination of the two. In any event it is likely to cause financial loss or other hardship to the second party.
1920
Mr. Greene's paper deals with the method of combining compensation pure premium experience had under different scales of benefits. As a contribution to the technique of experience differentials the paper is wholly admirable. Mr. Mowbray and others have discussed the technical aspects of this subject. What follows will relate to the fundamental fallacies of any method of experience law differentials.
1920
Mr. Carver's very interesting paper begins with the observation that the graduation of frequency distributions is that branch of actuarial and statistical theory which has been most neglected--in America, at least.
1920
In his paper on Graduation of Frequency Distributions (Proc., VI, p. 52 et seq., at p. 72) Professor Carver gives the formula for Charlier's Type B curve stating that the basis is (formula).
1920
Interest of employers in the welfare of their employees is becoming more and more a part of the daily duties incident to industry. Since compensation insurance became generally effective, employers have had an ever increasing feeling of responsibility for the health and happiness of those who make up their working force.
1920
This paper is a brief description of prevailing practices in underwriting the disability hazard as an incident to the issue of life insurance policies. It offers nothing original but is intended primarily to be of assistance to students who may feel disposed to gain some acquaintance with this subject but whose interests do not lead them into a study of its technical refinements.
