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1916
These papers raise four fundamental issues: (1) whether any form of experience rating is consonant with sound insurance theory; (2) whether (if the first question be answered in the affirmative) experience charges and credits should be graduated to size of risk as well as loss ratio; (3) whether the experience rate should be retrospective or prospective and (4) what statistics are requisite to test the several forms of experience rating already e
1916
As long as bonds are bought above or below par the properly managed insurance company must have recourse to some form of amortization or accumulation. Unfortunately the present method, although it is the one used in text books and prescribed by the laws of some of the states (see § 18 of the Insurance Law of the State of New York), is based upon hypotheses which never exist and in consequence produce theoretical results only.
1916
Mr. Downey's clear statement of the results of the application of the Coal Mine Rating Schedule of the Associated Companies to Pennsylvania coal mining risks indicates that the theory upon which this schedule is constructed is well worth the careful consideration of all students of the schedule rating problem.
1916
Mr. Buck's paper is a short synopsis of his work in connection with the reorganization of the pension funds for the City of New York. As stated by him: "With the exception of certain tables for school teachers and for police, the former prepared by Messrs. Hutcheson and Thompson and the latter by the author, there were no basic tables on which calculations, prospective costs or pension liabilities could be made."
1916
The movement to increase the percentage of earned premiums charged as the claim reserve under workmen's compensation policies from 55 per cent. to 60 per cent. immediately and to 65 per cent. two years from December, 1916, at latest indicates, perhaps, anew the utter unsuitability of this method and the improbability, amounting indeed to impossibility that it will assure solvency, even though these reserves are held.
1916
Merit rating, as applied to workmen's compensation insurance, is designed both to secure a closer approximation of rates to the hazard of the individual establishment than is afforded by the class rate, and to stimulate accident prevention. These objects are trite enough ; what has been less generally recognized is that the two are not wholly compatible.
1916
These papers raise four fundamental issues: (1) whether any form of experience rating is consonant with sound insurance theory; (2) whether (if the first question be answered in the affirmative) experience charges and credits should be graduated to size of risk as well as loss ratio; (3) whether the experience rate should be retrospective or prospective and (4) what statistics are requisite to test the several forms of experience rating already e
1916
It will be obvious to the members of this Society that no adequate test of the theory herein advanced could be made from the data available in the records of any one company, hence the writer cannot say positively that "it will be found in practice an improvement on that now followed or that it will be found workable at all.
1916
The keynote of Mr. Fisher's paper is found in the second paragraph of his "Introductory Remarks ": "In view of the complexity of the problems of social insurance it will, I think, generally be allowed that the statistical methods hitherto employed are frequently inadequate.
1916
This paper is a praiseworthy contribution in the domain of practical rather than theoretical problems. The methods outlined are undoubtedly clear and in the case of the :New York State Insurance Fund appear to be practical and to permit of rapid application. It would seem to me, however, that a method of group valuation, as suggested by Mr. Dawson at page 99 in his article entitled "Workmen's Compensation Claim Reserves" (Proceedings, Vol. I, p.
1916
In a recent review in the Journal of the Royal Statistical Society of my treatise on "The Mathematical Theory of Probabilities" under the discussion of the sixth chapter, dealing with Bayes' Theorem, the reviewer states" "Upon the whole we agree with Mr. Fisher's conclusions respecting the theorem, but we should need much space to define our exact measure of agreement.
1915
The existing "casualty" insurance classification of industries is a relict of employers' liability. It grew out of the exigencies of competitive underwriting and its growth has been conditioned at every stage by the convenience of insurance solicitors.
1915
That all risks within a given classification do not present identically the same hazards has been recognized by underwriters of liability insurance for years and the need of a more refined or detailed system for measuring the hazards in the individual plants has been apparent.
1915
When one is in entire agreement with the essential factors of a paper, it is a difficult problem to discuss it, except to bring out in bold relief certain statements occurring therein.
1915
It is nearly one hundred and fifty years since that great mechanical genius, James Watt, discovered and made practical application of the principles and power of expanding steam for the rotation of a shaft. His simple, crude steam boiler was the forerunner of the great steam power plants that have made possible our present vast manufacturing industries.
1915
Had the originator of the saying, "Comparisons are odious," ever heard of the subject of workmen's compensation, he would have been more likely to have said, "Comparisons are essential." "The function of statistics in social studies is to afford a definite quantitative measure of forces and tendencies concerning which there are conflicting opinions because of the wide fluctuations occurring in the narrow field of the individual observer's experie
1915
The actuaries and underwriters who have prepared the present classifications and rates in the New York Compensation Manual have failed to take into account a very important factor essential to an accurate formula which may be used as a basis for rate calculation. I am referring to the factor which represents the influence of schedule rating on the ultimate premiums to be collected by the companies from their assured.
1915
In the several papers in our PROCEEDINGS and in the TRANSACTIONS OF THE ACTUARIAL SOCIETY OF AMERICA dealing with compensation premium or rate making, the starting point has been a classification pure premium derived by the well-known formula, (formula).
1915
The economic principle that loss of earning power properly attributable to employment should be borne by the consumers of the products is now quite generally accepted. To apply it to the indemnification of disease requires a careful definition of the hazard, if equitable compensation is to be realized with a minimum of litigation.
1915
A workmen's compensation risk the premium for which is based in part upon the loss ratio developed for the individual risk is said to be experience rated. An experience rate is differentiated from a schedule rate by the fact that, as commonly used, the latter term is confined to a rate based upon a detailed inspection of the physical condition and hazard of the plant of the employer, and of his methods of operation.
1915
Many of you who are in attendance at the meeting of the Society today have probably heard me make the remark that ten years hence, when we look back at the events of today, we shall realize perhaps more than it is possible for us to do right now, that in the year 1916 we were in our infancy in many matters pertaining to workmen's compensation.
1915
The method described by Mr. Mowbray for the determination of pure premiums in classifications which, taken singly, do not yield an adequate payroll exposure, contemplates two principal steps. First, the classifications must be grouped in such manner that within any group there will appear only classifications which may be presumed to be closely related in hazard.
1915
The work usually hitherto undertaken by the statistical department of a casualty company writing compensation business may be divided into two general headings: (1) An analysis of business for annual statement requirements, which includes the classification of premiums written and losses paid by states for computing taxes, by agencies, by policy years for computation of loss reserves, and also a continuous classification of premiums on policies
