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The Experience Grading and Rating Schedule: A System of Fire Insurance Rate-Making Based Upon Average Fire Costs
Excerpt from The Experience Grading and Rating Schedule: A System of Fire Insurance Rate-Making Based Upon Average Fire Costs
The purpose of this work is to stimulate further thought and discussion upon the subject of rate-making from experience. Shall present methods of estimating fire insurance rates continue, or may they not preferably be computed from actual costs?
There is a growing belief that the rate-making of the fire insurance companies will be placed upon a scientifically correct basis by following the latter course, and thus be as far removed from estimate or conjecture as are the mortality tables of the life insurance companies.
To determine just rates from actual experience appeals to both imagination and judgment even though the route be new and untried. The author believes that as between the two methods there is every reason why the experience plan should be given preference.
Probably no part of the world is so well adapted to an experimental test of a rate-making plan founded upon experience as is the United States because of its size, its varied conditions, climatic and ethnological, and of the fact that it is the largest premium-producing country in the world.
The National Board of Eire Underwriters is the only existing organization in the United States that could standardize, as well as nationalize, a rate-making system.
The total value of property in the United States subject to fire damage is estimated to be at least two hundred billions of dollars ($200,000,000,000); that upon those vast property values insurance against fire is carried to an approximate amount of one hundred twenty-five billion dollars ($125,000,000,000).
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
The purpose of this work is to stimulate further thought and discussion upon the subject of rate-making from experience. Shall present methods of estimating fire insurance rates continue, or may they not preferably be computed from actual costs?
There is a growing belief that the rate-making of the fire insurance companies will be placed upon a scientifically correct basis by following the latter course, and thus be as far removed from estimate or conjecture as are the mortality tables of the life insurance companies.
To determine just rates from actual experience appeals to both imagination and judgment even though the route be new and untried. The author believes that as between the two methods there is every reason why the experience plan should be given preference.
Probably no part of the world is so well adapted to an experimental test of a rate-making plan founded upon experience as is the United States because of its size, its varied conditions, climatic and ethnological, and of the fact that it is the largest premium-producing country in the world.
The National Board of Eire Underwriters is the only existing organization in the United States that could standardize, as well as nationalize, a rate-making system.
The total value of property in the United States subject to fire damage is estimated to be at least two hundred billions of dollars ($200,000,000,000); that upon those vast property values insurance against fire is carried to an approximate amount of one hundred twenty-five billion dollars ($125,000,000,000).
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
179 pages, Paperback
First published March 28, 2010
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