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Agency Management And Building_p1
Agency Management And Building Materials. It Has Frequently Been Said That The Agency Force Makes The Company. This Is Quite True, But Not The Whole Truth. We Would Be More Nearly Correct If We Said That A Strong Management Makes A Strong Conscientious Agency Force. A Weak Management Produces Indecision, ...

Agency Management And Building_p2
Pay Your Losses Promptly, And Give Your Loss Claimants The Benefit Of The Doubt. Remember That The Payment Of Losses Is The Real Purpose For Which Premiums Are Collected. Such Settlements Always Inspire Confidence In The Agency Force, And Even Reaches Out Into The Community. Fair, Just Settlements Always Mean ...

Agency Management And Building_p3
Factories Built On The Above Principles Have Been Known To Resist Fire From 40 To 80 Hours Before Being Consumed. It Should Be Remembered In This Connection That Nearly All Fac Tories, In Addition To The Above Mentioned Plan Of Construction, Are Provided With Other Fire Retardant Apparatus. They Are ...

Agency Management And Building_p4
Concrete. Concrete Is A Mixture Of Cement, Sand, And Some Coarser Sub Stance, Such As Cinders, Broken Stone, Broken Brick, Gravel, Or Furnace Slag. It Has Enormous Resistance To Compression, But It Has Low Tensile Strength. It Pulls Apart Easily, And For This Reason Where It Is Used For Foundation ...

Basic Principles Of Insurance_p1
Basic Principles Of Insurance And Some Common Terms Defined. In The Study Of Any Subject, It Is Very Important That The Pri Mary Elements Involved In The Work Be Clearly Understood. This Is Especially True Of Insurance, Which, After All, Is Not Com Prehended By The Great Mass Of The ...

Basic Principles Of Insurance_p2
These Are Illustrations Of "mutual Helpfulness" As It Exists To-day, And It Is The Primitive Ideal Upon Which All Forms Of In Surance Have Been Founded. Insurance Is A Form Of Mutual Helpfulness In Which The Contributions Of The Many Make Good The Money Loss Of The Few. It Is ...

Basic Principles Of Insurance_p3
Insurance Companies. In Order To Make Insurance Feasible And Practicable To A Large Number Of People, Companies Have Been Chartered By The Var Ious States Of The United States And Foreign Governments容spe Cially England, France, Germany, Sweden, And Russia葉o Carry On The Business Of Insurance. These Companies Give Their Entire ...

Basic Principles Of Insurance_p4
Some Common Terms Insurance Is Both A Mathematical And A Scientific Subject. As Such, It Employs Certain Technical Terms Which Convey To The Mind Definite Ideas That Cannot Be Expressed As Well In Any Other Way. By The Use Of These Terms, We Can Communicate Our Thoughts To Others Fluently ...

Basic Principles Of Insurance_p5
Average :葉he Word Average Is Derived From The Latin Word "habere," And Means "to Have." The French "avoir" Means Property. It Refers To An Equitable Distribution Of Loss Or Expense Among All Interested. In Mathematics It Means A Mean Proportion Or An Arithmetical Mean. In General It Refers To Any ...

Basic Principles Of Insurance_p6
Companies Which Have A Wide Distribution Of Risks Are In Little Danger From Conflagrations. Suppose That A Company Doing An Interstate Business Should Distribute Its Risks Among The Large Cities In Such A Manner That New York Would Have 10 Per Cent; Chicago, 10 Per Cent; Milwaukee, 5 Per Cent; ...

Co Operation_p1
Co-operation. The Third Period In The History Of The Fire Insurance Business In The United States Commences Approximately With The Close Of The Civil War. At This Time Conditions Were Very Unsatis Factory. The Armies Of The North And The South Had Competed With Each Other In Destroying Cities, Towns ...

Co Operation_p2
With The Opening Of The West There Came A New Factor In The Method Of Transacting Business. This Was The Introduction Of What Is Known As The Daily Report. This Was Devised In 1867 By Alexander Stoddard, A New York Agent Of The Hart Ford Fire Insurance Company. The Idea ...

Co Operation_p3
Just About This Time The Special And General Agents Of The Com Panies Began To Work Upon The Problem And In A Short Time Va Rious Associations Were Formed Tending Towards Co-operation And Betterment Of Conditions. In 1872 The New York State Association Of Supervising And Adjusting Agents Was Formed. ...

Co Operation_p4
About This Time The Organization Of The Mill Mutuals Was Undertaken By Heads Of Factories Who Were Dissatisfied With The Present Conditions Of The Fire Insurance Business. They Started Out Upon The New Theory That It Was Cheaper To Prevent Fires Than To Pay Losses. In Consequence They Developed A ...

Co Operation_p5
In Closing This Period We Find The Companies Upon A Higher Plane Than Ever Before. Policy Contracts Had Become Uni Form, And Co-operation Among The Companies Had Resulted In The Formation Of Many Societies Which Were Doing Much To Elevate The Business. Schedule Rating Had Been Adopted Or Was Being ...

Early History Of Fire_p1
Early History Of Fire Insurance We Have Stated In The Previous Chapter That Insurance Was A Form Of Mutual Helpfulness And As Such It Must Have Existed From The Very Earliest Times. Code Of Hammurabi. In The Code Of Hammurabi, Sometimes Called Cammurabi, The Biblical Anraphael, King Of Babylon, B. ...

Early History Of Fire_p2
Custom Of Fumes (1240). Thomas, Count Of Flanders, In Article 9 Of The Law Of Cora Or Keure As It Is Termed, Recites The Following Liability Of The Communes Which Is Known As The Custom Of Fumes: "in Whatsoever House A Fire Shall Have Been Secretly Made, The Whole Place ...

Early History Of Fire_p3
In The Year 1666 Occurred The Event That Finally Brought Forth Our Modern Fire Insurance Company. In That Year Oc Curred The Great Fire Of London. It Commenced On September 2nd And Lasted For Four Days And Four Nights. It Was Said That 436 Acres Of The City Were Burned ...

Early History Of Fire_p4
Every Person Who Entered This Society Was Required To Pay A Larger Premium On Frame Buildings Than On Brick. This Charge Was For The Purpose Of Covering The Expenses And The Profits Of Those Who Operated The Company. The Insured De Posited With The Company A Sum Equal To Five ...

Early History Of Fire_p5
The Project Of Organizing The London Assurance Corpora Tion Was Brought About By Lord Chetwynd, A Member Of An Old Shropshire Family. At This Time Some Merchants Who Had Failed To Become Members Of The Royal Exchange, Petitioned The Crown For A Charter Which Finally Lead To The Establishment Of ...

Early History Of Fire_p6
The Union, Amsterdam Coffee House, Behind The Royal Exchange. Among The Most Famous Was Lloyds On Tower Street. It Was Kept In 1680 By Edward Lloyd. At That Time Tower Street Was The Center Of Maritime Enterprises Of London And Lloyd's Coffee House Was The Natural Meeting Place For Sea ...

Early History Of Fire_p7
The Lloyds At Present Also Issue Another Publication Called The Index. This Is A List Of All The British Mercantile Vessels Showing Their Condition And Location According To The Latest Re Ports. Some Of The More Important Ships Of Foreign Nations Are Also Included In The Index. In Addition To ...

Examination Of A Fire_p1
Examination Of A Fire Insurance Company. An Insurance Company Is A Creation Of The State. It Is Granted A Charter Because The Incorporators Have Met Certain Conditions Set Forth In The Law. After It Has Completed Its Or Ganization And Been Examined By The Department Of Insurance To Determine If ...

Examination Of A Fire_p10
In Most Corporations, The Stock Is All Of One Class And No Shareholder Has A Greater Right Or Privilege Than Another. Such Stock Is Called "common" In The United States And Canada, And "ordinary" In Great Britain. The Larger And More Prominent Corporations, However, Set Aside A Class Of Stocks ...

Examination Of A Fire_p11
Preferred Stock Is Sometimes Thought To Be A Better Invest Ment Than Common Stock, And It Will Attract A More Conserva Tive Class Of Investors. In Point Of Security, However, Preferred Stock Ranks Between The Lower Grades Of Bonds And The Com Mon Stock. Sometimes A Corporation Sets Aside A ...

Examination Of A Fire_p12
While It Is True That The Rules Governing Corporations Are Largely Statutory, There Is A General Principle Which Is Quite Uni Versal. If Stock Is Taken From A Corporation As Full Paid, When In Fact The Shareholders Have Not Paid Its Full Value, Or The Equivalent Of The Same, The ...

Examination Of A Fire_p13
The Interest On Investment Bonds Is Low, Rarely Exceeding 4%, Va% Or 5%. Some Bear Interest As Low As 3% Or 31/2%, But This Low Rate Is Unattractive And They Are Purchased Only When Safety Is The First Consideration And Income Is Of Secondary Importance. Speculative Bonds Belong To That ...

Examination Of A Fire_p14
When Large Sums Of Money Are To Be Raised, It Is Customary To Offer Mortgage Bonds In Convenient Denominations To The Public. As The Fixed Assets Are Practically Indivisible It Is Im Possible To Give A Mortgage With Each Bond. By A Simple De Vice The Difficulty Is Overcome. A ...

Examination Of A Fire_p15
Not All Bonds Having The Word "first" In Its Title Are Genuine First Mortgage Bonds. Some Are First Mortgage On A Small Part Of A Branch Line, And All The Rest A Second Or Possibly A Third Mortgage On The Remainder. First Terminal Or Divisional Bonds Are Really First Mortgage ...

Examination Of A Fire_p16
Sometimes Classed With Equipment Bonds Of American Rail Roads Are The Five Years Equipment Notes Of Canadian Railroads. They Differ From The True Equipment Bonds By Being A Lien Against Debenture Stock. They Are Open To The Same Serious Objection, As A Proper Form Of Investment For Insurance Com Panies. ...

Examination Of A Fire_p17
Coupon Bonds Are Usually Payable To The Bearer And Inter Est Payments Are Represented By Coupons Attached To The Bond. When The Interest Date Arrives, The Coupons Are Detached From The Bond And Deposited In A Bank Just As A Check Of A Corpora Tion. Coupons Are In Fact Nothing ...

Examination Of A Fire_p18
5. Give Preference To Those Communities That Have A Low Total Indebtedness To Assessed Valuation. Determine The Tax Rate, The Personal Tax Rate, The Tax Limit, And The Increase In Real And Personal Property For A Series Of Years. No City However Prominent And Wealthy Is Inexhaustible In Its Tax ...

Examination Of A Fire_p19
In The Vocabulary Of The Broker, 6 Per Cent Bonds Can Be Purchased To Yield 5 Per Cent On The Investment, 4 Per Cent To Net 5 Per Cent, 41/2 Per Cent Bond To Pay 6 Per Cent, 3 Per Cent Bond On A 4 Per Cent Basis, Etc. One ...

Examination Of A Fire_p2
Qualifications Of The Examiner. As The Examiner Represents The State His Work Is Of Consider Able Importance. The Head Of The Insurance Department Largely Bases His Opinion Of The Condition Of A Company Upon The Report Of His Examiners. In Most Cases He Is Unable To Take Personal Charge Of ...

Examination Of A Fire_p20
The First Month Would Be One Twenty-fourth, The Third Month, One-eighth; The Sixth Month, One-fourth; And The Twelfth Month Or Yearly Basis, One-half, Etc. To The End Of The Period. If One Half Is Earned At The End Of The First Year, The Unearned Would Likewise Be One-half. Therefore, The ...

Examination Of A Fire_p21
There Is Still Left The Assumption That, If All The Policies Of A Company Were Written Uniformly Throughout The Year, It Could Be Assumed That All One Year Policies Could Be Issued On July 1, Or The Mid-year. Making This Assumption, On December 31, The Policies Would Have Run Only ...

Examination Of A Fire_p22
Essentials Of Claim Examinations. In The Examination Of The Claims Of A Fire Insurance Company, There Are Certain Essential Elements Which An Examiner Must Con Stantly Have In Mind In Order To Determine Whether The Insured Has Been Fairly Treated Under The Conditions Of The Standard Fire Insurance Policy. These ...

Examination Of A Fire_p23
10. The Loss Claimant, In Order To Recover Under A Fire Insur Ance Policy Must Have An Insurable Interest In The Prop Erty Destroyed. The Owner Of Property, A Mortgagee Creditor, A Lienor, A Person Having A Binding Contract To Purchase, Partners, Joint Tenants, Tenants In Common, Shareholders In A ...

Examination Of A Fire_p24
12. That The Rights Of A Mortgagee Are Subject To The Condi Tions Of The Policy. 13. That The Policy Covers For Five Days In A New Location After Removal To Protect From Fire. 14. That The Insured Give Immediate Notice Of Loss; Make Proof Of Loss Within Sixty Days; ...

Examination Of A Fire_p3
One Of The Most Common Documents To Be Forged Is The Real Estate Mortgage And Its Accompanying Note. Forgery Can Al Ways Be Discovered Through The Medium Of A Microscope Or A Magnifying Glass. A Person Who Forges A Document Looks At The Original Letters In The Word, Endeavors To ...

Examination Of A Fire_p4
This Class Of Agencies Frequently Come Directly In Contact With The Examiners' Duties Owing To The Fact That They Are Very Largely Employed By Officials Of Insurance Companies, And Those Who Desire To Keep Track Of His Doings. If He Is Getting Too Persistent With His Work He Must Be ...

Examination Of A Fire_p5
Order Of Work In An Examination. The Head Of An Insurance Department Should Always Notify His Examiners Several Days In Advance Of The Time Of Making An Examination. This Will Give The Chief Examiner An Opportu Nity To Assign To Each Subordinate A Division Of The Work Relat Ing To ...

Examination Of A Fire_p6
The Agents' Accounts Should Now Be Audited And The En Tries In The Agent's Register Be Compared With Them. Note If The Cash Remittances From The Agents Have Been Entered In The Cash Book. If The Remittance Book Is Used Check The Individ Ual Items Of The Remittance Book With ...

Examination Of A Fire_p7
Bonds And Stocks Which Have Been Purchased A Considerable Length Of Time Before The Date Of The Examination May Have In Them Elements Of Graft. The Purchase Price Of These Securities Should Be Compared With The Purchase Price Of Similar Se Curities At The Date When The Securities Were Bought. ...

Examination Of A Fire_p8
Mortgage Loans. The Examination Of Mortgage Loans Requires A Legal Knowl Edge Of Real Estate Transactions. Besides The Entries That Are Made In The Mortgage Loan Register, Each Mortgage Loan Should Have A Separate File In Which Should Be Kept All The Pa Pers And Correspondence Relating To The Loan. ...

Examination Of A Fire_p9
Mortgage Loans Are Usually Divided Into Two Classes,葉hose Covering Farm Lands And Those Covering City Property. In A Rapidly Growing Community, Mortgages On City Property Have Been Found To Be Equal, If Not Superior, To That On Farm Lands. Farm Mortgages, However, Usually Pay A Higher Rate Of Inter Est ...

Federal Supervision Of Insurance_p1
Federal Supervision Of Insurance. From The Time Of The Organization Of The First Insurance Com Pany Down To The Year 1864, The Right Of The Several States To Have Supervision Over Insurance Companies Was Never Questioned. Nearly All Of Our Large Insurance Companies To-day Had Their Early Beginnings Under The ...

Federal Supervision Of Insurance_p2
"unless The Business Of Insurance Is Commerce, Congress Has No More Power To Regulate It Than To Regulate State Banks. Each State May Refuse To Admit An Insurance Company Of Any Other State, And Hence May Admit It Upon Any Terms That It Sees Fit To Impose." The Question As ...

Federal Supervision Of Insurance_p3
It Has Been Argued By High Legal Authority That A Broad In Terpretation Of This Question Would Be Dangerous And There Would Be No Limit Toits .effect Upon The Affairs Of Men. If The Supreme Court Would Hold That Insurance Was Commerce, Any Interchange Of Pecuniary Benefits Between The States ...

Federal Supervision Of Insurance_p4
The Usual Arguments For And Against National Supervision Of Insurance Have Been Summed Up By Dr. S. Huebner, Ph. D., In Structor Of Insurance And Commerce In The University Of Penn Sylvania. The Arguments Which He Advanced In Favor Of National Supervision Are As Follows: "1. That National Supervision Will ...

Fire Hazards_p1
Fire Hazards. In Determining The Quality Of A Risk, There Are Four Things Which Are Usually Taken Into Consideration : Construction, Occu Pancy, Protection, And Exposure. In Order To Determine The Construction Of Any Building It Is Very Necessary That A Careful Inspection Of The Entire Premises Be Made. A ...

Fire Hazards_p2
The Roofs Of Buildings Should Be Made Of Tin, Tile Or Steel. Shingle Roofs Should No Longer Be Used Especially In The Resi Dential Portions Of A City. In Isolated Country Districts Shingles Will Still Be Used As The Main Material For Roofs. Skylights Have Their Dangers And It Is ...

Fire Hazards_p3
In Unprotected Towns Manufacturing Plants Frequently Have Their Own Private Protection. These May Partake Of The Na Ture Of The Full Equipment Of A Modern City Or They May Be Of A More Modest Character Having Standpipes, Hose, Outside Fire Escapes, Buckets, Automatic Fire Alarm Systems, Chemical Ex Tinguishers, And ...

Fire Hazards_p4
We Have Seen In Our Study Of The History Of Fire Insurance That The Early Merchants Guarded Their Goods Very Zealously In Order To Prevent Their Being Destroyed By Fire. The Desire Not To Preserve Property Nor To Conserve It For The Interest Of Society Is A Very Powerful Factor ...

Fire Insurance Accounting_p1
Fire Insurance Accounting The Accounting System Of A Fire Insurance Company Is Very Large And Voluminous. In Order To Get A Clear Understanding Of The Different Records And Books And Their General Purposes In The System, It Is Essential That One Should Come In Contact With The Work And The ...

Fire Insurance Accounting_p2
The Accounting System Of Every Insurance Company Should Have Two Predominating Features. It Must Show At A Glance The General Status Of The Business And It Must Admit Of Being Audited Quickly. If Either Of These Features Is Wanting The System Is A Failure No Matter How Attractive It May ...

Fire Insurance Accounting_p3
14. Taxes:妖ebit This Account For All State Taxes On Premi Ums, Fire Marshal Taxes, Fire Department Dues, Agents' Licenses, Municipal Taxes And Any Other Form Of Taxes Connected With The Premium Account Which Have Been Paid Or Otherwise Disposed Of. Credit This Account With Any Refunds From Insurance Departments For ...

Fire Insurance Accounting_p4
With This Above Rule Firmly Fixed In Mind, And, With A Knowl Edge Of The Different Items That Go To Make Up The Income, The Disbursements, The Assets And The Liabilities Of The Company, One Cannot Very Well Err In Journalizing The Various Accounts Shown In The Above Ledger Titles, ...

Fire Insurance Accounting_p5
Nearly Every Company Does A Considerable Amount Of Rein Surance. Instead Of Entering The Reinsurance Premiums Ceded To Other Companies In The Policy Register, It Is Much Better To Have A Separate Book For This Work. This Book Is Called In The Accounting System The Reinsurance Register. The Reinsurance Register ...

Fire Insurance Accounting_p6
The Mortgage Loan Register Usually Contains The Amount Of The Unpaid Principal, The Date Of The Mortgage, The Mortgagor, Its Term, The Date Of Expiration, The Date The Mortgage Was Re Corded, The Document Number, A Description Of The Property, A Valuation Of The Property Which Should Include A Valuation ...

Fire Insurance Accounting_p7
By Transposition Our Equation Presents Two More Aspects Which More Clearly Show The Relation Between The Assets At The Beginning And Close Of The Year And The Income And Disburse Ments. The Various Items Of Ledger Assets Have Tangible Values Which Should Be Determined By Inventory And Compared With The ...

Fire Insurance Accounting_p8
Schedules In The Back Part Of The Annual Statement Blank There Are A Number Of Important Schedules Which Are Used To Verify The Ledger Asset Items And The Income Accumulations Derived From Them. These Are Simple Inventory Sheets Which Are Made Up From The Various Books Dealing With The Assets ...

Fire Insurance Accounting_p9
Schedule D. Bonds And Stocks :葉his Schedule Is Di Vided Into Four Parts: Part I Showing All Bonds Owned By The Company At The Close Of The Year; Part Ii, All Stocks Owned By The Company At The Close Of The Year ; Part Iii, All Bonds And Stocks Acquired ...

Fire Insurance In The_p1
Fire Insurance In The United States A Survey Of The Subject Of Insurance In The United States Naturally Falls Into Four Periods, Each Of Which Has Its Own Peculiar Characteristics. We Do Not Mean By This That The Growth Was Not Gradual, But Rather That There Were Certain Dis Tinct ...

Fire Insurance In The_p2
"if The Men Who Established This Institution In 1752 Were Not The First To Introduce Insurance Against Loss By Fire To Houses And Buildings Anywhere, They Were The First To Introduce Them Into This Country. After Some Inquiry, I Am Satisfied That Fire Insurance Was Not Known Among Us Before ...

Fire Insurance In The_p3
New York The First Writings That We Find In Regard To Insurance In The State Of New York Is Found In The Minutes Of The New York Chamber Of Commerce Held On The 3rd Of April, 1770. Mr. John Thurson, A Member Of The Board, Moved That "as There Was ...

Fire Insurance In The_p4
We Frequently Hear The Inquiry: "why Did Hartford Be Come A Great Insurance Center?" It Followed Naturally From The Class Of Men Who Early Engaged In The Business And Also Be Cause Of The Fact That It Was For A Long Time Next To Boston, The Financial Center Of New ...

Fire Insurance In The_p5
The Aetna. In 1819 The Aetna Fire Insurance Company Was Organized With A Capital Stock Of $150,000 With The Privilege Of Increasing It To An Amount Not Exceeding $500,000. Its First Policy Was Issued August 7, 1819. It Started Out In Its Career By Reinsur Ing The Middletown Fire Insurance ...

Fire Prevention_p1
Fire Prevention In Connection With The Study Of Hazards, Fire Prevention Fol Lows As A Logical Sequence. We Have Previously Referred To The Great Waste Of Wealth Caused By Fire. It Should Be Im Pressed Upon Every Individual That Property Once Consumed Is Lost Forever. It Is True That Other ...

Fire Prevention_p2
Certain Manufacturing Processq Are Conducive To Spontan Eous Combustion. The Air Of A Room May Become Saturated With Vapor Of Certain Solids Or Liquids Under Favorable Condi Tions For Evaporation, And, If The Ignition Point Of These Vapors Be Very High A Flash Of Fire, Will Result. If There Should ...

Fire Prevention_p3
Another Danger That Is Commonly Overlooked Occurs From Leaking Gas. Gas Pipes Are Not Always Absolutely Tight, Espe Cially In The Joints. Gas May Leak Out Of These Places And Per Meate A Room. A Lighted Match Causes Rapid Combustion. Sometimes Christmas Trees Have Caused Fires, But We Think That ...

Fire Prevention_p4
The Egress From Buildings Is Usually Made By Means Of In Terior Stairways, Exterior Stairways, Elevators, Hallways, Fire Escapes, Smoke-proof Towers, Balconies And Other Horizontal Openings. In Many Of Our Buildings To-day The Interior Stair Ways Are Left Open And They Are Made Of Inflammable Material, Largely Of Wood. To ...

Fire Prevention_p5
Fire Escapes Are Not Without Value But A More Recent Device Is Being Used In All Of Our Newer Structures. The Smoke-proof Tower, Known As The Philadelphia Fire Tower, Consists Of A Stairway Enclosed By Fire-resisting Material, Separated From The Interior Of The Building, Except For An Exterior Balcony At ...

Growth Of Government Insurance_p1
Growth Of Government Insurance. Government Insurance Is Not A New Institution. As We Have Seen In The Early History Of Insurance, Fire Guilds, Called Brand Gliden, Were Formed In Germany. These Were Mutual Fire Insurance Associations On The State Or Municipal Plan. One Of The Most Noted Embraced A Large ...

Growth Of Government Insurance_p2
As We Have Seen, In England The Stock Form Of Insurance Company Early Gained The Ascendency And The Government Did Not Enter Upon Any System Of Fire Insurance. The Stock Com Panies Served The People Fairly Well And They Were Satisfied. Then Again It Was A Characteristic Of The English ...

Growth Of Government Insurance_p3
The Influence Of European Institutions Has Always Been Con Siderable Upon Similar Institutions In The United States. This Is Due To The Fact That The People Who Live In The United States Have Largely Come From Northern And Central Europe. They Are Used To The Institutions There And They Desire ...

Growth Of Government Insurance_p4
These Are The Reasons For State Insurance, And They Are Almost Unsurmountable. The Principal Objections To The Undertaking By The State Are As Follows : 1. If The State Guaranteed The Payment Of Any Loss Or Of Losses It Would Be Very Hazardous To The State And Injure Insur Ance ...

Growth Of Government Insurance_p5
In Addition To The Right Of The Superintendent Of Insurance To Pass Upon Rates, The Law Also Carried A Provision Against Discrim Ination Between Insurants Of The Same Class. It Also Made Pro Vision For An Appeal From A Decision Of The Superintendent Of In Surance To The Courts In ...

Introduction To Insurance
Introduction To Insurance. This Book Is Primarily An Attempt To Place In Convenient Form The Essential Elements Relating To The Fire Insurance Business. It Is A Subject That Is Still In A Transition State. The Changes In The Fire Insurance Business In The Last Quarter Of A Century, Especially Since ...

Rating Of Risks_p1
Rating Of Risks One Of The Most Difficult Problems In Connection With Fire In Surance Is The Adjustment Of Fire Losses To The Hazards. This Is Known As Rating. If We Stop To Think For A Moment Of The Great Variety Of Buildings Which We Will Pass On The Streets ...

Rating Of Risks_p10
In Obtaining The Data For The Expense Element, Mr. Rich Ards Suggests The Following Plan: "while Our Loss Costs Should Be Obtained From An Average Experience Of At Least Ten Years, Because Of Large Fluctuations Which Conflagrations Inevitably Cause, It Is Neither Necessary Nor Advisable To Seek For An Average ...

Rating Of Risks_p11
"it Is With The Occupation Class That Classified Experience By All Present Systems Stops, And For That Reason Has Little Practical Value For Rate-making Purposes Because, Although Each Class Group Contains All Grades Of Risks From The Best Of Its Kind To The Poorest葉he Unexposed And The Exposed, Only A ...

Rating Of Risks_p12
Mr. Richards Would Divide Each Occupancy Class Into Ten Different Grades. He States That He Has Found From Experience That This Would Give Fairly Accurate Results. At The Same Time He Would Grade Cities And Towns Into Ten Different Grades According To The Plan Devised By The National Board Of ...

Rating Of Risks_p13
B. To Investigate The Fire Damages To Which Each Class Of Property Is Subject And To Develop Thorough And Scientific Infor Mation Concerning The Losses By Fire And Their Prevention. C. To Make And Maintain An Alphabetical Index Of All Loss Claimants As Reported By The Companies With The Fire ...

Rating Of Risks_p14
Unclassified Elements In Rating And General Misconceptions Small Towns And Even Cities Located In Close Proximity To Forest Regions, Might Be Endangered By Forest Fires And Should Have A Higher Rate Than One Not So Exposed. Properly Speak Ing This Is A Problem Of Exposure, But It Is Rarely Taken ...

Rating Of Risks_p15
One Provision Of Section 46, Fire Regulations, Runs As Fol Lows: 'after Every Fire, The Police Authorities Together With The Chief Of The Fire Department Are Obliged To Make A Thorough Investi Gation As To The Beginning, Extension, And Effect Of The Fire And As To The Cause And Eventually ...

Rating Of Risks_p16
There Is A Great Difference Between The Cost Of An Ar Ticle And A Tax. Some People Would Extend The Meaning Of The Term "tax" To The Cost Of Every Article That We Use. If The Meaning Of The Word "tax" Can Be Extended In This Form, Then Perhaps The ...

Rating Of Risks_p17
What Is True Of All The Companies Does Not Necessarily Apply To Particular Companies. Some Of The Fire Insurance Com Panies, Through Wise Management And A Fortunate Train Of Cir Cumstances Have Been Able To Make Money And Add A Consid Erable Amount To Their Surplus. Others Have Met Reverses ...

Rating Of Risks_p18
During The Last Twenty Years There Has Been A Constant De Crease In The Rate Of Premiums Charged Per Hundred Dollars Of Insurance. This No Doubt Has Been Due In A Large Measure To Improved Construction And Installation Of Fire Protective Appar Atus, Especially The Sprinkler Equipment. Sprinklered Risks Have ...

Rating Of Risks_p19
At The Option Of The Insured, And In Consideration Of The Reduced Rate Of Premium Charged For This Policy, The Assured Hereby Agrees To Maintain Insurance During The Life Of This Policy, Upon The Property Hereby Insured, To The Extent Of Eighty (80) Per Cent. Of The Actual Cash Value ...

Rating Of Risks_p2
Already A Beginning Has Been Made. Mr. Richards, From Whom We Have Previously Quoted, Who Is Also The Chair Man Of The Actuarial Committee Of The National Board Of Fire Underwriters, Has Formulated Such A Plan And Has Made Pro Visions For A Uniform System Of Classification And A Uniform ...

Rating Of Risks_p20
Instead Of Requiring The Insured To Maintain A Certain Amount Of Insurance In Order To Carry Out The Co-insurance Principle, The Same Ends May Be Attained By Adjusting The Rate. The One Is A Mathematical Equivalent Of The Other. If This Be Done It Would Avoid All The Friction And ...

Rating Of Risks_p3
Systems Of Rating Risks Rates Have Been In The Past Applied To Individual Risks By Two Methods. First, What Is Known As The Personal Inspection Or Judgment Rate System; And Second, By Carefully Prepared Scientific Schedules. Already There Is Another System Which Might Properly Be Called The "experience System" Which ...

Rating Of Risks_p4
In Obtaining The Rate For Mercantile Risks, Cities, Towns And Villages Are Ordinarily Divided Into Six Classes According To The Amount Of Protection Afforded By The Water Works And The Fire Departments. Two Basis Rates Are Formed, One For Brick Mer Cantile Risks And The Other For Frame Mercantile Risks. ...

Rating Of Risks_p5
The Dean Schedules For Rating Risks. The Second Class Of Schedules Which Is Used Very Extensively In The United States Is Embodied In The Analytic System For The Measurement Of Relative Fire Hazards Devised By Mr. A. F. Dean, Of Chicago, Western Manager Of The Springfield Fire And Marine Insurance ...

Rating Of Risks_p6
"sky Lights: Frames To Be Of Iron Or Steel With Approved Wired Glass Not Less Than One-fourth Inch Thick, Or Quarter Inch Glass Protected By Wire Netting Number 12 B Or S Gage, One Inch Mesh, Preferably Galvanized, Set Not Less Than Six Inches Above Glass On Iron Supports, Approved ...

Rating Of Risks_p7
If The Structural And Protective Features Of A Building Are Such As To Warrant It, Deductions Are Made From The Basis Rate In Very Much The Same Way In Which The Additions Are Made. For Instance, For Each Floor Of Fire Proof Construction Not Includ Ing Basement, 5 Per Cent ...

Rating Of Risks_p8
Suppose That We Desired To Obtain The Rate On A One Story Frame Iron Clad Building With Metal Roof And Without Basement, 20' X 50' Occupied As A Second-hand Clothing Store. If This Building Were Located In The State Of Wisconsin In An Unpro Tected Town, The Basis Rate Would ...

Rating Of Risks_p9
The Result, Divided By The Total Amount Insured, Furnishes The Average Rate Which The Insurance Company Should Have Re Ceived Upon Its United States Business During That Ten-year Period." As An Illustration, Suppose That The Ten-year Experience Of All The Stock Fire Companies Transacting Business In The United States And ...

Reservations And State Departments
Reservations And State Departments. The Great Fire Of New York To Which Reference Has Fre Quently Been Made In The Preceding Period Taught The Peo Ple The Need Of Greater Security In Fulfilling The Contracts Which Fire Insurance Companies Were Making. The Insuring Public Demanded Greater Security And Stability In ...