bluuebunny/crossref_metadata_2025_split huggingface dataset:
Further remarks on the Wider Field
Authors: Menzler F. A. A. 
Published: August 2016

By the courtesy of the editors, I submit some remarks which time did not permit me to utter during the discussion on Mr Spratling's, ‘paper.At the meeting a member asked why should an actuary engaged in exercising his profession in a Life Office seek employment in the wide open spaces? The answer is, of course, that if his employment provides full contentment—as well as reasonable prospects—there is no earthly reason why he should be adventurous unless, of course, he is inclined that way. For it is an adventure to take on a job in an entirely new and unfamiliar environment, especially in industry, where the tendency is not to bother much about your academic or professional diplomas, and the test is rather what you can contribute to the work and prosperity of the firm.Now what is it that we can contribute? It takes a good man to stand up to our training and examinations and come through unscathed.
The effect on pension fund contributions of a change in the entry age.
Authors: Bizley M. T. L. 
Published: August 2016

In a previous paper (J.S.S.
9, 105) the present writer investigated the effect upon pension fund contribution rates of a change in the salary scale. A further note (J.S.S.
10, 47) discussed the effect of a change in the rate of interest. The present note is concerned with the variation in contribution rates with varying entry age, the actuarial bases remaining constant. The note takes account only of the contribution in respect of the pension benefit and disregards any additional contribution required to provide a benefit payable on death or withdrawal.
As before, we suppose that a single pension age, M, independent of entry age, sufficiently allows for normal, late and early retirements (if any) and that the pension is 100 k% of pensionable salary for each year of service.
Some Organizational Problems in a Life Office
Authors: Purchase H. F. 
Published: August 2016

Chiefly, perhaps, owing to the increase in the average size of our industrial or other organizations and to the increased facilities for carrying out the work by punched-card and other office machinery, there has of recent years been an increase in the country generally in the use of a number of organizational or management techniques of an analytical or statistical character. The tendency is more marked in America than in Britain, but even here we find an increased use of such techniques as ‘Market Research’, ‘Sales Forecast’, ‘Cost Analysis’, etc.The more this type of statistical analysis finds favour, the greater will be the demand for increased statistical data relating to the economy of the country or of its social structure. Mr John Ryan, Vice-Chairman of the Metal Box Company Ltd, made this the main subject of his Alfred Watson Memorial Lecture to the Institute of Actuaries on 24 March 1952.
Operational Research
Authors: Eddison R. T. 
Published: August 2016

A brief, introductory talk on a subject, such as this, will naturally be expected to start with a definition. In this, I must frankly admit to some difficulty, as I do not know of any really satisfactory definition of operational research. This, however, is nothing to be abashed at. It is usually easy enough to be clear about a field of study when you are in the centre of it; the boundaries, however, are commonly diffuse—and it is with boundaries that definitions are concerned. This difficulty of precise definition can be found even with quite well-established fields such as physics or, dare I suggest, the actuarial profession.I shall therefore be content to quote a phrase which is commonly applied to operational research, really more a description than a definition, and shall then try to expand and explain the salient points incorporated in it.
The Demographic Situation in the United States of America and In England and Wales
Authors: Thomas C. J. 
Published: August 2016

The present is a particularly appropriate time to embark on a comparison of the demographic situation in the United States of America and that in England and Wales. P. K. Whelpton's study,Cohort Fertility: Native White Women in the United States, and the Report on the Family Census of 1946 conducted under the auspices of the Royal Commission on Population, have recently been published. These two works, one American and the other British, deserve careful study. This paper is designed mainly to make a broad comparison of the populations of the two countries and to provide a background for readers of Whelpton's book and of the Family Census Report.The author wishes to acknowledge the ready assistance he received, on all occasions, from officials of the U.S. National Office of Vital Statistics and of the U.S. Bureau of the Census.
Life Assurance in Australia
Authors: Drybrough D. 
Published: August 2016

This paper attempts to give a sketch of the history and present practice of life assurance in Australia. It is not unnatural that its earliest beginnings should have been based on principles and methods which had already been developed and proved in this country. There are still many similarities, but differences have arisen in the new environment, and an examination of these differences may be of interest to members of the Society.Little more than 100 years ago the population of the colony of New South Wales, which then included the present territories of Queensland and Victoria, was only about 250,000, yet a few provident pioneers had already formed a Mutual Society to transact life assurance. They had been appalled by the plight of the families of the early settlers who died before they had time, by other means, to make provision for their dependants.The development of this Society was at first very slow, but it had the good fortune to have no death claims during its first three years, nor did they exceed £2500 in any of the first ten years. It was not until the introduction of the canvassing system, with the appointment of the first full-time agent in 1860, that there was any appreciable expansion. To-day that Society is the largest mutual life office in the British Commonwealth with assets of £300 millions.
The Population of the British Caribbean
Authors: Stewart C. M. 
Published: August 2016

At the meeting of the Institute of Actuaries on 26 March 1956, it was brought out very clearly that the population problem for the world in general is very different from anything within the present experience of this country. In many areas the population is already outstripping the capacity for food production, and the rate of population increase, consequent upon improving mortality, gives cause for fears about the future.One of the areas where this problem is becoming acute is the British Caribbean, where the island territories are already thickly populated, and there is no prospect that the rapidly increasing population can be adequately provided for. Lord Simon of Wythenshawe illustrated this very effectively in his 1954 report on the Population and Resources of Barbados. The report was printed privately, but the paper presented to the Institute described the position.
The Mechanics of Bonus Distribution. The use of Punched-Card Equipment
Authors: Leighton J. S. 
Published: August 2016

The purpose of this paper is to consider some of the practical problems arising from the application of punched cards to one particular aspect of Life Office work, namely the work connected with bonus distribution in Ordinary Branch business.No attempt has been made to describe the punched-card equipment itself, since this was fully dealt with in the paper submitted to the Institute in 1948 by N. E. Coe, K. J. Hedley andL. H. Longley-Cook; this paper also contained a comprehensive survey of the application of punched cards to Life Office work, including brief references to their use in connexion with bonus distribution.
The Taxation of the Annuity Fund
Authors: Clutterbuck R. B. 
Published: August 2016

In 1952 the Statutes relating to income tax were gathered together into one consolidating Statute, the Income Tax Act, 1952 and the whole system of taxation of a life office is laid down in a few sections of this Act. The position has been modified by the passing of the Finance Act, 1956, but the effect of this will be considered in the latter part of these notes. A proper understanding of the relevant sections of the 1952 Act necessitates some knowledge of the fundamental principles of income tax in general as laid down in the Act. As it is the object of these notes to try to deduce as clearly and logically as possible from the Act how a life office is taxed with special reference to its annuity fund, it will therefore be desirable to refer briefly to some of these general principles.Income is charged to tax in one of two ways, viz. by deduction of tax at the source by the payer of the income or by direct assessment on the recipient under one or other of the five Schedules A, B, C, D and E, enumerated in Section 1 of the Act.
A Simple Modification of the Binomial Distribution
Authors: Dharmadhikari S. W. 
Published: August 2016

Given any probability distribution, new distributions can be derived from it by assuming its parameters to follow some specific probability distributions. A simple example of this process is provided by the Poisson distributionP(r∣λ) =e-λλr/r! (r= o, 1, 2, …).If the parameterλis assumed to follow the Pearson's Type III lawthen the probability ofrsuccesses is obtained as
Analysis of Fertility in England and Wales by Position in Family.
Authors: Ford J. R. , Stewart C. M. 
Published: August 2016

1. During the early 1950's the annual numbers of births in England and Wales varied little from an average of 675,000, but since then there has been a marked rise and in 1960 no fewer than 783,000 births were registered. This steep increase was unforeseen in official population projections, including the range of projections published by the Royal Commission on Population, and is likely to have serious repercussions in some quarters. For example, it will in due course result in an increase in the numbers of children of school age to well above the numbers on which plans for school building and teacher training were based.2. In a paper presented to the Society a year ago (J.S.S.16, 85) the authors showed that the increase in births was attributable in part to an increase in marriage rates and in part to an increase in fertility rates, but the latest data available were those relating to 1957 when there were 723,000 births. No explanation could be offered for the further increase and, in deciding upon the number of births to be assumed in the early years of the projection contained in the paper, it was assumed arbitrarily that the numbers would decline from 750,000 in 1959 to 710,000 in 1963, the latter being the number calculated on the marriage and fertility bases thought suitable for the long-term projection.
Some Practical Aspects of Mortgage Lending.
Authors: Spittal R. W. 
Published: August 2016

1. A mortgage is defined as ‘a conditional conveyance of, or lien upon, land or other property as security for the performance of some condition, as the payment of money, becoming void on the performance of the condition’.2. The emphasis is on ‘the performance of some condition’, and it is with this aspect that the lender is mainly concerned. The ‘payment of money’ will include interest on the amount advanced and repayment of principal by an agreed method—the latter by paying the premiums on a suitable policy, where the majority of new life office mortgages are concerned.
Permanent Sickness Insurance.
Authors: Bond D. J. 
Published: August 2016

Permanent sickness insurance was last discussed by this Society in 1952 when K. Medin submitted a paper on some of the theoretical aspects relating to this class of business (J.S.S.11, 76). At that time only a handful of offices transacted this insurance in this country and of these some did not seem to actively pursue the business. Since then its value, both in conjunction with a life assurance policy and as a separate contract, has become far more widely recognized and I therefore hope that a brief look at the practical considerations involved may be of general interest.The name ‘permanent sickness insurance’ is possibly misleading. The insurance provides an income during total incapacity, terminating at an age chosen by the insured when the insurance is effected. It cannot be cancelled by the office solely on the grounds of an adverse claims experience. Accidents, provided they are not deliberately self-inflicted or excluded specifically by the policy conditions, are covered.
The Education of the Actuary.
Authors: Haycocks H. W. 
Published: August 2016

I have chosen the word ‘Education’ rather than ‘Training’ so that discussion can wander as far afield as possible; for example: school, university, Actuarial Tuition Service, office, post-qualification education and training of various kinds. The experienced actuary is seldom a narrow specialist; the ambition of most young actuaries is to become a manager of some kind or another and this work involves basic disciplines and skills other than those covered by the examination syllabus.Menzler's bookThe First Fifty Yearswill give the reader a good idea of the plight of the actuarial student during the 1920s. There was only one good text-book, that on life contingencies. There were other books that were helpful but they could hardly be classed as very suitable for the beginner. The only official classes were the oral classes in London. A provincial student had either to persuade an official tutor to correct test papers for him, or obtain the services of some other actuary; for example, classes were organized at the Prudential Assurance Company and the tutors were prepared to let other students have the test papers and any notes that were issued.
Do Investment Theories Really Help?
Authors: Hey G. B. 
Published: August 2016

Last year the Manchester Actuarial Society asked me to speak to it on my experience before I entered the profession, with particular reference to investments. This invitation caused me to review my experience over about twenty years in the Trustee Department of a Bank in supervising a large number of miscellaneous portfolios ranging from quite small ones to substantial pensions funds. The general conclusion which I reached was that investment theories generally were surprisingly little help. This was a conclusion which was rather depressing and I invited the Society to do their best to prove me wrong, adding that for once in a way the speaker would be only too pleased if someone did just that.Before committing myself to writing the present paper, I awaited that by Messrs Weaver and Hall given to the Institute earlier this year, and the discussion on it, as I hoped that I would find in either one or the other some of the answers to the fundamental questions which were troubling me. I regret to say that whilst I am not in any way criticizing the computer method, I find that these fundamental difficulties still persist.
The Work of the Continuous Mortality Investigation Bureau
Authors: Barnett H. A. R. , Hayward R. E. 
Published: August 2016

It is difficult to say exactly when the Continuous Mortality Investigation began, beyond saying that the first report of the Committee was on the experience of assured lives in 1924–29. There are, however, some earlier developments which are worth following, although it is still difficult to know where to start recording the process of evolution.If we start in the Institute of ActuariesYear Bookwe find that the Bureau was established soon after the 1914–18 war. However, in the Presidential Address of the late W. P. Phelps published inJ.I.A.54 there was a reference to a decision having been taken by the Institute and the Faculty in 1912–13, and a perusal of various Minutes of the Institute Council during the period immediately prior to the 1914–18 war yields much information. But perhaps we should start even earlier than that.
Friendly Societies
Authors: Trott K. F. 
Published: August 2016

1.1. A longer title to this paper might be ‘Reflections of a Consulting Actuary on his professional relationship with Friendly Societies’. The term ‘Friendly Society’ is defined by law, but from the actuary's point of view it can be divided into a range of organizations, summarized as follows:(a) Large Collecting Societies with assets exceeding £1 million. Many of these Societies operate on a national basis.(b) Medium to small Collecting Societies. Most of these Societies serve a fairly localized area, and some are very small, being linked to churches to provide for burial expenses.(c) The large Friendly Societies known as Affiliated Orders which have a large number of branches.(d) The smaller Affiliated Orders with branches.(e) Large Friendly Societies with assets exceeding £1 million.(f)The smaller Friendly Societies with assets of less than £1 million including many with assets of less than £500,000.
Multiplying at Compound Interest
Authors: Bizley M. T. L. 
Published: August 2016

The purpose of this Note is to provide easily remembered rules for finding approximately the time required for money to multiply itself by any whole number up to 12, and by certain larger numbers, at a given rate of interest. The rules hold good for rates of interest up to about 100% per period. For ease of reference they are summarized at the end of the Note.It may well be asked why anyone should want to memorize such rules when reference to tables of compound interest, or calculation by logarithms, would give the results very easily. One answer is that in a time of increasing wage and salary levels it is important for the actuary to be able to point out at once the practical effect of any proposed assumption as to future rates of increase. Such information is often needed at a meeting, where the overt or surreptitious consultation of a book of tables would not enhance his reputation.
Orientation of corals and stromatoporoids in some Pleistocene, Devonian, and Silurian reef facies
Authors: Hodges Lance T. , Roth Ariel A. 
Published: August 2016

A quantitative study was made of the orientation of corals and stromatoporoids in reef core, flank, and interreef rocks representing three geological periods at eight sites, including the Florida Keys (Pleistocene), Ridgemount, Ontario (Devonian), and Pekin, New York, Maumee and Rockford, Ohio, and Bluffton and Delphi, Indiana (Silurian). Orientation, width, and height were measured for each fossil as seen in outcrop.Fossils in Pleistocene and Silurian reef core facies have pronounced upward orientation, suggesting that most fossils are in growth location, or that the reefs were moved to their present location without appreciable tilting. Silurian distal flank facies have approximately random coral orientations, while the proximal (near-core) Silurian flank facies at Rockford has coral orientations with some upward bias. Coral width is greater than or equal to coral height (on outcrop) for 79% of the corals at all flank sites, and for 80% of the corals at the interreef site, an indicator of transport when taken with orientation data. This study permits reef facies differentiation and illustrates that fossil orientation is a useful technique for studying reefs.
Evaluation of corallite size as a criterion for species discrimination in favositids
Authors: Lee D. J. , Noble J. P. A. 
Published: August 2016

Of all the morphologic characters used in favositid taxonomy, corallite size has most frequently been given more weight than others because of its relative ease of measurement and because it has been generally believed to be less variable. This study evaluates the reliability of corallite size as a criterion by a statistical treatment of several populations of favositids in the Upper Silurian West Point Reef Complex in Gaspé, Québec. Calculation of corallite cross-sectional area was made feasible by computer-based image analysis which provides a quick and accurate measure of size. The present study shows that the mean of the largest 10 percent corallite areas in mature parts of colonies with a minimum sample size of 100 corallites per cross section is the best approximation available of mean adult corallite size.It is suggested that intraspecific variability of corallite size is often too large for this character to be used in practice, probably due to phenotypic plasticity. The same may be true of most other morphologic characters. In some cases, however, one or two characters remain invariate within a species and can be used diagnostically. The same characters may be extremely variable in other species.
Sciadiocrinus, convergence on the family Pirasocrinidae (Crinoidea: Echinodermata)
Authors: Lewis Ronald D. , Strimple Harrell L. 
Published: August 2016

Sciadiocrinus Moore and Plummer is synonymized with Schistocrinus Moore and Plummer, with the name Sciadiocrinus retained by the Law of Priority. This synonymy is based on a reexamination of the type material, study of a previously undescribed ontogenetic sequence in S. tegillum Strimple and Moore, and close inspection of separate radial plates and anal-sac spines. The holotype specimen of the type species of Sciadiocrinus was incorrectly illustrated in the original description of the genus, and appears to be immature. The basal plates of this specimen are shown to be separated from each other by the junction of the radial plates with the infrabasals—a principal character in the original concept of Schistocrinus. The Sciadiocrinus tegillum hypodigm now includes specimens which also have relatively large radial–infrabasal sutures as well as individuals with little or no contact between these plates. Examination of this collection and previously described material shows that mode of arm branching, details of radial-plate articular facets, and some features of the anal-sac spines are also equivalent in the two genera.Sciadiocrinus, presently classified in the family Pirasocrinidae, is distinct from all known pirasocrinid taxa in a number of morphological characters. We believe the genus should be removed from the Pirasocrinidae, and recommend its assignment to the family Anobasicrinidae based primarily on similarities in arm structure. The remarkable convergence between Sciadiocrinus and the Pirasocrinidae emphasizes the adaptive significance of the spinose, umbrella-like anal-sac roof, which apparently served as a deterrent to predators.
Wenlockian (Silurian) conodont biostratigraphy, depositional environments, and depositional history along the eastern flank of the Cincinnati Arch in southern Ohio
Authors: Kleffner Mark A. 
Published: August 2016

Representatives of 12 conodont species, including Oulodus equirectus n. sp., have been recovered from the Silurian Lilley Formation, Lilley–Peebles transition unit, and Peebles Dolomite at six localities in southern Ohio. The Lilley, Lilley–Peebles transition unit, and Peebles belong in the Kockelella ranuliformis–K. amsdeni to Ozarkodina? crassa Chronozone and are late early to middle Wenlockian in age.The Lilley is conformable and transitional with the underlying Bisher Formation and overlying Peebles. The unconformity between the upper Niagaran Peebles and overlying lower Salinan Greenfield Dolomite represents middle Wenlockian to late Ludlovian or early Pridolian time.The Lilley, Lilley–Peebles transition unit, and Peebles were deposited in a gradually shoaling sea that was controlled by eustatic sea-level fall during the late early to middle Wenlockian. Uplift along the Cincinnati Arch, probably due to northward tilting of the arch, began during/after deposition of the Peebles in the middle Wenlockian. The combined effects of uplift and eustatic sea-level fall caused the sea to withdraw from southern Ohio. The Peebles was exposed and eroded prior to return of the sea to begin Greenfield deposition in the late Ludlovian or Pridolian (Ozarkodina remscheidensis Chronozone).