bluuebunny/crossref_metadata_2025_split huggingface dataset:
Non-Profit Office Premiums
Authors: Rich C. D. 
Published: August 2016

The following remarks refer to the determination of Non-Profit Whole Life Assurance and Endowment Assurance office premiums; many of the principles raised apply to the premiums for other types of policies.The office premium depends on the rates of mortality, interest, expense and loading for profit used in its calculation; we shall be concerned mainly to determine what values to give these factors, and the values chosen will form our premium bases. There is no reason to assume that we should give the factors the same values for all policies; for instance we might be justified in taking a lower rate of expense for policies of large sum assured than for policies of small sum assured.
Lecture on the Establishment of a Contributory Staff Pension Fund
Authors: Clinton L. E. 
Published: August 2016

In order to cover all the ground, I think it will be best if I try to give you my line of thought in dealing with a large Industrial Company desirous of establishing a Contributory Pension Fund, but in this connection I shall not discuss formulae or the construction of Valuation Factors.I do not propose to dwell at length on Schemes under what is known as the “Money Purchase Plan” or, in other words, a series of deferred Annuities, where each Contribution purchases a definite amount of deferred Annuity. Except in the case of a very small Staff or a group of small Staffs where the numbers are few and where the salaries cover a wide range, such a Scheme does not meet the needs of the Staff and moreover, it is very inflexible. In fact, it is impossible to form a Scheme on this basis where the Pensions are to be calculated as a percentage of the retiring salary or wages or an average of the salary or wages received during the five or seven years prior to retirement. Further, no provision is made for Incapacity Pensions and, if Contributions are fixed, no definite relation can be established between Pension and retiring Salary or Wages.
Group Insurance and Group Pension Schemes
Authors: Turner N. C. 
Published: August 2016

The subject of Group Life Insurance schemes has been quite recently discussed by the Society (J.S.S. Vol. III. No. 3) and no useful purpose can be served by a repetition of remarks regarding such schemes.However, there are two points which deserve further consideration. The first of these relates to what might be termed underwriting rules—or, in other words, regulations to which every contract must conform. Each individual contract should be written, so far as possible, on such a basis as will preclude the writing of unsatisfactory business and in this connection such points as the number of lives to be covered, maximum and minimum amounts of insurance, etc., fall to be considered.
Industrial Assurance: Valuations, Office Premiums and Bonus Systems
Authors: Marshall C. G. 
Published: August 2016

The title to this paper covers a very wide field and unless each of the subjects was dealt with somewhat briefly, the paper would be of inordinate length.The general principles on which a valuation should be made are the same for Industrial as for Ordinary Assurance business. The methods adopted differ, however, one of the main differences being the system of grouping the policies in “select” form, either by calendar year of issue, sub-grouped by age at entry, or by age at entry sub-grouped by year of issue, the former being possibly the more popular and the one described in these notes. One of the original reasons for this form of grouping was the system of increasing the sums assured after a policy had been five years in force and again after it had been ten years in force, and in consequence the duration of the policies had to be taken into account in the valuation.
Bonus Distributions: A Study in Differences.
Authors: Elderton W. Palin 
Published: August 2016

In America distributions of bonus are made on a “contribution” method, but in Great Britain most of the offices use a bonus system of the compound reversionary or the simple reversionary type. To an actuary practising in England a contribution method seems to entail a great amount of work and may not reach exactitude in the end; while an actuary practising in America must, I think, feel inclined to ask English actuaries how they reach fairness between different classes and different ages at entry.
If we define “fairness” for our present purpose as such a distribution as leads to an equation at the outset between the present values, on an experience basis, of benefits on the one hand and of premiums (less expenses) on the other, then a complete contribution method will provide “fair” bonuses whatever the basis of valuation; and this is true though the valuation basis may be far removed from actual facts and though the “profits” in the valuation sense, from interest, loading, withdrawals and mortality, bear no relation to the premiums or the facts assumed in calculating those premiums.
Family Income Policies
Authors: Hampton E. , Marples W. F. 
Published: August 2016

This type of policy was introduced into British Life Office practice some three years ago and rapidly proved most attractive; so much so that a leading office announced that it obtained over £2,000,000 new Sums Assured under this class of contract within a year of issuing the prospectus. Details of the schemes of no less than forty-six offices are available. On the academic side, the examiners have shown their appreciation of its possibilities by setting questions concerning calculation of premiums, valuation, etc., in the examinations of both the Institute and the Faculty of Actuaries.Sufficient time has now elapsed since the commencement of this type of business for the problems involved to force themselves into notice. Certain of these problems are dealt with in the following note.
Priority percentages and profits tax
Authors: Knapman G. J. 
Published: August 2016

Priority percentages are generally calculated when considering an investment in a joint-stock company with the intention of finding two limits, which may be defined as follows:The lower limit is the percentage of net profits (after all expenses other than British taxation) which would just suffice to pay all prior charges and dividends on stock ranking prior to the stock under consideration.The upper limit is the percentage of net profits which would just suffice to pay the dividend on the stock under consideration and all prior charges and dividends.Now that profits tax is as much as 30% with a rebate of 20% on profits not distributed, it is important to consider to what extent profits tax should be treated as a prior charge.An example of what may be described as the ‘normal’ method of calculating priority percentages is given on p. 186 of the new textbook, Principles of Finance and Investment, by L. G. Whyte, F.F.A. The whole of the profits tax, allowing for the rebate on profits not distributed is shown as a prior charge to all dividends. This appears to be the method used by the two principal statistical services.
The measurement of the intensity of marriage with allowance for the relative numbers and age distributions of the sexes.
Authors: Pollard A. H. 
Published: August 2016

Measures of marriage based on the data for one sex only do not give a fair comparison between two communities unless the relative numbers and ages of the sexes available for marriage are the same in both. Such a similarity is unlikely to exist; in 1921, for example, at ages 15–54 the number of marriageable women was 87% of the number of marriageable men in New Zealand but the corresponding ratio in England and Wales was 119%, and this fell to 113% by 1931.W. S. Hocking discussed the balance of the sexes in Great Britain inJ.I.A.(74, 340) and showed the extent of variations in the relative numbers available for marriage in England and Wales in thisJournal(10, 24). It is desirable in a number of problems to be able to make some allowance for such variations, particularly in connexion with the measurement of reproduction, depending as it does on marriage intensity.
The decline in spinsterhood (continued).
Authors: Hocking W. S. 
Published: August 2016

Some three years ago a note in this Journal (J.S.S.
10, 24) called attention to the rapid decline that was taking place in the numbers of unmarried women in this country, due to the fact that the number of marriages was exceeding the number of young women reaching the marriageable ages. During the past three years statistics of a further three or four years' marriages have been issued and a sample analysis of the total population enumerated at the 1951 Census has been published. It may be of interest, therefore, to examine these data to see whether the trends exhibited in the years up to 1947–48 have continued and whether the 1951 Census results confirm the estimates given by the Registrar General for the inter-war years.
The first assertion made in the note referred to is that ‘a considerable fall in the number of marriages, to be followed by a consequential fall in the number of births, is almost inevitable during the next few years’. As the number of marriages in England and Wales in the years 1950–52 averaged only 356,000, whereas during the period 1939–47 the average level was 385,000 a year, the first part of the assertion is being substantiated.
The Distribution of Quasi-Ranges in Samples from Rectangular and Exponential Distributions
Authors: Ghosal A. 
Published: August 2016

For the past few years, stimulating research has been carried out on ordered statistics. Linear combinations of the sample ordered values are used to provide estimates of parameters of the population from which the sample is drawn. Such statistics are termed systematic by Mosteller. They are in common use, because they provide simple solutions of parametric problems of statistical estimation. Often they are inefficient, but this drawback is sometimes more than offset by the ease with which the calculations are performed.Mosteller drew attention to the possible use of the statisticsWr, which he called quasi-range ofrth order and defined aswherex1,x2,…,xnare ordered observations in a sample ofnfrom a populationf(x) (x1&lt;x2&lt; … &lt;xn). The distributions of quasiranges in samples drawn from a normal population have been studied by Godwin and Cadwell.
Discussion
Authors: Mallett R. G. 
Published: August 2016

It is a matter of some regret to me that a member of the Actuarial Society of South Africa cannot be here this evening to provide an introduction to the paper before you. While I feel I am honoured by my South African friends in being asked, as an ex member of the Society, to undertake this duty, I must confess that I am wondering whether my personal experience is sufficient to qualify me for this task.For much of his work the actuary is concerned with the people living around him and I think therefore that I should say something about the people living in the Union of South Africa.South Africa was first discovered around the end of the fifteenth century, but it was not until 1652 that the first settlement was made by the Dutch East India Company. The settlers were under the control of Jan van Riebeeck who was charged with the duty of providing fresh vegetables, etc., for replenishing the stores of ships rounding the Cape.
The Schedules to the Assurance Companies Act, 1909
Authors: O'Brien C. M. 
Published: August 2016

These remarks were set down in 1958 before the Insurance Companies Act 1958 was enacted. The new Act is a consolidating Act and, apart from a few alterations to achieve greater clarity, makes no alteration to the law as it affects Life Assurance business.The new Act does not, however, include the former Schedules 1 to 5 of the Assurance Companies Act 1909 but leaves the Board of Trade to prescribe them. (Reference is made in these remarks to the powers previously available to the Board of Trade.) The Act required the Board of Trade to prescribe appropriate Schedules without delay and, in fact, the original 1909 Act Schedules have been prescribed without change.It is understood that this is essentially a temporary measure, as the time available was not sufficient to allow adequate consideration to be given to any possible changes. It is, however, expected that the Schedules will be revised in the relatively near future.
An Estimate of the Future Population of England and Wales
Authors: Ford J. R. , Stewart C. M. 
Published: August 2016

In 1944 the Royal Commission on Population was set up in order to determine the probable consequences of population trends then current. In order to do this they prepared a range of sixteen separate population projections for Great Britain based on various combinations of assumptions as to mortality, fertility (and marriage), and migration. The method used, in which each component of population change i.e. birth, death and migration receives separate treatment, is generally known as the component method. This distinguishes it from cruder methods based on the assumption that the total numbers in a population follow some mathematical formula.Since the Royal Commission reported, this method has continued to be used in preparing what may perhaps be described as the ‘official’ projections of the population of England and Wales.
Office Methods for Dealing With Ordinary Life New Business
Authors: Scattergood W. D. 
Published: August 2016

1. The purpose of this paper is to consider procedures involved and the records and documents required after a life proposal has been accepted. It is mainly concerned with a particular office using a punched card system, the changes which have taken place and the further changes in prospect as other office machinery is brought into use.In particular, the use of automatic typewriters for the production of policy and other documents is examined.In the office concerned there has been a rapid expansion both in quantity of business and diversity in type of business. The tendency has been for a multiplicity of records to be built up for reference purposes and to control the Powers punched cards used for premium collection, valuation, etc. Energetic attempts have been made from time to time to reduce the work involved in setting up, housing, and accurately maintaining these records.
III Practice of Fire Insurance
Authors: Scurfield H. H. 
Published: August 2016

Fire insurance, which often includes cover for flood, riot, earthquake and storm, can be divided into four classes:1.P.D.H.—Private dwelling house.2.Householder's Comprehensive—In addition to providing the cover as for P.D.H. this also includes other ancillary risks many of which are optional, including those for burglary and personal accident.3.Industrial Fire—Risks range from farms and small shops to vast industrial complexes. The insurance is against damage to property and contents.4.Consequential Loss of Profits—Over and above the material damage sustained, there is in most cases a loss of profit arising out of the interruption and a need to go on paying various standing charges, despite the fact that there may be no income. This type of cover, which is usually ‘tailor-made’ to fit the precise requirements, is intended to provide for any additional loss arising out of a fire or the occurrence of any other insured peril.
Words and Numbers
Authors: Redington F. M. 
Published: August 2016

When I realized that this was a jubilee lecture my mind flew to our 21st supper and celebration. The guest of honour was Sir Andrew, then Mr. Rowell. When the waitresses had cleared the tables he rose to propose our health and said he was glad to be able to welcome us among the grown-ups; that weweregrown-up he knew because he had just seen the women take our napkins away.No-one can emulate Sir Andrew but I share his pleasure. One of the sweetest fruits of autumn is a smile of welcome from the young. So, thank you. Another reason is that I've loved many things in life from Lancashire hot-pot to Shirley MacLaine, but most of all I love a captive audience. So thank you twice.To have leisure is to have time to stand and stare. It is a hill with a perspective. When I look around from the hill of leisure which I now enjoy–and enjoy is the word–I sometimes catch a glimpse of that other hill, 45 years down the road, from which I peered forward in my student days. Much has happened since then which seemed important at the time to that little figure scurrying along the road, but surveying the whole scene there has been an unbelievable change.
The Gilt-Edged Market Revisited
Authors: Hamilton J. M. 
Published: August 2016

An investor who put £1,000 into 2½% Consols at the end of 1947 and reinvested all his gross income in the same stock at the end of each year would at the end of 1970 have stock valued at £921. Adjusted to take account of inflation, in 1947 £'s his investment with all income reinvested is worth £365. Why bother to revisit the gilt-edged market?An investor who put £1,000 into 2½% Consols at the beginning of January 1971 and reinvested the gross dividends as they were received in the same stock would, by the middle of September 1971, hold stock worth £1,194. He is showing a 19% return on his investment after under ten months. I do not wish to draw the conclusion that we have reached a new dawn in the gilt-edged market. I draw the conclusion that money can still be made in gilts. It is a market worth revisiting.
Financing Occupational Pensions in the E.E.C.
Authors: Waites C. 
Published: August 2016

1.1. One of the declared intentions of the European Economic Community is the harmonization of Social Security arrangements, including State pensions. To the extent that occupational pensions are regarded as an adjunct to Social Security to bring total benefits up to an acceptable level, it is to be expected that the achievement of this aim would have its own effect on occupational pensions and on the way in which these pensions are financed.1.2. In practice progress along this path has been slow and both Social Security and occupational pension systems differ widely from country to country within the E.E.C. On the one hand there are the U.K. and Ireland providing very small State pensions by comparison with most of our neighbours, and at the other extreme Italy, where State pensions are at such a high level for the whole working population that private pensions are virtually non-existent.
Notes on the Rate of Industrial Growth in Italy, 1881–1913
Authors: Gerschenkron Alexander 
Published: August 2016

This paper represents an attempt to summarize the first stages of a research project, the completion of which is still remote. Its purpose is to pose one or two basic problems and to indicate the directions along which the answers may lie.It is obvious that in the decades following its political unification Italy's economy remained very backward in relation not only to that of England, but also to the economies of industrially advancing countries on the continent of Europe. Whatever gauge one may choose for the purposes of comparison, be it qualitative descriptions of technological equipment, organizational efficiency, and labor skills in individual enterprises; or scattered quantitative data on relative productivity in certain branches of industry, or the numbers of persons employed in industry; or the density of the country's railroad network; or the standards of literacy of its population, the same conclusion will result.
Agricultural Productivity and Economic Growth in England, 1700–1760: A Comment
Authors: Flinn M. W. 
Published: August 2016

In his recent article in this Journal, A. H. John has attempted to show how low grain prices in the first half of the eighteenth century stimulated economic growth. His argument runs that after the Restoration,…there followed almost a century of comparative plenty, bringing an increasing flow of food and raw materials. The most pronounced fall in prices occurred in grains … Because [the bread grains] entered very largely into the diet of most groups in society, a fall in their prices lowered the cost of living and so raised per capita real incomes …. Income tended to move into the hands of people, who, through habit and/or necessity, were more likely to spend than hoard …. Many of the growth points stemmed from a buoyant home market.
Larvae and relationships of the Calymenina (Trilobita)
Authors: Chatterton B. D. E. , Siveter D. J. , Edgecombe G. D. , Hunt A. S. 
Published: August 2016

Up to four discrete protaspid larval stages are described for calymenid trilobites of Ordovician to Devonian age. The earliest growth stages are nonadult-like planktonic protaspides; later protaspides are adult-like and benthonic. In contrast, the related homalonotid trilobites apparently lack planktonic protaspides, but have up to two large benthonic protaspid stages that are similar in form to calymenid benthonic protaspides. These differences in life history patterns between these families are reflected in their paleobiogeographic distributions. Calymenids werre widely dispersed from Ordovician to Devonian times, both being common in warm, low latitude provinces (particularly from the Late Ordovician onwards) and well represented in cooler, higher latitude regions. The paleogeographic distribution of the homalonotids during the Ordovician (Arenig to the Ashgill) was concentrated in high paleolatitudes, with only a few forms occurring at low paleolatitudes (often in deeper, cooler environments?). Both families survived the Ordovician–Silurian mass extinction, with the calymenids again being widely dispersed but the homalonotids being best represented in the cool-water Malvinokaffric Province and in other regions where they are largely restricted to clastic facies.So few complete growth series of calymenine trilobites are known that it is unlikely that the ontogenies of taxa that form parts of ancestor–descendant clades can be identified. However, some evidence for heterochronic, particularly paedomorphic (neotenic), evolution is suggested for larval stages of members of both the Calymenidae and the Homalonotidae. Such possible neotenic evolution leading to very large planktonic larval stages of calymenid trilobites during the Devonian could have enhanced dispersal during a period of widespread warm and equable climates. Comparisons of homalonotid protaspides with equivalent stages of calymenids support the close relationship of these families within the Calymenina. A data matrix based upon characters of protaspides of two calymenine trilobites (FlexicalymeneShirley, 1936, andBrongniartellaReed, 1918) and eight other trilobites, belonging to the Phacopina (Calyptaulax), Cheirurina (PhysemataspisandHyrokybe), Proetida (Scharyia), Lichida (Acanthopyge), Odontopleurida (Diacanthaspis), Corynexochida (Bathyuriscus), and Ptychopariida (Crassifimbra) was subjected to cladistic analysis using the parsimony program “Hennig 86.” The shortest length cladogram produced is consistent with the inclusion of the Homalonotidae in the Calymenina, and inclusion of the Calymenina in the order Phacopida. “Cheirurina” is the paraphyletic “stem group” of Phacopina. The hypothesis that Lonchocephalidae is most closely related to part of post-Cambrian Phacopida is poorly supported by protaspid characters.