Document QgJJxxzaXGNKDbDr64wjXYJE8

FILE NAME Insurance Industry INS DATE 1935 Feb 1 DOC INS016 DOCUMENT DESCRIPTION Article in The Eastern Underwriter - Occupational Disease Meeting in Chicago for Medical Insurance Men PRUE $ C au RSSA au Manual New * Occupational Disease Metropolitan Placed in 1934 es 1934 High Spot OR'S ANNUAL REPORT ating Simplification Under Tells New York Compention Rating Board Meeting in Chicago FOR MEDICAL INSURANCE MEN Yesterday Afternoon and Evening Devoted to Discussion and Talks F. R. Jones Present From New York 72,933 A. & H. Policies At the managers convention of the Life Metropolitan here this week PresiEcker in discussing the personal dent accident and health record of the com- pany for 1934 said There were 72,933 policies placed for 305,366,500 of principal sam an increase e revised compensation inannew schedule of rates ef- 1 1934 as the biggest accom- An important meeting devoted entirely to occupational disease problems was held yesterday afternoon and evening in Chicago under the sponsorship of the of about 50 from 1933. The principal sum in force increased from 852,598,000 10 9-10,523,500 Claims paid during the year were as i the past year Leon S. Sen- Illinois Manufacturers Association Both follows manager Compensation Ining Board of New York subort of progress to the twenual meeting yesterday He medical and insurance men attended keen interest being shown in the study of the situation made by a committee of that association headed by O. E. Mount American Steel Foundries The Number On account of of limb etc. On account of death loss ....-.--.-- 159 ability On account of sickness dis- ability Amount 689,075.40 1,764,36-1.95 319,501.57 that it furnished a bird's : large amount of detail inmaking for both individual rge industrial groups nty years of experimentation observed that collecting sta- * ugh the medium of the so- plan the arrangement of the ling to classification and type nd the selection of pure pre- been ordinated into a sysworks smoothly and without Lately we have arrived at a r rate levels he said that o furnish the answer to the or adequate and reasonable rocedure has been devised for ayroll in questionabloer con- cases gress made thus far has . en- ne Compensation Rating Board ief that we shall be able to in difficult problems confront- ; year We have in mind ese revision of schedule rating ments that will be necessary odate our rating system to spective legislation relating to al disease injuries Simplifica- chedule rating is now under have resolved to restrict the o essential items such as have st value in appraising the risk aking purposes and in promot- in industrial plants ccupational disease Mr. Senior is hoped that whatever legis nacted will be fair to workers ot create an impossible burden ry We have gone on record 1 conference committee in fa- bill enumerating specific disproviding for adequate medical afternoon session was open only to medical men and the speakers included Dr. L. U. Gardner director Saranac Laboratory speaking on The Pathology of Silicosis and Homer L. Sampson Tru- deau Sanitarium Saranac P. J. Angsten chairman Illinois In- dustrial Commission Dr. C. O. Sapping ton Chicago industrial surgeon and F. Robertson Jones general manager Association of Casualty & Surety Execu- tives were evening speakers Mr. Jones emphasizing that compensation for occupational discases has suddenly become one of our major problemis said that un- less it is promptly and properly solved many employers soon will discover that an overwhelming burden of cost has been imposed upon them Although Mr. Jones directed his attention chiefly to the need for proper legislation he said that the primary essential in meeting the problems of occupational diseases in industry is prevention and he urged that phase of the subject be given intensive study by experts Mr. Jones outlined the legal develop ment of the occupational disease problem and cited the divergent development in our state laws He laid stress on the peril industry now faces as a result of the rising flood of litigation for damages for diseases fictitiously attributed to the failure of employers to fulfill statutory duties A remedy Mr. Jones declared is legislation to bring all medically recognized occupational diseases under the compensation laws He warned against the so- called all inclusive coverage of occupational diseases which he said should be avoided like sin because that form would leave it open for the courts and industrial commission to hold industry lia- Total 26,881 2,772,911,92 Of these 26,881 personal accident and health claims paid during 1934 94.1 were paid within eight hours of receipt of proper clain papers as com- pared with 93.5 in 1933. . AMERICAN AUTOMOBile Gains Assets Are Up to 10,767,828 Reserves Strengthened and Surplus Increased to 2,392,772 The American Automobile of St Louis at the close of 1934 showed total ad- mitted assets of 10,767,828 as compared with 9,231,248 at the close of 1933 Of this total 1,049,073 represents.cash represents.cash 3 850,373 bonds and 3,844,925 corporation stocks Reserves were strengthened and a special reserve set up write down all defaulted of 59,689 to bonds to $ Contingency reserve 1,000,000 A nice increase has been made in sur- plus which now stands at 2,392,772 and which with capital of 1,000,000 gives a policyholders surplus of 3,392,772 C. C. PERRY'S SUDDEN DEATH Clarence C. Perry manager engineering and inspection departinent Standard Surety & Casualty died suddenly on the way to business Wednesday morning He is survived by his wife and two grown children Mr. Perry had been with the Standard Surety for the past five years and be- fore that held a similar post with the Ocean Accident His carlier experience was with the Aetna Casualty & Surety and the Hartford Steam Boiler At one time he lectured in the Sheffield Scientific School Yale thus his nickname Prof. 1934 Accomplishments / 1934 accomplishments in addije revised manual and new rate ble indefinitely for all forms of ill health in any way contributed to by work On the contrary he advocated that the diseases to be covered should be restricted WM MARCY'S CONNECTION William Marcy who recently returned from the Pacific Coast has joined the Eagle Indemnity in its metropolitan New Mr. Senior referred to a new for determining the rate level ovides that the basic pure pre- to those which originate in a risk created by or peculiar B the occupation and should be defined in the law York production department an agency on William Street a ago He rall few years all keyed to the level of the licy year developed to an ulti- is the formulation of a simpli- dule rating plan which would phasis upon the point of opera- ird and the matter of safety ^r- n and increased activity of the udit and engineering divisions AA MERICAN MERICAN | embership of the board comthree carriers which in- Insurance Co. he New York State Insurance four stock companies and Robert C. Ream President mutuals mo 67 Wall Street New York UAL MEETING MARCH 14 DECEMBER 31st 1934 nnual meeting of the Bureau of 1 Accident & Health Underwrit- be held March 14 most likely at Astoria Hotel New York owen Aetna Life who is chair- the governing committee will Life indemnity jumbo lines and risks are expected to be sub- scused scussed eres CAPITAL . . . Surplus at Market Values Voluntary Catastrophe Reserve Reserve for Losses . eo. . Contingency Reserve All Other Liabilities 2. . TOTAL ASSETS . . 1,000,000.00 2,574,975.70 500,000.00 2,690,601.13 5 48,127.58 1,110,130.69 7,923,835.10 NOTE Securities curried at 739,222.50 in the above statement are deposited as required by law HN M~ GINLEYdinner McGinley new president of McGinley will be guest of honor at of which will be given to him by the company at 55 John Street will The dinner will be held at ioef& Chemical Club Monday . CASUALTY INSURANCE United States Fidelity & E with which is affilia Fidelity & Guaranty Fi Home Offices Baltim Boiler Chan Continued from Pay ance with respect to other } ance covering similar loss icy contains a modified cu ing to this feature which such insurance under the 1 chinery policy shall become applicable on any part of which there is no simular effect at the time of the other words where the po such other liability covera with a deductible liability written as excess over amount the insurance und or machinery policy will be apply to any part of the which the assured would obliged to assume on accou ditions of such other policy Expediting Charges ( In connection with the direct property dainage lo coverage known as expec may be included at a sli premium which will pay th the extra cost represented expense for temporary rep pediting the repair of property of the assured i time and the extra cOST other rapid means of tra terials Under the old po ment under this form of limited to 25 of the d damage loss which restrict the amount available f charges in cases where damage loss was small 1 has now been modified so for expediting change pay amount equal to the direct age loss unless such loss in which case the limit of be 1,000 plus 25 of 11 which such direct propert exceeds 1,000 References to approved boilers and pressure ves proved speed for machin always been in the nature in boiler and machinery now been entirely reno connection with low press ers operating at steam pr teen pounds or less U.S. Continued from 1 last out six months with of the way and the the dent thereto paid the cor underwriting profit of 3 sive of its investment inc The cash balance of amounted to 3,123,782 to 2,800,000 and surplu making the surplus to pc cluding the voluntary con of 1,500,000 9,774,667 Mr. Davis stated that v ning at a more normal expenses company on a is in a conserva strong p pects continued improve Royal N Continued from i whether stores shops ma other places of business and if so are the amou insurance adequate? makes it not only timely or broker to solicit the but also to review the b his books Ecce _