Document reYezgz7Qmy97m1waKwx86r17

FILE NAME Insurance Industry INS DATE 1946 Oct 24 DOC INS042 DOCUMENT DESCRIPTION Article from The National Underwriter - Insurers are Watching W.C. Particularly O.D. October 1946 QD HeNATIONAL UNDERWRITER LEMENT MAKES APPEAL = - Urges Retailers to Fight Against Launch New Chicago Office in Brilliant Style Insurers Are ~ Watching W. Particularly O. D. Kentucky A Annual Annual Mee Mee Rating Bills stitute condemning condemning vigorusly industry Researchcommittee on legislation of Risk The has issued and the Institute stitute has vigorously adopted a re- the rat- port condemning bills ing as " economic econaomilcallly y unsoununsd ound to the American extremely extremely dangerous and seriously harmful business pattern the public interest William J. to New York Herald Trib Fitzsimons " of the institute called a buspirneessisdenmten in all parts of the country to prevent the property business alty insurance from becom either " private fixing sys- ing under state blessing or an anom- em privately ned dy of American privately administered such permanent government known such as this country has never of the but uncontrol institute Individual members were urged to bring to the attention country business leaders in all parts of the the dangers to free enterprise country public public welfare inherent in bills The committee report states that the dearly of apparent aim axempt insurance the the bills is to biggest business country from federal laws by axempt Permitting Permitting specifically concert insurers to fix prices in under state laws a practice prohibited under federal Abou1t50 sumptuosuumptsuous buffet cocktail party Saddle come & Cycle Club Tuesday Life Associatesdistinguished distinguished Inc. to into welthe field Most distinguished guest was U. S. Senator C. Wayland Brooks Life Associates Associates is is general agent for for CoCnonttii-- office nental Assurance The principal owners of ciates which has opened an Life Life Insurance Exchange are W. T. Asso- in the Cline and L. W. Zonsins of the important . wo YORK workmen's companies watching compensation climbing closely Losses are ratio is still on the safe unanimous though side the is off There is almost unanimous agreement in in the insurance business that as soon begins as employment begins to taper off to any noticeable extent losses will start pouring in It is a question of when this will happen One factor which may influence claims but the effect of which underwriters are unable to meas- met ure because they have not quite the form and intensity it in it has taken today is the attitude of employes toward employers The underwriters are worried They expect it to stimu- late the velocity of claims and to de- termine to some extent the character of those claims but that is judgment in anticipation Physical Examinations Sets High R % 75 %% of Mem Sherida Sher Sherida ida New Preside NEW OFFICER President Elizabethtown 1st presidentLouisville 2nd president Fulton Secretary ville State national dir Chrisman Pikeville : W. W. T. Cline L. W. Zonsius Conkling casualty general Operating Conkling Jerome Operating oAlfready agencyagPreincecy is JeJreroomme e Miller the AlreAalrdeaydy two afiliated agents bwigithleague the agents have become,affiliated University Specifically can do and about what all they the are cdooimngpainsietso closely for Before check pational disease signs of occu- Before the war work- other claims for disabilities and silicosis disabidlitiiessabilities of this type promptly They urged were Conditions by their unions to do so were such that there was no advantage in not doing so High This is not true today High wages are a tre- mendous attraction Workers are going By ROBERT } LOUISVILLE marLOkUISVILfLoEr the Kentuc Kentuc ance Agents was r week durin5 g 0 its t 50h th week ing at the Brown ho 300 out of 393 , Officers and membe most successful and ws The burden of procedures set by the bills will further restrict and destroy the already limited ele- ad eats of competition among insurers the effect of the bills will be to Chicago coach Northwestern NorthwesternNorthwestern and University University football coach Rockets period Lehman former amateur golf champion Both were formerly with the Woody agency tection public's insurance re government excessive powers opv re or - tectionthe respoorturces charges charges _ executive of Equitable Society The head office family of Continental Assurance was out in full force including President Roy Tuckbreiter cW. Clement executive secretary Risk Research Institute in addressing i zeeting of the Metropolitan Con- Aers Assn at New York urged reto exert their influence to prevent ers ement the of called model insur- ratriating ng bills x permit biggest business the business permit biggest Will you the nation he asked to exempt _ 3 from laws which govern your busi- and all other business or will you Pm nize the precedents so dangerous business such legislation y all you want A you set by fair prices and insurance industry fair practices unfettered by ricanmuch law if you want free enter- is a free economy continued as the rican pattern you cannot remain in the face of these bills ather speaker was Milton M. controller of Mangel Stores who outlined a comprehensive ckage plan of insurance develby the army exchange service dur- First president Rollin Clark Vice- president Howard Reeder and Agency Manager Marshall Simms The Conkling Price & Webb agency was also well represented There were a number of Chicago general agents on agents hand Ralph Ralph CaCnannonnon sports editor of the Chicago American was a guest There were a number of bankers lawyers and industrialists Conkling Price & Webb heretofore in the life field has represented John Hancock Mutual - in in actuarial in the study of actuarial data in the de- termination of loss figures in the calcu- lation of rates is a peculiar essential of insurance They will say that it is im- possible to insure the great enterprises of American commerce and industry ex- cept through such collaborative underwriting as is now practiced in the so- called railroad pool oil pool cotton to stay on the job as long as possible However when layoffs or the threats of layoffs approach these claims will start coming in They may date back for hernhiearntiia me The same thing is true getting The companies The physicians getting physicians are examinations rays and on workers to whenever they take on a line They don't want be stuck with an occu- pational disease contracted and de- veloped on another insurer's premium The results of rays and examinations are being passed on own roentologist and aminations aminations by the insurer's unless it getgsets exit aminations on all workers it will not assume the risk companies Another thing doing is to hold some down companies are the percentage practically of compensation to with premiums on other lines And all lines coming in in unusual quantities a company can adjust its proportions between lines fairly readily The companies did not worry much about the amount of workmen's compensation they took dur- ing the war but they are readjusting their proportions now with a particular eye on that line Winchester Winchester D. C. Speaker years in in recent years Members from th were present many t The Monday mornin a review of the nee constitution by E. S general and an ad Stott Norwich N. mitteeman National Agents Agents Agents afternoon un M. Diggs manas panel Louisville, a c commi M. Howard commi Ralph G. Hastings and Lewis Y. Johr president American reviewed the new k hicle safety respor becomes effective Ja Reviews New Law Mr. Howard rent that the department ministrative author partment and partment emphasized th is definitely of any scare tactics misinterpret misinterpret the law pose misinterpret selling in pose agents urge o about 2 economies totaling about on year year for the army . He ex- the hope that available such contracts retail be made available to the retail present pattern these tion tion model under bills state state time at at the same time They will say that will permit supervision supervision such ac- will and will enable the state state to de- termine that rates are adequate not at D. Winchester its monthly luncheon heard P. M. Winchester F.C.A.B. speak on set- tlement of claims under business inter- ruption ruption insurance Women's Members of the Insurance Women's plate registrt athieon registration tration of law a tion with the insu their solicited solicited their help tion tion a to departments leaflet leaflet t Onsurance exchange Onsurance Onsurance service during the war was procurable he de- of the , because doing war emergency the ustase because pressure insurers ay underwriters underwriters However ay of for put he said the first policy had been hesizer other insurers came forward to similar policies and he voiced the if one retailer coulcould d get such ttrracatct , other retailer insurers might decdiedce ide same kind of coverage avail- a He said he is now negotiating to lunge such policy for Mangel Stores Clement suggested developing ough statistical bureaus rather ehrough pools as at present ehrough 18ring to the attitude of many in- 18ring 18ring executives and state insurance h was toward the model bills Mr. said ee They will say as they time and again that collective in the compilation of statistics framework within tory that such laws will provide a legal which competition if desire to compete underwriters Statistical Statistical Bureaus Recommended Since collective action in determin- ing ing rates and rate levels appears to be both necessary and desirable why not have independent unsubsidized profpriofitt iif f you stsatt ai ts is ttiiccaall bubreuaruseaus licensed by the states operated on fees charged for services rendered not such organizations collecting loss data from all underwriters and supplying loss rate or pure premium figures to all underwriters To these loss rates each company could add it own expense loading as necessity good management -determines it to be Such a system would quickly show the commissioners rates.developing more than a reasonable CONTINUED ON PAGE 39 postponed from last week on account of the hotel strike Eugene Fields Aetna Casualty bond department spoke in place of A. L. Kirkpatrick manager U. S. Chamber of Commerce insurance department who was in New York Newark Bank Loss 21.671 Newark Mrs. Mary Coleman for 10 years a United teller in in the United States Trust Trust Co. Co. in has been charged with cm- bezzling 21,671 An FBI agent said Mrs. Coleman admitted she made frau- dulent withdrawals from the inactive savings accounts and concealed the shortages by maintaining duplicate ledger it is cards stated The for money was spent medical expenses clothes entertainment and expensive vacations New Amsterdain Casualty had the coverage use of 222 billboa law Mr. Howard bil boa Every operator w person does or cess of 50 pro re prescribedform form a CONTINUED te U Whisky Cover U NEW YOR- K price price controls controls of v now on and store not expected to re in the insuring of w Whisky entered in erally intended to years The proced from prices of bot mine the value of suring or adjustm will continue to b