TOTAL PERMANENT DISABILITY BENEFITS IN RELATION TO LIFE INSURANCE PRINCIPAL CONTRIBUTOR ARTHUR HUNTER ASSOCIATE CONTRIBUTOR MERVYN DAVIS PUBLISHED BY THE ACTUARIAL SOCIETY OF AMERICA 256 BROADWAY, NEW YORK 1920 Copyright 1920, by THE ACTUARIAL SOCIETY OF AMERICA NEW YORK PRESS OF GENERAL INTRODUCTION. In view of the fact that, with the exception of a very few modern text books, the literature of Actuarial Science is contained in scattered original papers, The Actuarial Society of America proposes to issue a series of small volumes upon important actuarial subjects. Each volume is intended to bring together, as far as space permits, the more important points of information on the subject discussed. The objects in issuing the series are twofold: (1) to assist students of Actuarial Science, and (2) to furnish a means of ready reference for Actuaries. The various subjects are allocated to Fellows of the Society by the Committee in Charge; and, associated with the principal contributor, who is primarily responsible for the matter included and the views expressed, are one or more Associate Contributors." These are appointed for the purpose of aiding and criticizing the work before publication. It is proposed to avoid discussing subjects already covered in the Text Book of the Institute of Actuaries except as continuity of thought may make occasional references necessary. The title chosen to represent the character of this series is "Actuarial Studies." The thanks of the Society and of the Committee in Charge are due to all the contributors who have freely given of their time and labor, with the sole purpose of helping others-especially students. iii 372181 PREFACE. The first draft of this study was completed more than six years ago. As there has been such a great liberalization and expansion in the last three years in Permanent Total Disability Benefits it is fortunate that the study was not then published. During 1918 it was accordingly necessary to rewrite this study and to extend it greatly. The associate contributors for the original study were Franklin B. Mead and Sidney H. Pipe. Owing to warfare conditions they have not been able to help with the revision. Arthur Coburn, William Macfarlane and Adolph A. Rydgren have rendered valuable services in the preparation of this study. As few companies, none of large size, had any form of disability benefit in their policies prior to 1910 the amount of experience on this valuable adjunct to life insurance is limited. It is accordingly recognized that some of the information in this study may be found to be out-of-date in a few years, if the companies give their experience to the actuarial profession. 15th April, 1920, A. H. |