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Bulletin of the United States Bureau of Labor Statistics. no. 301, 1922
Bulletin of the United States Bureau of Labor Statistics no 301 1922 Author:Unknown Author Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: SUMMARY CONCLUSIONS. Coat.—The cost of compensation insurance to employers under different insurance systems may be indicated by their expense ratios. The ave... more »rage expense ratio of stock companies is approximately 38 per cent; of mutual companies, about 20 per cent; of competitive State funds, about 10.6 per cent; and of exclusive State funds, about 4 per cent. Under an exclusive State fund, therefore, the cost to employers would be 30 per cent less than under stock insurance and 16 per cent less than under mutual insurance. The total saving to insured employers of the United States, if all were insured in exclusive State funds,' would be over $30,000,000 annually. Service.—As regards service comparisons are difficult because of the great variations among different insurance systems. As to promptness of payments there is little to choose among the different types of insurance carriers. Some of the State funds pay promptly While some do not. The same thing may be said with respect to stock and mutual companies. However, a comparison of one of the best-managed 'State funds in this respect with one of the best- managed private companies shows that the State fund is more prompt in its payments than the private company. A significant fact developed by the investigation is that self-insured employers, whom one would expect to pay promptly, are no more prompt in this respect than either State funds or private carriers. As regards liberality of payment most of the State funds are more liberal in this respect than either stock or mutual companies. As regards accident prevention some of the private companies are doing excellent safety work, whereas few of the State funds have done any effective safety work. Security.—Thus far no injured workman has lost his compensation because of t...« less