Liability and Compensation Insurance

Liability and Compensation Insurance, by RALPH H. BLANCHARD '11. D. Appleton & Co.

The author of "Liability and Compensation Insurance," Ralph H. Blanchard, was formerly instructor in insurance at the Wharton School of Finance and Commerce, University of Pennsylvania, and is now of the School of Journalism, Columbia University.

Mr. Blanchard's book summarizes briefly the historical development of the compensation movement in foreign countries as well as the United States which was covered in much greater detail by the first book to appear in the English language four years ago by I. M. Rubinow entitled "Social Insurance." The bibliography of the subject is exceedingly limited, only three or four books in the English language being extant. The chief merit of Mr. Blanchard's book lies in the relatively complete analysis of the methods followed in this country by the various systems of underwriters, especially the insurance companies. These methods which include the plans followed for accumulating a much desired experience for computing the standardizing appropriate premiums and their continual adjustment through schedule and experience rating and for computing adequate reserves are much more complex and extensive than any heretofore encountered by life insurance actuaries so that such a textbook is of the utmost value to students of the subject who would otherwise be compelled to gain such information from long experience.

Mr. Blanchard seems wise in devoting only a limited amount of space to the historical development not only because that phase has already been" covered sufficiently by Rubinow's book but also because any such treatment must of necessity soon become obsolete due to the rapid development at the present time.

Although a few voices are heard occasionally in opposition to Workmen's Compensation the vast majority of both employers and workmen are heartily in favor of the general scheme so that at present upwards of fifty foreign countries as well as thirty-eight American states have adopted it in various forms. Its' present rapid development in this country is indicated by the facts that the first American states to adopt it did so since 1910 and five states adopted it during the printing of Mr. Blanchard's book.

Mr. Blanchard's book is remarkably free from what one would care to regard as errors, although a few statements might be considered as open to question. No typographical errors were noticed on a single reading. The formal arrangement is excellent and this fact together with the summaries at the end of most chapters greatly enhance the value of the book as a textbook and as a book of reference.

C. H. FORSYTH