Monthly Review of the U.S. Bureau of Labor Statistics Volume 2, No. 5 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1916 Excerpt: ...VALUE OF AWARDS IN DECIDED CASES, JULY 1,1914, TO JUNE 30,191,5. The insurance department reports that u it has now been demonstrated beyond a doubt that it is possible for the State permanently and economically to conduct an insurance enterprise." and adds that at the close of the first year the " fund " had written $547,101.24 in net compensation insurance premiums, or approximately $144,000 in excess of the writings of its nearest competitor. On June 30, 1915, a refund to policyholders, amounting to 15 per cent of the earned premiums, was declared. From January 1, 1914, to June 30, 1915, 5,861 cases of accidental injuries were reported to the " fund;" 5,392 of these cases resulted in temporary total disability, 83 resulted in permanent partial disability, and 37 resulted in death. Of the total cases reported, 349 were rejected as creating no liability on the part of the State compensation insurance fund. The financial statement of the fund as of June 30, 1915, covering 18 months, is as follows: State compensation insurance fund. RECEIPTS. Appropriation $100, 000. 00 Premiums written, less premiums re-turned 928. 152. 09 Interest received, due and accrued 24, 840. 20 Total $1, 052, 992. 35 DISBURSEMENTS. Expenses and salaries (other than claim department) $76,651.02 Expenses and salaries (claim depart-ment) 31,216.34 Compensation and statutory medical payment 162, 488. 73 Statutory reserve for outstanding liabilities 385, 796. 84 Unearned premiums 145, 041. 40 Total 801. 194. 93 Total surplus $251,797.42 Less refund allowed policyholders 65,866.85 Net surplus 185, 930. 57 Appropriation 100, 000. 00 Net accumulated surplus (unapportioned) 85,930.57 The above statement, it is explained, is based on the statutory reserve of $385,796....