Excerpt from Fire Insurance: The Essentials of the Fire Insurance Business
Those divisions, relating to the controversial subjects of government insurance and federal supervision of insurance, have been treated from the historical standpoint, in which the author has been careful to give the arguments on both sides of these questions.
The subject of fire hazards and the closely related topic of rating have been treated in such a manner as to set forth the essential features of these topics. The underlying principles of schedule rating, as shown in the Mercantile schedules and the Dean schedules, have been quite fully developed owing to the fact that there is much in these subjects which still demand the careful attention of all students who wish to gain a knowledge of the fire insurance business. While there will undoubtedly be modifications of the system of schedule rating, so as to introduce a new factor for the conflagration hazard, still it is doubtful whether there will be many changes in the underlying principles which their authors have already developed. The rating and grading schedules that have lately been evolved by Mr. E. G. Richards, Chairman of the Actuarial Committee of the National Board of Fire Underwriters, have also received due treatment. The author believes that the time is near at hand when a system of rating risks will be based upon the experience of the companies. Mr. Richards' efforts are an attempt in the right direction, and his method has been set forth at considerable length in the hope that it may induce others to help solve the problem.
That part of the theme relating to fire prevention, which treats of the means of egress from public buildings, has received its proper share of attention. A large number of lives are lost every year through inadequate means of escape from burning buildings. This is unnecessary and a crime against society.
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